6 Best Buy Now, Pay Later Apps (2021) In India To Manage Cash Crunch During Covid

At its most basic level, a buy now, and pay later app allows you to use it to pay for a product or service without having to spend any money out of your own pocket immediately. You can choose to pay for it in convenient installments afterward. This may appear to be comparable to standard credit cards, but it is not. The primary distinction is that you can pay for your product or service using these pay later applications without having to utilize a physical card.

There are numerous apps that allow you to buy now and pay later. These apps have gradually been ingrained in the minds of today's youth. It simplifies transactions and allows you to settle the entire balance after the cycle, which is usually 14 days. You won't have to worry about transaction failures or refund processing with these apps. It's also a safer payment method because you don't have to log in to your account every time you make a transaction.

LazyPay

LazyPay is well-known for its three distinct money collection techniques. Once the loan has been credited to your account, you have three options: pay immediately, pay the entire amount over a set length of time, or just sign up for EMIs. PayU, a payment technology provider, offers LazyPay as a product. All you have to do is sign up with your PAN and Aadhar numbers, and the company will give you a credit limit depending on your profile. You can use the credit to make purchases from more than 250 different online shops. Payment reminders are sent out on a 15-day schedule, with reminders sent out on the 3rd and 18th of each month.

Simpl

The fact that the feature is regularly improved based on a few parameters is one of the great aspects of the Simpl app. These include the frequency with which you repay, the health of your credit profile, and your spending habits. With having a 15-day payment collection cycle and high, but not excessively big loan instalments You do gain higher spending limits if you pay your debts on time and the app judges how healthy your spending habits are, so that's a plus. Zomato, BigBasket, Fresh2Home, Sleepy Owl Coffee, and other well-known shops accept the one-tap Simpl pay option.

Paytm Postpaid

ICICI bank account holders were the only ones who could use Paytm Postpaid at first. It is now open to all customers and claims to offer a credit limit of up to Rs 1,00,000 for a one-time signup. Paytm postpaid has the advantage of being able to be used to pay at both local and online stores. While the other applications operate on a 14-day cycle, Pay later by ICICI Bank generates a charge on the first of every month that must be paid by the 15th. You can also use the auto-debit feature or use internet banking to pay your bill.

Flexpay

Flexpay is the newest player in the space, offering credit through the Unified Payments Interface (UPI) and peer-to-peer transactions. The startup behind Flexpay (Vivifi) wants to target small businesses that don't always accept credit cards and instead rely on UPIs. FlexPay, a FlexSalary product, is an instant digital credit line software that gives users their own Digital Credit Card-like experience. It's an all-in-one credit-based payment software with a simple yet smart design that focuses on making users' lives easier by providing superior features including quick credit on UPI and Scan-now Pay-Later.

EPaylater

The credit limit on ePayLater is a whopping Rs. 20,000. To use the paylater service, you'll need your PAN or Aadhaar number as well as your mobile number. You can recharge your mobile, book bus tickets, hotels and pay for your online food delivery apps. If you enjoy travelling, the ePayLater app is for you. Various portals, including IRCTC, eTravelsmart, Travel Yaari, Ixigo, AHA Taxis, and icanstay.com, provide pay later options.

Zestpay

The 'Buy Now Pay Later' feature on ZestMoney operates in a fairly straightforward manner. All you have to do is create an account on the ZestMoney website and upload your documents. ZestMoney will provide you a credit limit right now. Once you've received your ZestMoney credit limit, you can use it to buy whatever you want from our partner websites and 3000+ merchants, and pay for it over time in tiny EMIs. Simply select the bright green ZestMoney logo as your payment option when checking out on 3000+ merchants and partner websites. After that, you can use your ZestMoney credit to pay for anything you choose. If you wish to get Zest credit in a real store like Croma, simply ask for it at the checkout counter. ZestMoney's partner websites include Amazon, Flipkart, and Myntra, which means you may use ZestMoney EMIs to purchase a wide range of products on these sites. You can buy everything you desire as long as your ZestMoney credit limit is sufficient.

Should you consider the ‘Buy Now Pay Later App' Option in India?

It's incredibly satisfying, but it's also extremely addictive, to know that your bank account or even your wallet isn't affected while you're out shopping. This eventually leads to financially destructive practices, which will inevitably drag the entire family down sooner or later. Most consumers use these applications for the EMI choices, which is OK until you go back and realize that all you've accumulated is EMIs on top of EMIs, all of which must be paid by someone. Who pays the bill for those? And you know the answer.