Buy Now, Pay later Apps in India (2024)

The Buy Now, Pay Later (BNPL) service offers short-term loans to customers so that they can purchase goods and services without any present worry about finances.

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Subject to rules and regulations, it is usually easy to get a BNPL, that too without any interest.

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The BNPL services are usually safe to use and they generally don’t impact your credit score.

How Buy Now, Pay later (BNPL) works? 

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The BNPL program offers to make a purchase. To get this facility, you need to click on the “pay later” option at Checkout.

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While with certain BNPL apps, you do not need to pay any downpayment, other BNPL apps mandate you to pay a certain percentage of downpayment and the remaining amount can be paid via EMIs.

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The payment can be automatically deducted from a debit card, bank account, or credit card account.

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Are Pay Later apps safe?

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While online transactions can be questionable and dangerous, authentic and reliable  Pay Later Apps operating from India try their best to reduce the risks associated with online transactions. Here is why Pay Later apps can be safe to use:-

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1. User Verification - Pay later apps function with multi-factor authentication systems like OTPS or biometrics. This ensures that only the owner can access and operate the app.
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2. Customer support - Reputed companies offering pay later apps are dedicated to serving their customers. They have satisfactory customer support services to assist you with any security concerns.
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3. Encryption - All the data in pay later apps are encrypted thereby securing your sensitive and private information.
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4. Transaction limits  - To ensure the reduction of phishing, you can set the transaction limit on your concerned pay later app.

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Advantages of Pay Later Apps in India

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Here are some of the advantages of using  Buy Now Pay Later Apps in India -

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1. Shop with no worry - With buy now pay later services, shopping has never been easier. Gone are the days when you are unable to shop because of a financial crunch. With a pay later service, you can relish your purchases and pay at a flexible course of time.
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2. Quick and effortless setup - You shall be all set to use the Pay Later app in no time. Most of the pay later services in India offer a hassle-free and easy setup method.
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3. Affordable Interest Rates - Most of the pay later apps in India charge low interest rates which makes the experience more pleasurable. This is one of the major reasons why pay later apps are way more popular than credit cards which usually charge high rates. 

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Which apps offer Pay Later in India?

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Here are some of the best Pay Later apps in India. These pay later apps can also be used for students. 

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Paytm Postpaid
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Paytm Postpaid is a pay later app offers some appealing benefits to its users which makes it one of the top options for customers to consider.

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The Paytm Postpaid Service Shall make your life easier. Some of the key benefits of this service are-

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• Get up to Rs. 60,000/- instant credit. 
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• With this service, you can now enjoy 30 interest-free days. You can pay the amount the next month subject to the nominal convenience fee.
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• You do not need to pay any activation fee.
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• The entire transaction process is digital.
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• The paytm postpaid service is accepted everywhere in India. You can opt for easy checkouts too!

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Slice

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This app is best for people who do not own credit cards. With this app, you can get fantastic rewards. With a slice credit card, you can avail fantastic benefits. Some of the benefits you can grab are-

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• Get Instant cash back on every transaction
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• You can use it almost everywhere across the country
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• You do not have to pay any joining fee or any annual or renewal fee
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• You do not require any minimum credit score to get this card

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Please note that you must be employed to be an owner of the Slice credit card and you must be an Indian citizen.

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Flipkart Pay Later

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With this service, shopping is now a fun ride.

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You can buy all the stuff you want without worrying about payment. Flipkart offers a 30-second application process. All you need to do is enter your basic details, and your bank account details, verify with the OTP and that's it!

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Wait, That's not all. You can also pay your utility bills for mobile recharge, gas, electricity etc with this service. Some of the highlights of this facility are- 

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• Get up to Rs.1,00,000/- instant credit
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• You can opt for a one-click hassle-free check-out
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• You can avail of flexible EMI services

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Amazon Pay Later

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You can now make purchases from Amazon even when your wallet is feeling a little light! Amazon has launched its Amazon Pay Later scheme which is an easy way to get instant credit for any kind of purchases made from the Amazon Portal.

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The application process is simple and easy. The best part is that you do not need to provide your credit card details. The EMI options are flexible too and it starts from 3-12 months.

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To avail of this benefit, you must have an account with Amazon and you need to submit certain official details such as your PAN card, bank account details your Government approved address proof.

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Although Amazon's pay later scheme has eligibility requirements tied to selected banks, that would not be a concern because all the major significant banks in India are participating in this scheme.

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Some of the key benefits of this pay later scheme are-

• Enjoy the freedom of no processing or cancellation fees.
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• Easy checkout facilities on the Amazon platform
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• Easy tracking of EMIs and repayments

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ZestMoney

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This app allows you to pay your EMIs easily without a credit card.

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This app operates completely in an online mode. 

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You must be over 18 to use this app and you must be an Indian resident with an active bank account. The registration process is pretty easy. All you need to do is download their app, upload your KYC and other relevant bank documents and that's it! You can now use ZestMoney to pay at offline and online stores.

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Some of the mind-blowing benefits of  this app are

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• There are no hidden charges and you do not have to pay any joining fees
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• It is accepted at more than 10,000 online stores and more than 75,000 offline stores
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• It has a simple approval process. You do not need to do any complex paperwork.
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• You can repay the amount at your convenience
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• With your ZestMoney app, you can shop from over 15,000 brands like Flipkart, Myntra, Amazon, Titan, Reliance Digital, etc. 

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Simpl

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This is another top BNPL app to function in India. With its user-friendly surface and one-tap payment system, you can borrow money without any worry. Some of the highlights of this app are-
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• Accessible everywhere in India
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• Connected to the biggest Indian brands
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• One-tap payment system
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• No cost is necessary to borrow money. However, you have to pay a late fee if you do not repay on time.

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Freecharge

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Freecharge by Axis Bank offers easy borrowing options. All you need to do is download their app from PlayStore and complete the application process which mostly takes 2 minutes that's it! Some of the key features of this app are-
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• You can shop in a large section of stores. Freecharge is available at more than 25,000 online and physical stores.
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• It requires zero processing fees.
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• The app does not charge any interest.
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• You can even pay your utility bills with this app.
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• It provides a one-tap payment system which is 100% secure.
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To register with Freecharge, please note that you need to submit your PAN card details, and KYC documents. 

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FAQs

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Q) Can I use BNPL apps in India without KYC? 

Answer - Currently, no BNPL apps or Buy Now Pay Later apps in India offer you to borrow money without submitting your KYC documents.

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KYC documents or “Know your Customer” are required by companies to understand the credit score of their customers. This information is necessary so that the companies can assess the customers and understand whether it is safe to lend money to them or not. Therefore, KYC documents reduce the chances of fraud. 

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Q) Is BNPL a loan? 

Answer- Yes, BNPL is a type of short-term loan provided to consumers. However, it is different from credit cards.

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The reason why BNPL apps are so popular is that you can borrow credit in a hassle-free and convenient way and it involves less to zero paperwork. 

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Q) Will BNPL Apps affect my credit score?

Answer - Normally it doesn’t. As long as you repay the due amount in time, your credit score won’t be impacted. However, always read the terms and conditions of each BNPL app to understand what impacts the credit score. 

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If you continue to delay your payment, not only will you increase your debt but also the concerned company will continue to charge interest on the due amount. If this continues, there is a high chance that your application for a loan won’t be approved in the future. 

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