Pay Later apps are revolutionizing the whole online payment system of India. While ordering meals or charging your phone is simple, purchasing something is not. Find what you’re looking for, choose it, press it, and pay. Your meal or smartphone gets delivered to you. However, there are instances when you run out of money and it’s quite difficult to end the month. So, if you’re one of those people, here’s a strategy for getting stuff for free.
Well, it’s not completely free, but you can pay it back later. Yes, you may place your order right now and your payment card company will take care of the rest. The best thing is that you may pay them back later, even without paying interest, if you pay them back during the first week of the next month. So “buy now, pay later” is a payment option that allows the buyer to purchase an item without immediately paying from her pocket. This can be done by signing up with a company providing this facility, which makes the payment on behalf of the buyer. The customer can then repay the amount to the company within a stipulated period.
What are the best solutions for paying later right now? Let us find out.
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Pay Later Apps in India
The Pay Later App in India is somewhat similar to a credit card where you can pay your bill later after some pre-approved period. The period varies, up to 14 days after your actual payment. For example, if you purchase an item on the 1st day of any month, then you have to pay your bills before the 14th of that month.
It is a kind of instant personal loan offered by any financial institute or app. The basic features of the Pay Later App and a credit card are the same. You can enjoy a certain interest-free period. After that, the app will charge a certain percentage of interest against your outstanding unpaid amount.
Buy now, pay later apps services might be a fantastic way to manage cash flow for someone who does not have access to a credit card. However, considering many BNPL apps available, deciding which one to use may be tricky. Here we’ve listed together with the buy now pay later apps in India known to make things easier. Continue reading.
LazyPay App
LazyPay is one of the most popular “buy now pay later” app options in India. With a paperless KYC process, it provides a quick credit line. Moreover, to deal with all merchants who use UPI, you can scan and pay or use your UPI ID.
Offline retailers and online services such as Ola, Uber, Flipkart, Myntra, Zomato, Swiggy, Bookmyshow, and others accept payment. If your transaction exceeds $10,000, you can convert it to Easy EMI using one of the following programs. LazyPay offers a 15-day interest-free period. You must repay and settle the amount you have spent every 3rd and 18th of the month. You can set up auto-pay or pay by debit card, net banking, or UPI.
Several buy-now-pay-later apps in India (BNPL) have developed in the Indian market recently. These applications function similarly to credit cards. They provide users with an instant credit line that can be used to pay for things like utility bills, meals, and shopping. This method offers a quick and straightforward alternative for consumers to fulfill their everyday needs without worrying about running out of cash. Let’s look at some of India’s most excellent Android and iOS “buy now, pay later” apps.
Simpl Pay Later App
Simpl is another Android and iPhone app that allows you to use the “Buy Now, Pay Later” facility in India with a single swipe. You can use it to make direct payments on websites such as Zomato, Dunzo, Rapido, Gaana, BigBasket, 1MG, and others. The app also allows you to pay utility bills from within the app, such as prepaid and postpaid mobile, power, DTH, and broadband, utilizing a credit limit. It, like LazyPay, provides retailers with regular offers and discounts.
The bill is created twice a month and has a 15-day repayment schedule. So, if you are going to make your payments on time, there are no hidden fees or charges. The best thing about the Simpl app is that you don’t need any KYC papers to start using Simpl.
Simpl Pay Key Features
- Discounts and offers on merchants
- Customers can pay online at supported merchants.
- You get a 15-day zero-interest repayment cycle.
- Customers can pay utility bills with the provided credit line.
- No KYC documentation is required with the Simpl app.
Jupiter Edge-Pay Later App
The Jupiter Edge is a dependable postpaid UPI app from Jupiter, a modern banking platform that has a buy now, pay later facility. In addition, it offers up to $10,000 in interest-free credit for UPI payments. You can use this credit limit to pay online and offline merchants who accept UPI payments. The app also allows you to pay bills directly from the application. It includes cell phone recharge, electricity, water, and gas bills, among other things.
Every month, a bill is generated on the 15th and the last day of the month. You have five days from when the bill is generated to make the payment. Unfortunately, the onboarding of new clients appears to have been temporarily halted by the Bullet app.
Jupiter Edge Pay Later App Key Features
- Customers get a credit limit of up to ₹10,000
- Easy to pay online on apps like Swiggy, Zomato, Amazon
- With bullet pay, customers can also pay mobile recharge and other utility bills
- It provides a 15-day zero-interest repayment cycle
Paytm Postpaid
Paytm is one of India’s most widely used payment apps. Customers can also use it as a pay later app; Paytm also offers its active clients a Paytm Postpaid option, which allows them to pay later. Go to Paytm > All Services > Loan & Credit Card > Paytm Postpaid to activate it.
You can use the Postpaid service to pay for qualifying services or make payments to partner merchants. When postpaid is an option, it will appear immediately in the payment options. Recharges, Paytm Mall shopping, and other merchants around India are all included. Your postpaid spend limit depends upon your transaction history, Paytm relationship, and credit bureau credit history.
Postpaid MINI, Postpaid LITE, and Postpaid DELETE are the three options currently available. DELITE has no convenience costs, but the other two carry a 1-3 % convenience charge on total spend.
Paytm Postpaid Key Features
- Customers can pay at Paytm merchants and also online partners.
- It is easy to make bill payments or shop at Paytm Mall
- With Paytm postpaid, you get a 30-day zero-interest repayment cycle
- It helps to build a credit score, and the convenience fee is applicable to MINI and LITE cards.
Amazon Pay Later App
Amazon operates its Pay Later app in India with loan partners IDFC First Bank and Capital Float. The e-commerce giant offers users a zero-interest credit line based on their credit history. You can use the Amazon Pay Later app to make purchases on the site. You can also use credit to pay for things like water, energy, cell phone bills, and groceries.
The money can get paid on the 5th of the next month or over 3 to 12 months through EMIs. It does, however, need you to set up auto-repayment, which means the app will deduct the sum from your bank account every month. Pay Later is available in the Amazon India app’s Amazon Pay section.
Amazon Pay later app key features
- Customers can shop on Amazon with Amazon Pay Later
- Customers can pay mobile, water, and electricity bills
- Amazon pay later app gives you a 30-day interest-free repayment cycle
- It brings a maximum limit of up to ₹60,000
SlicePay
This pay later credit platform is exclusive to students. SlicePay supports all major e-commerce websites like Amazon, Flipkart, Snapdeal, and Paytm. You can buy something from any of these platforms via SlicePay. They even have courses available from Byju’s and allow you to book cabs, movie tickets, recharge, and pay later
Slice card’s potential users include applicants who do not have a credit score. These can be students, someone starting with a job, or even someone who doesn’t have salary slips to show as proof. Considering that, this is a good product. We can even start with the lowest limit and work the way up in credit scores with regular payments. In that aspect, Slice can be your stepping stone to getting an unsecured card from one of the banks in the future. The rewards are also in the range of 1% to 2% plus extra savings with Slice Spark.
The application process is easy from the Slice app. So, one can go ahead and apply if you fit into the above audience range.
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