Buy now pay later apps: A New Trend In India Making Shopping More Fun

The retail industry in India has been significantly affected due to the ongoing pandemic. Businesses in the retail sphere suffered a sudden slump in profits due to lockdowns. Customer sentiment also has taken a massive hit and the demand factor. Buy now pay later apps in India have revolutionized the way in which customers are purchasing technical gadgets, clothes and food. Online retail websites, including food aggregators, quickly adapt to the winds of change and incorporate BNPL apps to align with the present consumer behaviour.

Paradigm shift in India’s purchasing psychology

Gone are the days of attractive schemes with dubious discount offers made by retail businesses. Presently only a minority of customers prefer doing their shopping at physical retail stores and malls, with the remaining opting for the convenience and comfort of online platforms. This is where buy now pay later apps offer attractive features such as contactless transactions and instant credit to middle-class consumers waiting for their next paycheck.

Online shopping through the buy now pay later apps is a fulfilling experience. Instantaneous credit without incurrence of extra charges for small-ticket purchases ensures a faster checkout process. Buy now pay later apps have transformed the purchasing psyche of the average Indian consumer with a ton load of benefits.

Swift microcredit

Shop now pay later apps in India have made online shopping accessible to the average working person. This instant microcredit does not entail any cumbersome paperwork and ushers in an era where online shoppers can shop to their hearts fill without worrying about cyber-attacks. The buy now pay later apps in India are equipped with state-of-the-art security encryption, immune to cyber fraud.

Flexible eligibility criteria

In what seems to be a complete reversal of the policies followed by the greedy credit card companies, the buy now pay later apps in India have relaxed their eligibility criteria. This has the positive outcome of helping people with no awareness about credit history or credit score to enjoy the fruits of modern financial products.

It’s quite easy to use

All it takes is a single tap in the shop now, pay later apps at the checkout phase on the retail website to complete your shopping spree. Users of buy now pay later apps can eliminate friction points while making a payment through bank transfer, UPI and debit or credit cards. The probability of success of a successful transaction is high in a buy now pay later app.

RBI reports indicate that BNPL apps have a near-zero failure rate, thus enhancing the trust placed by the consumers. Financial professionalism is evident in buy now pay later apps as they do not require any OTP, and refunds are offered instantaneously in case of disputes. One of the unique, appealing factors of Buy now pay later Apps in India is the provision of an interest-free period that customers seem to fall in love with.

Empowerment of everyday consumers

It is no secret that many consumers have fallen prey to credit card companies’ disingenuous and bad faith practices. Hidden charges and penalties have laid a heavy cost on credit card users. In the prevailing ecosystem, the emergence of buy now pay later apps in India has given consumers a huge respite and are helping them make their lives more comfortable without cutting a hole in their pockets. They have increased the purchasing capacity of consumers and are helping them to make the necessary purchases when the bank account balance is running low.

BNPL apps offer financial security to those who live paycheck by paycheck and make sure that they are not excluded from the fruits of the modern financial ecosystem. Buy now pay later apps to empower the main stakeholders in our economy-the money paying customers- with transparency and high accessibility to credit. Consumers can now meet their needs and wants without sacrificing financial stability.

The way ahead

The pandemic has brought tectonic shifts in consumer expectations and product perception. The entire financial ecosystem in India has been transformed for the better with the agility of buy now pay later apps. Modern-day customers are greatly benefited from the presence of buy now pay later apps as they offer greater control over finances.

Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!