Best Buy-Now Pay-Later Apps provide a convenient and flexible way to make purchases and repay them in instalments. With the increasing popularity of BNPL apps, they have become a preferred alternative to credit cards. These apps offer quick loans for short-term requirements, allowing users to pay later in manageable instalments within a specified timeframe.
By linking the BNPL app with online stores, users can make immediate purchases without spending any money upfront. The apps simplify transactions, functioning as a simplified version of credit mediums. The borrowed amount usually incurs minimal interest rates, and users have the flexibility to choose their repayment frequency—weekly, bi-monthly, or monthly. However, it is crucial to adhere to the payment schedule to avoid late fees.
One significant advantage of BNPL apps is the absence of collateral requirements, enabling users to borrow substantial amounts of money. The credit limit and interest rates are typically determined based on the user’s credit score. These apps offer credits of up to Rs. 5 lakhs at low interest rates, allowing individuals to access affordable credit options during financial emergencies.
In addition, BNPL apps streamline the payment process by offering interest-free EMIs for a shorter period, typically 15 to 30 days. This shift to a post-paid model resembles the convenience of paying monthly bills. The flexibility, interest-free nature, and accessibility of BNPL make it an appealing option for everyone.
These top BNPL apps have gained popularity among youngsters due to their ease of use and convenience. With partnerships with major websites, these apps ensure safe transactions for various online purchases, bill payments, and groceries. The flexibility they offer acts as a form of instalments, providing users the option to pay later.
As the demand for BNPL apps continues to rise, it becomes essential to understand their purpose and functionality. This guide provides insights into how these apps work, helping users make informed decisions when utilising these convenient financial tools.
Merits and DeMerits
| MERIT | DEMERIT |
| Credit Instantly available | Penalty for not playing dues on time |
| Safe Payment Method | Negative impact on CIBIL score |
| Process is simple | Impulsive shopping |
| Interest free EMIs | |
| Easy way out for improving credit score |
This list of the top 12 apps will assist you in selecting the most suitable option for your needs:
LazyPay
Lazypay, a leading Buy Now Pay Later app in India. It offers a personalised credit limit based on your mobile number for convenient online purchases. With one-click transactions, tracking expenses, and exploring Lazypay’s offerings, it provides a hassle-free experience.
Key features include up to 15 days of interest-free credit, converting transactions into EMIs, and a credit limit of up to Rs. 1 lakh. Lazypay is accepted by 100+ merchants and eliminates the need for multiple OTPs and card information. It also supports UPI payments and offers a simple KYC process.
Lazypay is a popular choice for offline and online payments, including popular services like Ola, Uber, Flipkart, and Zomato. With no hidden charges or interest fees, Lazypay ensures a convenient and transparent payment experience.
How is it different from other Buy Now Pay Later Apps?
- Lazypay enables you to shop directly at multiple stores.
- It allows you to pay in flexible EMI plans of 3, 6, 9, and 12 months.
- You can connect with popular brands like Make My Trip, Book My Show, Swiggy, and more.
- Lazypay offers the option to pay in full or in EMIs according to your preference.
- The account activation process is easy and hassle-free.
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Paytm PostPaid
Paytm Postpaid, a popular buy now pay later service in India. With a credit limit of up to Rs. 60,000, Paytm Postpaid offers an interest-free loan option. The online process ensures a quick loan approval within 30 minutes, requiring minimal KYC documents.
Paytm Postpaid provides various other facilities, including checking credit scores, bill payments, mobile recharges, and more. With a wide acceptance across 5 lakh merchants for online payments, Paytm Postpaid ensures convenience and accessibility.
Key features of Paytm Postpaid include the flexibility to pay later in full or through EMIs, up to 30 days of interest-free repayment, and acceptance across various favourite apps and websites. Moreover, there are no activation charges associated with Paytm Postpaid.
Paytm Postpaid offers three options: Postpaid MINI, Postpaid LITE, and Postpaid DELITE. While DELITE has no convenience costs, the other two options carry a 1-3% convenience charge on the total spend.
Using Paytm Postpaid, users can shop across India on various apps and websites, with the flexibility to pay within 30 days without incurring any interest. It is recommended to maintain a good credit score by making timely repayments, which can lead to better offers and benefits in the future.
Flipkart PayLater
Flipkart Pay Later, a popular Buy Now Pay Later (BNPL) service offered by Flipkart, one of India’s leading e-commerce companies. With Flipkart Pay Later, users can make purchases both online and in stores without making an immediate payment. Instead, they have the flexibility to pay for their purchases within the next 30 days.
Key features of Flipkart Pay Later include:
- Instant credit of up to Rs. 1 lakh for loyal app users.
- Quick approval process in under 30 seconds.
- No interest charged if the amount is repaid within 35 days.
- Option to combine multiple purchases into a single bill.
Try Now Buy Later option available for select products, allowing users to pay after receiving and using the product.
Signing up for Flipkart Pay Later takes less than a minute and requires a PAN card, Aadhaar card, and bank details. Users can enjoy instant credit and shop for up to Rs. 70,000. For purchases exceeding Rs. 1,000, a nominal usage fee of Rs. 10 is applicable.
With Flipkart Pay Later, users receive a single bill for all their purchases, providing convenience in managing and budgeting expenses. The service helps users keep track of their bills, ensuring a seamless shopping experience.
Flipkart Pay Later is a reliable and flexible option that allows customers to shop on Flipkart without immediate payment, providing convenience and financial flexibility for their purchases.
ZestMoney
ZestMoney, the most popular Buy Now Pay Later (BNPL) platform for online shoppers in India. ZestMoney collaborates with over 1.5 lakh stores across the country and offers credit limits of up to Rs. 2 lakh. Here are some reasons why people prefer ZestMoney for BNPL:
- Quick and hassle-free account opening with instant credit limit approval.
- Shop online or in-person without the need for a credit card.
- Extensive collaboration with over 150,000 merchants to provide a wide range of products.
- Enjoy 0% EMI on your purchases with ZestMoney.
- Flexible repayment options in 3-4 months without any penalty for early or partial payments.
- Transparent pricing with no hidden fees, ensuring complete transparency.
ZestMoney is a fintech company established in 2016 with a mission to improve the lives of households without access to credit cards or other financing options due to insufficient credit history. By leveraging mobile technology, digital banking, and AI, ZestMoney makes life more affordable for millions of Indian customers.
The platform offers a 3-step fast approval process, eliminating the need for paperwork and credit cards. Users can enjoy paying in 3 parts at 0% interest or opt for more convenience with payment options in 6, 9, or 12 parts. ZestMoney provides personalised credit limits of up to 2 lakhs, ensuring a tailored experience for users.
Experience the convenience, flexibility, and affordability of ZestMoney, the leading BNPL platform trusted by millions of online shoppers in India.
Simpl
Simpl, a popular Buy Now Pay Later app in India, connected to over 5,500 stores across the country. With a user-friendly interface, Simpl allows you to make online purchases on credit and pay the bill on a bi-monthly schedule.
Key features of Simpl include:
- Borrow money at no cost and only incur a late fee if the bill is not paid on time.
- Regular updates of credit limits, increasing based on timely bill payments.
- Available on both Android and iOS platforms.
- Simpl is linked to over 5,500 merchants, including popular services like Zomato, Bigbasket, and Furlenco.
Pay utility bills such as electricity and phone bills within the app.
Simpl helps with monthly budgeting and can be used to grow small businesses by expanding networks and connecting with more customers.
Simpl offers regular offers and discounts to users.
The bill is created twice a month with a 15-day repayment schedule. By making timely payments, users can avoid hidden fees or charges. Simpl eliminates the need for extensive KYC documentation, providing a hassle-free user experience.
PostPe
PostPe, a Buy-now-pay-later app owned by BharatPe, offering convenient credit options to users. With PostPe, users can avail credits and use them at various outlets, paying back the amount at 0% interest within 30 days. It also provides credit limits of up to Rs. 10 lakhs based on the user’s CIBIL score.
Key features of PostPe include:
- Scanning feature for instant payments using QR codes.
- Monthly bill generation on the 1st of every month.
- Option to split payments into 3/4/5/6 monthly EMIs.
- Hassle-free transfers and offline payment capability.
- Cashback facilities for added benefits.
PostPe, owned by BharatPe, entered the Buy Now Pay Later Apps segment in India in 2021. Users can download the app from the Play Store and enjoy an interest-free credit limit of up to Rs. 10 lakhs. Payments can also be made using the PostPe card, accepted across millions of offline and e-commerce platforms.
With PostPe, users can experience the convenience of interest-free credit for up to 30 days. Additionally, they have the flexibility to convert their bills into low-interest EMIs. By inviting friends, users can earn up to 5% cashback. PostPe ensures no annual fee or hidden charges, providing transparency and rewarding users with cashback and rewards at multiple locations.
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EPay Later
ePayLater, a revolutionary Buy Now Pay Later app that provides substantial credit options to businessmen in India. With ePayLater, users can avail a whopping credit limit of up to Rs. 25 lakhs without any interest during the billing period.
Key features of ePayLater include:
- Partnerships with major brands in the country, including Flipkart wholesale, Metro wholesale, and more.
- Settlement of dues within a 14-day period.
- Quick and easy sign-up process taking just a few minutes.
- Integration with a wide range of merchants.
- Convenient account management through the ePayLater app.
- No compounding of interest, ensuring transparent and affordable transactions.
To sign up for ePayLater, users need any government ID such as PAN or Aadhaar card and a mobile number. The app offers a credit limit of up to 25 lakhs, allowing users to pay mobile bills, book tickets, hotels, and even make payments on online food delivery apps. Additionally, ePayLater has partnered with renowned travel companies like IRCTC, Travel Smart, Travel Yaari, Ixigo, AHA Taxis, and icanstay.com.
FreeCharge PayLater
Freecharge Pay Later, a convenient Buy Now Pay Later product that allows you to make purchases and pay later in a few simple steps. Whether it’s paying for your DTH connection, electricity bill, or ordering food, Freecharge has you covered. The platform also provides a detailed expense tracking feature, displaying a list of your expenses along with dates and amounts.
Key features of Freecharge Pay Later include:
- Instant credit of up to ₹10,000 per month.
- ZERO processing fees.
- Monthly repayment cycle.
- Secure one-tap payment option.
- Consolidated bill for all your monthly expenses.
- Additional features such as investing in mutual funds, SIPs, FDs, and buying/selling digital gold.
Headquartered in Gurgaon, Freecharge is a popular Buy Now Pay Later app in India with a large user database. With Freecharge Pay Later, users can enjoy instant credit, make one-tap payments, and access exclusive online offers. The platform enables shopping at over 25,000 online and offline stores with just a tap.
Freecharge Pay Later acts as a reliable friend, providing financial assistance when needed, without any questions asked. However, timely repayment is essential for a smooth experience. Enjoy a full month delay in payments, interest-free credit, and secure payments with OTP or PIN. There are no additional charges, and users can easily track their expenses. Explore exclusive offers and cashbacks on popular apps like Myntra, Swiggy, Amazon, Jio Mart, and more with Freecharge Pay Later.
OlaMoney PostPaid
Ola Money Postpaid, a convenient pay later service offered by Ola, the popular Indian ride-hailing company. With Ola Money Postpaid, users can take multiple rides on Ola and pay for them at the end of the month, similar to a postpaid mobile phone plan.
Key features of Ola Money Postpaid include:
- Seamless integration with over 300+ apps, offering cashback and discounts.
- Repayment cycle of 15 days for added convenience.
- Super-fast payment processing, ensuring a smooth experience.
- No hidden charges, providing transparency in transactions.
- Ability to pay a single bill for all your expenses, simplifying financial management.
- Accepted in cabs as well, allowing users to enjoy the benefits of Ola Money Postpaid during their rides.
To avail of Ola Money Postpaid, users can simply sign up on the Ola app and link their Ola account with a credit or debit card. This service not only enables seamless payments for Ola Cabs but also offers access to a wide range of in-demand apps. Users can book movie tickets, pay for travel, and even enjoy dining experiences with the convenience of Ola Money Postpaid.
With a repayment cycle of 15 days and no hidden charges, Ola Money Postpaid ensures a hassle-free payment experience. It allows users to consolidate their expenses and make a single payment for all their transactions. Enjoy the benefits of Ola Money Postpaid, accepted in cabs and various other apps, providing a seamless and rewarding buy now pay later experience.
SnapMint
Snapmint, a leading consumer lending platform in India that offers short-term loans and buy now pay later options. With Snapmint, individuals can access a range of loan products, including personal loans, consumer durable loans, and two-wheeler loans.
The platform utilises advanced technology to assess the creditworthiness of borrowers and provides loans at competitive interest rates. The entire process is digital and conducted online, eliminating the need for physical visits to a bank branch. Users can apply for and receive a loan within minutes, making it a quick and convenient financing solution.
Snapmint also offers convenient EMI options, allowing borrowers to repay their loans in affordable monthly instalments. The platform provides a mobile application that enables users to apply for loans, track their loan status, and make payments directly from their mobile devices.
Key features of Snapmint include:
- Seamless shopping experience on popular e-commerce platforms like Myntra, Amazon, and Flipkart.
- Offline credit and repayment options for added convenience.
- No down payment requirements, making it easier to access credit.
- No application fees, ensuring a transparent and affordable borrowing process.
- Paperless KYC process, reducing paperwork and streamlining the loan application.
- With over 5 million downloads, Snapmint has established itself as a major player in the e-commerce segment. Now, it brings its expertise to the buy now pay later space, offering affordable EMI options without the need for credit cards. Users can enjoy the benefits of credit without owning a credit card or taking traditional loans.
Snapmint provides access to a wide range of products in electronics, lifestyle, and fashion. Users can also utilize its buy now pay later services on leading e-commerce platforms such as Amazon, Flipkart, Myntra, and Shopper’s Stop. Experience a seamless and flexible financing solution with Snapmint, empowering you to make purchases and repay conveniently.
- Mobikwik Zip
Mobikwik ZIP, a leading buy now pay later app that offers convenient credit options for users. With Mobikwik ZIP, you can spend up to Rs. 30,000 every month across a wide range of online and offline brands, including food, travel, gift cards, bills, and shopping. It’s a comprehensive platform that brings everything you need under one roof.
One of the key advantages of Mobikwik ZIP is its daily offers and deals, allowing you to earn cashback on timely repayments and enjoy additional benefits. The platform also provides various services like bank transfers, recharges, bill payments, and more.
Key features of Mobikwik ZIP include:
- Instant credit with a credit limit of up to Rs. 30,000.
- Easy and quick processing with minimal documentation requirements.
- Enjoy interest-free credit by paying off your loan before the due date.
- Regular on-time payments help improve your credit score.
- Hassle-free single-click real-time payments for over 120 million users.
Mobikwik ZIP makes availing instant credit for payments a seamless experience. It offers interest-free credit options and helps you maintain a good credit score. With minimal paperless documentation, you can quickly access the credit you need. It’s important to note that timely repayment within 15 days is mandatory to avoid any late fees.
Experience the convenience and benefits of Mobikwik ZIP, where you can shop, pay bills, and enjoy a range of services all in one place. Start using Mobikwik ZIP and simplify your buy now pay later experience.
- Sezzle
Sezzle, a popular “buy now, pay later” platform that offers a convenient payment solution for consumers. With Sezzle, you can make purchases from participating merchants and split the total cost into four interest-free installments, which are paid over a period of six weeks.
One of the key advantages of Sezzle is that it does not require a credit check or credit card to use. Instead, the platform evaluates a user’s creditworthiness based on various data points, including bank account information and order history. This means that using Sezzle does not impact your credit score, even if you miss a payment due date.
Sezzle provides flexibility by allowing users to schedule payments and make payments early without any penalties. The platform also offers a seamless approval process, ensuring an instant decision on your application.
When using Sezzle, you have the convenience of shopping at your favorite stores, including well-known brands like Fastrack, Pet Sutra, Giva, and many more. You can enjoy a hassle-free shopping experience while splitting your payments into manageable installments.
With Sezzle, you can shop now and pay later, interest-free. Experience the flexibility and convenience of Sezzle for your online purchases and enjoy the freedom to manage your payments in a way that suits you.
Conclusion
When faced with a financial need, a loan may seem like the only option. However, loans come with interest and repayment obligations. This is where buy now pay later (BNPL) comes in as a convenient solution, providing extra money without immediate payment requirements.
BNPL apps in India offer affordable interest rates and flexible repayment options, making them a lifesaver when you require additional funds. Since BNPL loans are short-term, they do not burden you in the long run. Moreover, the credit score requirements are typically easier to meet compared to traditional loans.
After understanding the pros and cons, you can make an informed decision on whether to utilize these apps. If you decide to proceed, you can consider the recommended buy now pay later apps mentioned earlier. They provide various EMI options and employ technology to determine creditworthiness and offer competitive interest rates.
However, it’s crucial to be aware of the terms and conditions, including potential fees and penalties for late or missed payments. Reviewing the loan agreement and seeking guidance from customer support is advisable before availing of these services.
For a comprehensive understanding, consulting expert professionals and conducting thorough online research is recommended.
