Do you have eyes on that fabulous outfit but can’t afford it yet? Or, is a sudden breakdown of your AC weighing down on your monthly budget? Did you go overboard while ordering food online for your promotion party? Fret not! LazyPay’s service is a convenient form of checkout financing that will let you cover these costs in flexible instalments, later on, probably interest-free too.
No wonder the millennial and Gen Z population in India favour this particular financing avenue so much. It lets them meet their aspirational and urgent expenses without breaking their savings, with a single tap on their mobiles. As a result, BNPL witnessed a in transaction volumes in 2021, compared to 2020s 569% increase in India. It is undoubtedly the newest and most touted offering in the fintech and eCommerce landscape in the country.
Let’s explore some factors that make it so appealing for the young.
It’s Online, and it’s Easy
Digital payments have gone mainstream in part due to the pandemic. Known as the digital natives, the millennials and Gen Z have adopted this service with great enthusiasm, and are driving the adoption of eCommerce and fintech in India.
Your creditworthiness will be evaluated within 5 minutes, and you will then be approved for an appropriate credit limit. It’s all so simple, paperless, and convenient, rather than applying for loans in banks through a cumbersome and lengthy process. Young individuals today who like instant gratification might find BNPL more suited to their requirements.
Easily Accessible Without Credit History
It is a known fact that young Indians are not often issued credit cards. Without that, they don’t have credit histories, creating a vicious cycle. This gives the 20-somethings a way to access credit when they need it.
BNPL works like credit cards, but often with zero interest rates and no processing fees like traditional personal loans. Many young users who might not be able to afford the high fees of credit cards could find BNPL more suitable. For instance, if you use LazyPay’s pay-later option and make the repayment within 15 days in full, you won’t have to pay any interest. There are no hidden charges as well. The app will also allow you to check your credit score for free. You can get personalised alerts for missed payments and use expert insights to improve your score.
BNPL can thus be considered a more viable credit-repair option for the young than home loans and auto loans.
Pandemic Driven Budget Woes
The pandemic has been hard on many young consumers. Salary cuts became rampant. Medical emergencies also wrecked household budgets. BNPL emerged as a convenient way to increase their purchasing power and afford the expensive yet necessary purchases. You can say that the method became a great budgetary tool.
Tie-Ups With Numerous Brands and Attractive Cashbacks
BNPL platforms often partner with multiple brands that are favourites among young shoppers. Movies, tickets, food, accessories, gadgets, groceries, you name it, BNPL financing covers everything. Moreover, the users receive attractive cashback too.
This shows how the pay-later mode lets you make small and big-ticket purchases with equal convenience. Many young entrepreneurs have taken a liking to this mode of digital payments to provide their customers with a great user experience and improve their sales.
What Makes LazyPay BNPL Better
The LazyPay pay-later option has taken BNPL financing to whole new levels. You can make purchases directly on any app or website and simply choose Pay Later option at the checkout. No PINs, no OTPs, and no links to bank accounts required. It’s that simple!
LazyPay has partnered with over 100 brands like Swiggy, Zomato, MakeMyTrip, and more to provide unparalleled convenience. So, plan a trip or order food, get the latest flagship smartphone or purchase clothes, and pay in flexible options. Moreover, get attractive cashback on every purchase.
All your purchases are consolidated into a single bill, which . In addition, the app lets you get reminders to you don’t miss out on your repayments.
KYC is instant and paperless. Click a selfie, upload your documents, and voila! You receive a personalised credit limit. The more you make timely repayments, the more your limit extends.