7 Best Buy Now Pay Later Apps In India [With Review & Ratings]

Buy Now Pay Later apps have become increasingly popular in India as they allow customers to purchase goods or services and pay for them at a later date. These apps offer a convenient way for consumers to make purchases without having to pay for them immediately, making them a great option for those who may not have the funds available at the time of purchase.

What Is Buy Now Pay Later? How Does It Work?

Buy now pay later (BNPL) is a type of payment option that allows customers to make a purchase and pay for it at a later date. This type of payment option is becoming increasingly popular in the e-commerce space, as it allows customers to make purchases without having to pay for them immediately.

BNPL works by allowing customers to make a purchase and then pay for it in installments over a set period of time. This is usually done through a third-party provider, such as a pay later app or a financing company. When a customer makes a purchase using BNPL, they will typically be required to provide some personal information, such as their name, address, and credit or debit card information. The third-party provider will then assess the customer’s creditworthiness and determine whether or not they are eligible for BNPL.

Once a customer is approved for BNPL, they will be able to make a purchase and pay for it in installments over a set period of time. The terms of the BNPL agreement will vary depending on the provider, but generally, customers will be required to make regular payments, such as monthly instalments, until the balance is paid off.

Here Are The Top 7 Buy Now Pay Later Apps In India

1. LazyPay

LazyPay is one of the most popular Buy Now Pay Later Apps In India. It allows users to make purchases on various e-commerce platforms and pay for them at a later date. It also offers a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments.

Ratings 4.3/5 and Reviews 3.18L

The Main Features of LazyPay include:

• Easy registration process: Customers can sign up for LazyPay quickly and easily, typically using their mobile number and a one-time password (OTP) sent via SMS.
• Instant approval: Once registered, customers can start using LazyPay immediately, with no need for a credit check or lengthy application process.
• Flexible repayment options: Customers can choose to pay for their purchases in full at the end of a predefined period (usually 14-15 days), or opt for a more flexible repayment plan with smaller, recurring payments.
• Wide merchant acceptance: LazyPay can be used with a wide variety of merchants, including online retailers, food delivery services, and more.
• Convenience: LazyPay eliminates the need for customers to have multiple credit cards or go through the hassle of cash on delivery.
• Security: LazyPay uses industry-standard encryption and security measures to protect customers’ personal and financial information.

2. Simpl

Simpl is another popular pay later app in India. It allows users to make purchases on various e-commerce platforms and pay for them at a later date. It also offers a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments.

Ratings 4.6/5 and Reviews 149K

Main Features of Simpl Include:

• Seamless integration: Simpl’s buy now, pay later service can be integrated with a wide variety of merchants and platforms, making it easy for customers to use.
• Digital payments: Simpl also offers a range of digital payment options, including UPI, NEFT, and more, making it easy for customers to make transactions and manage their money.
• Security: Simpl uses advanced security measures to protect customers’ personal and financial information, ensuring that transactions are safe and secure.
• EMI options: Simpl offers EMI options for customers who would like to pay for the purchases in installments over a period of time.
• Rewards: Simpl rewards customers for using their services with cashback, discounts and other offers.

3. Paytm Postpaid

Paytm Postpaid is a pay later service offered by Paytm, one of India’s most popular digital wallets. It allows users to make purchases and pay for them at a later date. It also offers a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments.

Ratings 4.6/5 and Reviews 15.6M

Main Features of Paytm Postpaid Include:

• Credit limit: Users can apply for a credit limit and use it to make purchases on the Paytm platform, and then pay the amount back at a later date.
• No interest or late fees: Paytm does not charge interest or late fees on postpaid transactions.
• Bill payments: Users can use their Paytm postpaid balance to make bill payments for utilities such as electricity, gas, and water.
• Recharge and shop: Users can use their Paytm postpaid balance to recharge their mobile phone or DTH service, and also to make purchases on the Paytm Mall e-commerce platform.
• Easy repayment: Users can easily repay their postpaid balance through various options such as UPI, net banking, credit/debit card, and Paytm Wallet.
• Credit Score: Paytm also provides users with their credit score.

4. ZestMoney

ZestMoney is a pay later app that allows users to make purchases on various e-commerce platforms and pay for them at a later date. It also offers a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments.

Ratings 4.1/5 and Reviews 209K

Main Features of ZestMoney:

• Fast approval: Users can apply for a credit limit and receive an instant approval decision.
• Wide merchant network: ZestMoney allows users to make purchases from 10,000 online stores and 75,000 physical retail stores
• Extended Credit Limit: ZestMoney avails credit limit of up to 2 lac
• Transparent: Zestmonry offers 0% interest*, no joining fees, and no hidden charges

5. MobiKwik

MobiKwik is a digital wallet and pay later app that allows users to make purchases and pay for them at a later date. It also offers a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments.

Ratings 4.3/5 and Reviews 1.95M

Main Features of MobiKwik:

• Bill payments: Users can use their MobiKwik wallet to make bill payments for utilities such as electricity, gas, and water, and also credit card payments.
• Recharge and shop: Users can use their MobiKwik wallet to recharge their mobile phone or DTH service, and also to make purchases on various merchants partnered with MobiKwik.
• Multi-lingual Support: MobiKwik is available in multiple languages.
• No interest or late fees: MobiKwik does not charge interest or late fees on credit transactions.
• Offers and Cashback: Users can avail of various offers and cashback on transactions made through the app.

6. CashE

CashE is a digital wallet and payment platform in India that offers a “buy now pay later” feature, allowing users to make purchases and pay for them at a later date. Users can apply for a credit limit and make purchases on various merchants partnered with CashE.

Ratings 4.3/5 and Reviews 230K

Main Features of CashE:

• Loyalty Rewards Program: CashE has a loyalty rewards program for its users, in which they can earn points for making transactions on the app.
• View transaction history: Users can view all their transaction history, including the date, merchant, and amount of each transaction.
• Set a monthly limit: Users can set a monthly limit for their credit usage to help them stay within their budget.
• Notifications: Users will receive notifications for bill payments, credit limits, and repayments.
• Customer Support: CashE offers 24/7 customer support to assist with any queries or issues.

7. Slice

Slice is another famous Pay Later App that primarily caters to the young population in India.

Ratings 4.4/5 and Reviews 499K

Main Features of Slice:

• Shop on big merchants: Users can make purchases from big merchants like Myntra, Flipkart, and other such platforms partnered with Slice.
• Loyalty rewards: Slice offers cashback and other rewards for regular usage of the app.

Read More: 10 Best Instant Loan Apps In India Without Salary Slip

Conclusion:

All of these pay-later apps in India offer a convenient way for consumers to make purchases without having to pay for them immediately. They also offer a “Buy Now, Pay Later” option, where users can purchase items and pay for them in installments. However, it is important to note that these apps may charge interest or fees for using their services, so it is important to read the terms and conditions before signing up. Additionally, it is important to use these apps responsibly and within your means to avoid falling into debt.

FAQs About Buy Now Pay Later Apps in India 2022

1. What is Buy Now Pay Later?

Buy Now Pay Later (BNPL) is a payment option that allows customers to make a purchase and pay for it at a later date, typically in installments, rather than upfront. It is becoming increasingly popular in e-commerce.

2. Does BNPL require any documents to upload?

Yes, Buy Now Pay Later (BNPL) usually requires customers to provide some personal information and documents such as name, address, and credit or debit card information, and sometimes identity proof, PAN card, and bank statement. These are used to assess the customer’s creditworthiness and determine if they are eligible for BNPL.

3. How much interest does the Buy Now Pay Later App charge?

The interest charged by Buy Now Pay Later (BNPL) apps varies depending on the provider, but it can range from 0-30% annually. It’s important to read the terms and conditions of BNPL agreements carefully to understand the interest rate and fees before making a purchase.

4. How much credit limit can I get under BNPL?

The credit limit under Buy Now Pay Later (BNPL) varies depending on the provider, but it is generally based on the customer’s creditworthiness and income. It can range from a few hundred to several thousand dollars. It’s important to read the terms and conditions of BNPL agreements carefully to understand the credit limit and terms before making a purchase.

5. How much credit score do I need to get approved for a BNPL facility?

The minimum credit score required for approval of a Buy Now Pay Later (BNPL) facility can vary depending on the provider, but generally, it is around 600 or above. However, some providers may approve customers with lower credit scores, but with a higher interest rate or limited credit limit. It’s important to read the terms and conditions of BNPL agreements carefully to understand the credit score requirement and terms before making a purchase.