How Does Buy Now, Pay Later Work?
How Does Buy Now, Pay Later Work?
Buy Now, Pay Later (BNPL) is a kind of short-term means of financing that enables you to pay in EMIs at the end of a specific time for making purchases. BNPL is just like utilizing a credit or availing a loan.
How does buy now, pay later works?
Buy Now, Pay Later (BNPL) is a kind of short-term means of financing that enables you to pay in EMIs at the end of a specific time for making purchases. BNPL is just like utilizing a credit or availing a loan.
- Purchase at any retailer store via UPI.
- opt for the ‘Buy now, pay later’ option.
- Make a small down payment of the general buy amount.
- The remaining balance amount shall be subtracted in a series of interest-free EMIs.
About SALT (BNPL) & how it works
With the SALT Buy Now, Pay Later facility you can enjoy an instant credit limit. Pay no interest on the borrowed amount for 15 days and if needed, split down the borrowed amount into monthly easy EMIs. Instant credit amount, no lengthy documentation process, no interest on the borrowed amount for 15 days are a few advantages of SALT’s Buy Now, Pay Later. The user can get the credit limit simply by completing the KYC and the limit can be utilized either via ‘Scan & Pay or Merchant transactions. ‘Scan and pay’ simply works via scanning any merchant’s UPI code and paying instantly. Merchant transactions can be either done via availing gift card or directly on merchant checkout.
Benefits of Paying via SALT
Listed below are the benefits of Buy now, pay later:
- One-tap Instant limit: The user can pay the merchant with just one-tap, within seconds. Users can avail of an instant credit limit on SALT just by providing the basic document on the app.
- Interest-free period: While making the payment with SALT, the user enjoys Interest-free 15 Days credit period. This means that the user can order food, groceries, and much more, and pay for it later. No interest is charged for 15 days.
- One App: It aggregates all your orders on various apps, and presents one single bill for repayment, after every 15 days.
- Repay in easy EMIs: Users are given the flexibility to alter the borrowed amount into easy EMIs.
- No documentation required: No lengthy documentation is required to activate the feature called Buy Now, Pay Later.
- No hidden charges: No hidden charges are charged by the SALT app.
- No Charges/Fee: Say goodbye to payment charges or interest fees because it allows you to pay later without any hidden fees or additional charges.
- Offers: Unlock cashback and discounts on various merchants. More transactions = more savingsQuick Refunds: In case of order cancellation, you don’t have to wait for your refund for days!
The reason why BNPL is getting popular among the consumer is that they are open to and hungry for new and time-saving online payment methods, particularly if they give more flexibility and a feeling of greater power over their finances.
The modern revolution in fintech space has proved that whenever there is a need to reduce financial friction, startups will rush in with innovative solutions. Also, this new payment alternative could additionally weaken the traditional credit card market.