3 reasons BNPL is a hit among young shoppers this festive season

By Leandra Monteiro

As India is all geared up for its longest period of festive glory, consumers are ratcheting up Buy Now Pay Later instalment plans to purchase numerous household items like TVs, microwaves and even vacations online. The BNPL payment scheme is the latest craze among the cash-strapped youth seeking instant gratification.

“BNPL is currently the most sought-after mode of payment with the millennial and Gen-Z population in India. One of the key reasons it is gaining a lot of traction is that it gives consumers access to instant credit lines to pay for the products they want to buy on the online retail stores.

With the advent of festive season, many people are bound to may make big festive purchases during the online sales from major e-tailers that provide discounts to lure customers. Many BNPL providers like CASHe are expecting a huge demand for this solution during the festive season mainly due to the following reasons,” shared Yogi Sadana, CEO, CASHe.

Here are 3 reasons to opt for the BNPL mode of payment this festive season:

Interest-free payments– Unlike credit cards, purchasing through a BNPL option doesn’t incur interest charges on purchases. Customers can pay for their purchases over a matter of weeks or months without interest repayments. This will be a major factor for choosing the BNPL option for purchases.

Offers & discounts galore– BNPL platforms often offer discounts and coupons with partner retailers. These type of offers are made to entice consumers to indulge in more shopping

Transparent and low-cost pricing model- BNPL has a transparent and low-cost pricing model because a lot of the offers are subsidised by brands so that the customer gets the best value of the offering.

ALSO READ: India FinTech Report 2021