Simply, it is a short-term loan product where the BNPL lender pays the merchant or service provider at the point of sale and allows you to repay the loan at a future date with little or no interest charges.
One of the specialities of this scheme is that a large number of borrowers can enjoy short-term credit, even without a credit history. So, BNPL is emerging to be the flavour of the season; it is also getting featured in the Best Indian Business Magazines.
The Bottom Line
Even though it seems that BNPL only offers benefits for customers, in actuality, the benefits of Buy Now Pay Later are the same for customers and merchants and, of course, for many Indian business leaders. Sellers only offer this advantageous payment facility because they can secure enormous benefits from it.
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