Buy Now, Pay Later apps allow you to make purchases today and pay them off in installments over a period of time. Over the past few months, “Buy Now, Pay Later” seems to have gained a lot of interest among the common folk. Maybe it’s due to the convenience they get using BNPL as compared to credit cards.
Along with that, things like immediate approval, ease of use, low fees, and often interest-free rates have made it a desirable choice. Despite the fact that “Buy Now, Pay Later apps are all good, they aren’t created equally, so we have compiled a list of our 13 best apps to make it easy for our readers to select the best among them.
What Are Buy Now, Pay Later Apps? How do they work?
Buy Now, Pay Later (BNPL) is a financing option that provides eligible shoppers with an immediate credit limit depending on their bank account and previous purchases. The credit score is considered for credit, but a lot of other factors are also taken into account. Due to this, customers with lower credit limits can also profit from this scheme. The credit limit that can be used to make purchases on the e-commerce website and in retail stores Typically, this money is returned within 30 days, interest-free. Additionally, users can repay it in three, six, nine, or twelve simple EMIs at a low interest rate.
Pros and Cons of Buy Now, Pay Later Apps
Pros of Buy Now, Pay Later Apps
- You don’t need a credit history.
- can help you build your CIBIL score.
- Zero Forex Markup Fee
- EMIs are free for three months, and there are no processing fees.
Cons of Buy Now, Pay Later Apps
- As compared to other entry-level cards, the reward rate is low.
- Several Slice app permissions can prove problematic for some users. Example: SMS, camera, location, contacts, etc.
- Getting intimate with customer support and closing a card can be hard.
13 Best Buy Now, Pay Later Apps in India
Zest Money is a buy-now, pay-later app that offers 0% interest on repaid purchases. It has partnered with numerous online and physical stores to make your life easier.
With Zest Money, you can purchase and repay within 30 days at zero interest. Also, it allows automatic EMI repayments as per your convenience for up to 12 months. You only need to upload KYC documents and set up automatic payments through your bank.
On successful repayment of instalments, the app also provides cashback.
2). Money Tap
Money Tap is one of the first emerging buy now, pay later apps that allows flexible borrowing of funds for all of your purchases.
Along with that, it has a credit feature that lets you borrow up to Rs. 5 lakhs online and play them later via easy EMI transactions.
With Money Tap, you can borrow money for a list of different things, like medical loans, education loans, home renovation loans, and even recreational purposes like travel loans, two-wheeler loans, and a variety of other things.
3). Jupiter Edge Pay Later App
Jupiter Edge (formerly Bullet) is a similar app to LazyPay that allows users to shop with UPI and pay later. It can help you pay all online merchants or merchants that accept UPI payments offline. It has a minimal and user-friendly interface that makes payments a breeze anywhere.
The facility to pay gas, electricity, and water bills is also available. It sends the collected bill for your payments twice a month. You can pay it in five days without paying any interest or additional charges.
CashE is one of the simplest buy now, pay later lending options on the market. A fantastic credit limit is obtained by completing a simple two-step account activation process. Simply enter your basic information, and your credit limit will be shown immediately on your CashE app. Check out CashE BNPL below:
- Connect your Simple app to 1000s of local stores and start shopping.
- Get a loan up to Rs. 4 lakh to go shopping.
- You can do all of your online purchases with a single tap.
- Repay easily in two billing cycles per month. Alternately, select EMIs ranging from 3 months to 1.5 years are available.
- In this process, there are no hidden fees or charges.
5). Amazon Pay Later
Amazon is the best e-commerce site, luring the majority of customers with its incredible stuff and great offers. Furthermore, now a feature of pay later has popped up as well. About Amazon Pay Later, there are a few things one should know about:
- EMI payments are simple and hassle-free on all eligible Amazon app and Amazon browser purchases.
- Repay in convenient 3- to 12-mmonth EMIs.
- To keep track of payments, transaction history, limitations, and more information, handle your account through a separate dashboard.
- There are no cancellation or processing fees.
- There are no pre-closure fees.
- There is no requirement for a credit check. Your bank account determines your credit limit.
6). Flipkart Pay Later
Flipkart Pay Later is a popular BNPL app in India. It enables customers to make purchases both online and in stores without making a down payment. They just need to pay for their purchases within the next 30 days. Flipkart Pay Later offers instant credit to loyal app users. There are already millions of participants in this programme, and more are being added on a monthly basis.
- Get approved in less than 30 seconds.
- combine many purchases into a single bill.
- There is no interest when repaid within 35 days.
- Get up to Rs. 1 lakh in credit limits immediately.
- There is a Try Now, Buy Later option on some products, where payment is made after receiving and using the product.
7). Freecharge, Pay Later
From DTH recharge to shopping or an electricity bill, whatever it may be, Freecharge Pay Later is a lifesaver. It’s simply like having a friend who you can borrow money from whenever you need it. However, this friend requires a repayment option for it to work. Get a full month’s delay in your payments.
- No additional charges
- Pay with a single tap.
- Secured payments with a PIN or OTP
- Keep track of your expenses.
- Receive interest-free credit immediately.
- Exclusive offers on apps like Myntra, Swiggy, Amazon, Jio Mart, etc., and great cashbacks
8). Paytm Postpaid
Paytm Postpaid is offered by Paytm in collaboration with Clix Finance and Aditya Birla Finance Limited. Paytm Postpaid gives you quick credit up to Rs. 60,000 at the comfort of your home. You can make purchases, pay bills, recharge your phone, book tickets, and so on, using the borrowed amount.
- You can complete the onboarding procedure simply by submitting your PAN card number, email ID, and a few more necessary details, which take 2 minutes.
- For up to 30 days, users can get an interest-free credit.
- You can repay the Paytm Postpaid credit amount in up to 6 easy monthly installments.
- The credit balance must be repaid on or before the 7th of every month.
Lazypay is one of the dominant Buy Now, Pay Later services in India that’s been built to provide users with a simple payment service for their daily purchases.
Just by entering your mobile number, you can avail a personalised credit limit in order to confirm your online purchases.
In the app, users can track their expenses, check their dues, explore lazypay on well-known apps and websites, and even grab a short meal on their purchases.
With lazypay, you no longer require to enter multiple OTPs and card details because you can successfully make a transaction in one simple click. Some features of Lazypay are:
- Enjoy up to 15 days of interest-free credit with Purchase Now, Pay Later.
- Sign up in the LazyPay app to raise the limit up to Rs. 1 lakh.
- You can use your LazyPay credit at any store with a quick verification.
- LazyPay is available as a payment option at more than 100 merchants!
10). MobiKwik ZIP
With the Mobikwik ZIP buy now, pay later app, you may spend up to Rs 30,000 every month at more than 1 lakh brands online and offline. Mobikwik ZIP offers you everything under one roof, including food, travel, gift cards, bills, and shopping.
The platform has offers and deals that come and go nearly every day, enabling you to earn a bonus for timely payments and more. You can also use the platform or other services, such as paying bills, recharging, and transferring money to another bank.
Some features of Mobikwik are:
- There is no interest charged on any credit payments.
- Minimal documentation is required for set-up.
- credit up to Rs. 30,000 per month
- It helps you increase your credit score through timely repayments.
Postpe allows you to shop now and pay next month for anything from golgappas to mobile phones. For up to 30 days, it offers interest-free credit. You can convert your bills into low-interest EMIs.
- Postpe provides a credit line between Rs. 1,000 and Rs. 10,00,000 without any collateral at annual interest rates ranging from 15% to 20%.
- Repay your credit card in full within five days of bill generation or convert it into 3–6 low-interest EMIs.
- Pay your bill using any UPI app, net banking, or a debit card.
- No hidden charges or annual fees are involved.
- Invite your friends and earn up to 5% cash back.
Simpl is another buy-now-pay-later app that is connected to more than 5500 stores across India. The app has an extremely user-friendly interface that lets you pay your stuff online on credit and finally pay the bill on a bi-monthly schedule.
It allows you to borrow the money at absolutely no cost and only charges a late fee if you do not pay the bill on time.
The application regularly updates your limits, and as punctual as you are in paying your bills, the limits are raised accordingly.
Some features of Simpl are:
- It is connected to some of India’s biggest brands, including Jio Mart, Big Basket, and Zomato.
- For credit payments, they do not charge any extra fees.
- provides a single-tap payment system.
- One of the most reasonably priced apps to exist
- includes utmost transparency for clients.
- allows you to have proper control over your credit identity.
One of the best pay-later apps for students is Slice. The reason is that Slice works like a miracle for people who don’t have credit cards.
When you shop from Myntra, Flipkart, and other similar platforms, you get cashback up to 50%. This feature is known as Sparks.
Slice cards are another benefit. It helps you with the 1-2% cash back option over Sparks and helps you make payments on time. The best part about this is that it’s all free, even on international transactions.
The catch here is that you shouldn’t go for more than three months on EMIs that will attract 12% to 15% interest.
Things to Know Before Using BNPL Apps
- Have your KYC documents ready; no app will be accessible without them.
- Most apps require PAN cards as an important document.
- Being an Indian citizen is important.
- Only begin when you know you can pay back on the due date, as a delay will charge higher interest.
- The age of the user must be more than 18.
- Some applications only want salaried employees or give them preference.
These are India’s 13 best buy now, pay later (BNPL) apps. They are convenient and simple to use. But don’t purchase more than you can pay for. Your credit score determines whether you’re eligible for a credit limit or not. Be careful while shopping and avoid fraud.
Which Buy Now, Pay Later App Is Best in India?
In India, there are many buy now, pay later apps. We’ve listed some excellent day-later applications like Amazon Pay Later, LazyPay, CashE, Paytm Pay Later, etc.
How Safe Are PayLater Apps?
The RBI-approved pay later apps are just as safe as any bank app. Many of them adhere to PCI DSS standards to safeguard the privacy and personal information of their customers.
Can I use pay-later apps without the Internet?
You cannot use PayPal apps without a good internet connection. You need an active internet connection to use the paylater apps.
Is LazyPay RBI-approved?
No, because the Pay Later product does not fall under the ambit of the RBI Circular, the moratorium won’t be applicable to dues generated through Pay Later.