New Delhi: If I say that now you can travel for free, then you will not believe it, but it is true. If you do not have money in your pocket or salary has not come and friends are telling you that you go somewhere for a walk, then now you do not need to panic because of money. Now you can easily book tickets for anything without any money. Whether it is a train ticket (Indian Railway) or a flight ticket. Not only this, you can also do shopping.
People who are fond of traveling are attracted
Actually, these days Buy Now Pay Later is being promoted a lot in India. People who are fond of shopping and traveling are increasingly attracted towards it. India’s BNPL market is expected to be $45-50 billion by 2026. Which is currently at $3-3.5 billion. Under ‘Buy Now Pay Later’, companies give loans for purchases. Along with this, you can also book tickets etc. under this.
This option is especially suitable for those who do not use credit cards. In such a situation, if they suddenly have to buy an item, then they can choose the option of Buy Now Pay Later. Now you can book tickets under this scheme.
What is ‘Buy Now Pay Later’ offer?
Actually, it is a short term loan. In this, you have to make a small down payment of the total purchase amount. In this short term loan, no charge is taken from you till the specified time. But after the due date you are charged interest. In this, you can pay in lump sum or EMI on time. In Buy Now Pay Later, you have to pay within 14 days to 20 days. If you fail to make the payment within the stipulated time, you will be charged an interest of up to 24%. If you choose this option under EMI then you can avoid the interest burden.
You are more than 20 fintech companies offering many facilities under Buy Now Pay Later. In which you can use it for shopping, food, travel, grocery and other platforms from e-commerce.
What is Fintech?
Fintech is an abbreviation for financial technology. The use of technology in financial operations is called fintech. Simply put, it is the implementation of traditional financial services and modern technology in managing the financial aspects of various companies and businesses. It provides instant loan facility to the consumers through the app.
Market of BNPL by 2025?
Let us inform that at present many banks and more than 20 fintech companies are providing this facility under the Buy Now Pay Later option. According to an estimate, by the year 2025, the BNPL market will be Rs 7.41 lakh crore. Also, their contribution to the market share of e-commerce is estimated to be 9% by the year 2024. Apart from this, in the coming times, the option of ‘Buy Now Pay Later’ can also be popular on food, travel, grocery and other platforms. In a way, you can look at it as an alternative to a credit card.
Difference Between Credit Card and BNPL
However, there is a big difference between a credit card and a credit card. For example, in a credit card, you have a period of 45 days without interest. But in BNPL this period is 15-20 days. In credit cards where you have to pay 40-45% interest on late payment, in BNPL, you are charged an interest rate of 20-30%. With a credit card, you can make purchases according to your civil, which can be in lakhs. Whereas with BNPL, you can make maximum purchases from 2 thousand to 1 lakh. At the same time, the acceptance of credit cards is almost everywhere. But under BNPL, you can use it only on a select agreement.
