Top 10 Buy Now Pay Later (BNPL) Apps in India

Abhijeet Goel -

What is BNPL?

Buy now and buy later means one can do all the shopping one wants now and can pay for it at a later date. In BNPL apps, you get credit to pay your bills or expenses which you can repay within a time limit, either in installments or one time.

It is similar to a credit card but they don't charge any interest. Usually, the credit facility is available over an app and you can pay bills using that credit limit. Some of the apps provide a card also which can be used to make payment at any online payment accepting platform.

Usually, BNPL apps require you to do basic KYC based on a PAN card, or Aadhar card to avail of this credit facility. Once your account is verified you will get your credit line.

We are listing out the top 10 buy now pay later apps in India. These are just listings of these apps and not in any way their rankings.

Slice

Slice is a very good app focused on new credit card users. Students, Young professionals will like it very much. The best part is that it gives you up to 50% cashbook on shopping apps, food delivery apps, etc.

Slice gives you a card that also provides you a cashback of 2% after every transaction.

Cons - Acceptance rates are low. Doesn't accept your application if you already have many credit cards/ BNPL apps.

Paytm Postpaid

As we are all aware of Paytm services Paytm postpaid is no less. It gives credit in one go with 0% interest for  30 days. Its features are-

  1. No interest for 30 days.
  2. Easy to use Scan & Pay.
  3. Free Joining.
  4. Excepted everywhere.
  5. Pay in full or EMIs.

Cons: Charges 2% as processing fees on spend amount.

Simpl

This is an online payment app in which you can do the payment without the hassle of any OTPs and passwords. This is one of the best BNPL apps in India. You can also use it to pay on popular brands like Zomato, Bigbasket, Blinkit, MakeMyTrip, and many more.

You can also make bill payments like gas bills, electricity bills, water bills, etc., and recharge your TV, Mobile, and Wi-Fi also using your Simpl Credit Limit. It has many more features -

  1. Make payment easy without any CVVs/OTPs/passwords needed.
  2. Complete your purchase in "Pay in 3" i.e split your pending payment in 3 Emi's.
  3. It works on 0% interest or no hidden charges even if you choose the pay later option.
  4. Quick refund on cancellation of any order.
  5. includes many exciting offers across multiple merchants.

Cons: It is only usable on limited platforms/apps with which Simpl has partnered. Hence one is not able to utilize the overall limit and ends up using only a maximum of Rs. 3k-4k in a billing cycle.

Lazypay

If you want to pay money after buying many items, then there is no need to go anywhere else to install Lazypay. With this you can make payment within 15 days from the date of purchase of goods, with this you will get many merchant offers and cashback. It has more features in it. Some are listed below -

  1. If payment is more than INR 3000, you have a choice to convert it into EMIs.
  2. You can use it on more than 40k+ applications and websites.
  3. It has the facility of instant personal loans from 10000 to 100000, whose interest rate is 15% to 32% p.a.

Freecharge paylater

You can pay for DTH recharge, Phone recharge, electricity bills, gas bills, postpaid bills, etc through credit using free charge app and can pay later. It has a monthly payment cycle and is also available to spend on 20,000+ offline shops & stores.

PostPe

This is a shopping and payment application from Bharatpe, in which you can buy first and pay later. It provides you with a virtual card that can be used to pay on any online website/app. It also allows using postpe credit limit on BharatPe QR codes on offline shops. Also it allows one to send money to any bank account with a nominal 2% processing fee. It has many features -

  1. You can scan and pay anywhere.
  2. You can send money to your contacts.
  3. It has many offers and rewards.
  4. You can convert your payment into low-interest EMIs.
  5. You can get instant credit limits up to Rs. 10,00,000 on approval.

Ola Money Postpaid

You can pay for your cab ride on credit using Ola Money. It offers a small amount as your postpaid limit which gradually keeps on increasing as you use and repay it back. It also allows you to pay and offers cashback on 300+other apps from booking a movie ticket, travel or eating with the best possible using this app. It's extremely easy to sign up with no hidden charges. It gives 15 days time to pay back.

Flipkart Pay Later

Flipkart provides pay later option to buy products on credit for all purchases made on Flipkart. To avail of this simply select the Credit section on Flipkart and choose pay later. After verifying your PAN card, Aadhar details, and bank details it provides you credit facility up to Rs. 1 lakhs. Application for credit usually takes less than a minute.

Amazon Pay Later

Amazon Pay later is a easy way to get credit for purchases made on Amazon. Amazon Pay Later currently offers 3/6/9 and 12-month EMI plans. In addition, customers can pay later next month as well. Various features of Amazon Pay later are :

  1. No more-closure charges
  2. No processing or cancellation fees
  3. No Credit card is required.

Cons: Not available for everyone, to avail need a credit score of 750.

Mobikwik Zip

By using Mobikwik Zip you can spend Rs. 30K which you get as credit with single click. In this, you can transfer this amount to a bank account to make an offline purchase or bill payment. Some more features are-

  1. Need fewer documents to sign up.
  2. No hidden charges or interest.
  3. Repayment should be done within 15 days to avoid a late fee.

Cons - There is a subscription fee of Rs.99.

Conclusion

BNPL is an easy way to access credit for new to formal credit users. It has very few paperwork or any such requirements to get started.

Although with credit comes the additional responsibility of using it properly. It is always advisable to stay within your income and not stretch your credits too far. Usually, the penalty charges on such apps are huge and also interest rates on delayed payments are also quite heavy. ~ 36-50% pa. We would advise looking at the policy and terms/conditions of apps you use before availing of such credit facilities.