Pay later is a digital, mobile-only lending platform. It allows individuals to access credit through short-term, personal loans, make payments and investments. Pay later is owned and operated by One Finance and Investments Limited in Nigeria. Pay later, through its parent company, is a regulated entity licensed by the Central Bank of Nigeria to provide financial products and services in the Nigerian marketplace. Find out about some of the buy now pay later apps in India.
Best Pay Later Apps in India
Lazy Pay
Lazy Pay is a technology platform owned by PayU Finance India Private Limited. This is a systemically important non-banking finance company registered with the Reserve Bank of India. It is efficient and easy to use. It is one of India’s fastest ways to credit online. You just need to enter your mobile number and discover your unique credit limit. Go through the paperless KYC process and credit will be available for use. You just need to provide basic details like a PAN card and Adhar card. Lazy Pay credit can be used to pay at different platforms like Swiggy, Urban Clap and more. This pay later app accepts interest-free payback till the first week of next month.
Simpl
This pay later app stands for Synchronous Interprocess Messaging Project for LINUX. It is a free and open-source project that allows QNX-style synchronous message passing by adding a Linux library using userspace techniques like shared memory and Unix pipes. Simpl offers you to pay later with free credit now. They offer you a credit, and you just need to pay them back later. The app offers you a credit limit, and you have to pay them back without any interest till the first week of next month. Simpl is available on the popular movie booking app, BookMyShow.
Paytm Postpaid
Paytm is an Indian digital payment system and financial technology company, based in Noida. This is pay later app currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code.
As of January 2018, Paytm is valued at 10 billion dollars. First launched with ICICI bank account holders only, Paytm Postpaid is now available to all users. You can apply, and Paytm will soon reply with your exclusive Paytm Postpaid account with a limit. Paytm’s biggest advantage is its wide availability. You can use it to pay for bills, bookings recharge and more. Again, it’s free to pay back without any interest till the first week of next month.
KrazyBee
KrazyBee Services Private Limited is a Non-Deposit taking Non-Banking Financial Institution registered with the Reserve Bank of India. It is founded by a group of experienced entrepreneurs and finance professionals to tackle some of India’s most pressing challenges in the lending space by offering a unique proposition through the use of innovative new generation technology and the availability of credit. They have the vision to be the primary choice of credit for the borrowers in India, KrazyBee operates 24×7 and has tied up with the financial technology platform to cater for the various needs of the borrowers.
With the strength of continuous innovation and raising the benchmark through the years, KrazyBee has provided credit to more than 2.2 million satisfied borrowers with the disbursement of more than INR 43 billion. It is one of the best pay later apps available. They are based in Bangalore, and to act as a catalyst in the growth of India, KrazyBee continues the journey of penetrating the Indian market with revolutionary ideas and a cavalcade of highly motivated and skilled employees.
Apart from a lot of other pay later payment options on several platforms, you can choose to buy a Xiaomi smartphone or any other Xiaomi device on credit via KrazyBee.
Quiklo
This is one of the pay later apps which serves as a consumer lending platform for students. Quiklo is different from other pay later options. It offers asset-based loans like you take a loan for a smartphone, laptop or camera or something else, and Quiklo will fulfil it for you. They will deliver the product directly to you, and you will have to pay them back in instalments.
SlicePay
SlicePay is a credit platform mainly for young professionals in India. They offer the slice card which comes with a credit line and also no-cost EMIs on platforms like Amazon and Flipkart. I have been using Slice for a few years now and have been impressed with their products. Their customer service is also excellent. They are very friendly and always answer my queries very soon.
Out of all the lending platforms, I think Slice is right up there with the best in India at the moment. This pay later credit platform is exclusive for students. SlicePay supports all major e-commerce websites like Amazon, Flipkart, Snapdeal and Paytm. You can buy something from any of these platforms via SlicePay. They even have courses available from Byju’s and allow you to book cabs, movie tickets, recharge, and pay later.
ePayLater
One of the pay later apps, was founded in December 2015 and based in Mumbai, ePayLater is a digital payment solution offered by Arthashastra Fintech Pvt. Ltd. that enables a “Buy Now, Pay Later” solution for frequent online purchasers with an interest-free credit term of 14 days. They are recognized as a startup by the ‘Department of Industrial Policy and Promotion of the Government of India’s Ministry of Commerce. We are a team of dynamic professionals to optimize the digital payment experience and make it seamless, reliable and secure. epaylater take pride in our aim to bridge the credit divide that exists in India today.
ePayLater is a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon. in. IRCTC has a new pay later feature called epaylater. Do remember, this is only applicable to IRCTC. The epaylater is a payment option to free credit to book a ticket. You have to pay the due amount later, used for booking the ticket. It’s a really useful feature to book something in an emergency but is only limited to the IRCTC platform.
Flexpay
Flexpay is one of the best pay later apps. It is the latest entrant into the category and offers credit on Unified Payments Interface and allows peer-to-peer transactions. The company that created Flexpay aims to target local stores that may not always have the credit card option but use UPIs. Customers can use the pay later feature with the app. Just like other pay later apps, filling up your basic details will get you an instant credit line. It also allows you to track your spending with flexible payback options.
True Pay Later
True Balance has recently introduced ‘True Pay Later’. This is a bit different from other pay later apps that have tie-ups with other online merchants. True Pay later lets you pay electricity bills, mobile bills, and DTH recharges in two payments. Your credit limits are pre-decided based on your usage of the app. The company also mentioned that after paying the complete amount, customers will also receive attractive cashbacks. The maximum cashback will be 150 rupees and cashback will not be applicable if the payment is due for 3 days.
You might also be interested to know about the Top 5 Apps to watch Live Indian Channels online on your mobile.
Amazon Pay Later
Amazon India has also recently introduced the Amazon Pay Later service which is similar to the Flipkart Pay Later service. You can avail Amazon Pay Later service starting from 1 month to 12 months with zero processing fee & foreclosure charges. To avail of the Amazon Pay Later, you do not require any credit card. You just need an Active Amazon Account, Valid PAN card, Bank Account, and valid address proof like Adhaar, Voter, or any other OVD. The Amazon Pay service is not active for all the App users now, only a selected few Amazon users can see the Amazon Pay Later option at the time of check out.
Pay later exists as a mobile app that can be used on Android phones. In August 2018, Pay later announced that its mobile app had reached 1 million downloads. Buy now, pay later plans in India are similar to layaway plans, often called point-of-sale loans. This allow shoppers to break their purchases into equal instalment payments. Unlike layaway plans, BNPL does not put purchases aside until they are paid off; instead, BNPL plans allow users to receive their purchased items before payments are finished.
Depending on the BNPL service provider, they tend to offer interest-free payment instalments, although some services charge interest on the payments. All of the BNPL services charge merchants a service fee, similar to credit card providers. Buy now pay later service providers to assume the risk of buyers in stop payments. In the case of missed or stopped payments, many BNPL service providers charge late fees or penalties. When a customer stops payments altogether, the companies will likely cut off the account rather than send the account to a collections agency.
