{"id":7754,"date":"2022-03-08T09:43:16","date_gmt":"2022-03-08T09:43:16","guid":{"rendered":"https:\/\/www.kredx.com\/blog\/?p=7754"},"modified":"2023-10-26T04:36:54","modified_gmt":"2023-10-26T04:36:54","slug":"buy-now-pay-later-is-everywhere-should-you-opt-in","status":"publish","type":"post","link":"https:\/\/www.kredx.com\/blog\/buy-now-pay-later-is-everywhere-should-you-opt-in\/","title":{"rendered":"Buy Now Pay Later Is Everywhere, Should You Opt-In?"},"content":{"rendered":"

The pandemic has accelerated digitisation, forcing people to turn to online shopping and driving more BNPL players into the business arena. Buy Now Pay Later (BNPL) allows shoppers to break their purchase into equated monthly instalments (EMIs) with zero to low interest and without processing fee and pay the amount at a future date as per their preference. The benefit of buying without any upfront payment and flexible repayment terms makes this new age payment facility highly preferable among customers, especially Millennials and Generation Z.\u00a0<\/span><\/p>\n

No wonder the forecasts of a research firm (Redseer) that the BNPL market in India will touch a figure of $45-50 billion by 2026 from the current state of $3-3.5 billion. When millions of customers take advantage of BNPL, it indicates that retailers\/businesses are offering the same and accumulating revenues to continue operations. In such a scenario, if you are confused or doubtful whether you should go for the\u00a0<\/span>merchant Buy Now Pay Later<\/b><\/a>\u00a0and add it to your business, this piece will be a great help for you! Read the following sections and decide the best for your business.\u00a0 \u00a0<\/span><\/p>\n

Retailers Move To<\/b>\u00a0<\/span>Buy Now Pay Later Options- Here\u2019s Are The Instances<\/b><\/h2>\n

The Buy Now Pay Later industry is booming in India as well as in the world. Online shopping platforms or service providers like Amazon, Makemytrip, Croma offer BNPL services and allow consumers to purchase products or avail services without making any instant payment.<\/span><\/p>\n

Giants like Walmart adopted BNPL services, allowing customers\/shoppers more time to repay the products purchased.\u00a0 \u00a0<\/span><\/p>\n

These online platforms are revolutionising the shopping and payment ecosystem by providing flexible EMI options and satisfying customer requirements across all categories.\u00a0<\/span><\/p>\n

A Small Dive Into The Working Methods Of Buy Now Pay Later\u00a0<\/b><\/h3>\n

As the name suggests, Buy Now Pay Later allows shoppers to purchase and get the product instantly while paying for the same later. Here, the instalments vary from one company to another. This payment facility benefits both customers and businesses. After availing\u00a0<\/span>merchant<\/b>\u00a0<\/span>Buy Now Pay Later<\/b>, companies can sell products at credit and instantly receive payments of sold products.\u00a0<\/span><\/p>\n

Thus, by integrating BNPL at the payment gateway, business owners can guarantee nothing but more customers and revenue.\u00a0<\/span><\/p>\n

Therefore, if you are confused about whether or not to opt for\u00a0the<\/span> merchant Buy Now Pay Later\u00a0<\/b>option, read the benefits mentioned below.<\/span><\/p>\n

Benefits Of Buy Now Pay Later\u00a0\u00a0<\/b><\/h3>\n

Merchant Buy Now Pay Later\u00a0<\/b>is becoming increasingly popular among business persons for several reasons. Read on to know about these in detail!<\/span><\/p>\n