Buy Now, Pay Later: The Rise of BNPL and Its Advantages
In recent years, the world of online shopping has been revolutionized by the emergence of the ‘Buy Now, Pay Later’ concept, more commonly known as BNPL. This payment method has become increasingly popular among consumers, who are drawn to its convenience and flexibility. In this article, we will explore the rise of BNPL and its advantages, as well as discuss where consumers can use their Bajaj EMI card.
What is BNPL?
BNPL is a convenient payment option that allows consumers to purchase goods and services immediately, and pay for them later, often in instalments. This payment method has become popular with online shoppers who want to avoid upfront costs and spread their payments over an extended period.
Retailers and service providers that offer BNPL typically collaborate with third-party payment providers, such as Afterpay, Affirm, and Klarna, to offer the service. Customers can choose to pay in instalments over a period of weeks or months, depending on the terms of the agreement.
The Rise of BNPL
The rise of BNPL has been significant, with the most recent Global Payments Report forecasting that the BNPL market could grow from almost $22 billion in 2018 to over $100 billion by 2023. According to data from Finder.com, over half of all online shoppers in the US have used BNPL, with that number rising to 72% among millennials.
So, why has BNPL grown so quickly? One of the primary reasons is convenience. BNPL allows customers to avoid upfront payments and spread their payments over a period of weeks or months. This can be particularly useful for those on a tight budget or who want to save money for other expenses. Additionally, BNPL can be a useful alternative to credit cards, which can be subject to high-interest rates and fees.
Advantages of BNPL
The advantages of BNPL are many, and for many consumers, they are the main reason why they choose to use this payment method.
Flexibility
BNPL offers customers a level of flexibility that is not available with traditional payment methods. With BNPL, customers can choose to pay for their purchases over a period of weeks or months, which can be useful for those on a tight budget or who want to spread the cost of their purchase over an extended period.
Convenience
BNPL is incredibly convenient, and customers can complete their purchases quickly and easily. There is no need to fill out lengthy forms or provide extensive personal information. Instead, customers can complete their purchase with just a few clicks of the mouse.
No Interest
Many BNPL providers offer interest-free financing, which means customers can spread the cost of their purchase over an extended period without incurring any additional fees or charges.
No Credit Checks
Unlike traditional credit options, BNPL does not require a credit check. This can be advantageous for those who have poor credit scores or who have been declined for credit in the past.
Where Can I Use Bajaj EMI Card?
One of the most popular BNPL options in India is the Bajaj Finserv EMI card. This card allows consumers to purchase a range of products and services in instalments, without having to pay any upfront costs. The Bajaj EMI card is accepted at over 1 lakh stores across India, including major retailers and online platforms.
Electronics
The Bajaj EMI card can be used to purchase a range of electronics, including smartphones, laptops, and televisions. It is accepted at major retailers such as Reliance Digital, Croma, and The Mobile Store, as well as on online platforms such as Amazon and Flipkart.
Furniture
Consumers looking to purchase furniture can also use their Bajaj EMI card to spread the cost over an extended period. The card is accepted at major furniture retailers such as Home Town, Urban Ladder, and Evok.
Travel
The Bajaj EMI card can also be used to pay for travel expenses such as flights, hotels, and vacation packages. It is accepted at leading travel providers such as MakeMyTrip and Yatra.
Fashion and Lifestyle
For those who love fashion and lifestyle products, the Bajaj EMI card can be used to purchase apparel, accessories, and beauty products at leading retailers such as Brand Factory, Lifestyle, and Shoppers Stop.
Conclusion
In conclusion, BNPL has become an increasingly popular payment method in recent years and for good reason. It offers consumers a level of convenience and flexibility that is not available with traditional payment methods, and its growth looks set to continue. For Indian consumers looking to take advantage of BNPL, the Bajaj Finserv EMI card offers a versatile and convenient option that can be used to purchase a range of products and services in instalments. Whether you are looking to purchase electronics, furniture, travel, or fashion and lifestyle products, the Bajaj EMI card is accepted at a wide range of retailers and service providers across India.
