Buy Now Pay Later Apps In India

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Before going to see the 7 best buy now pay later apps in India, let’s know what is it.

What Is Buy Now Pay Later (BNPL)?

It is an option where you can use it in buying anything now and paying it later is knowing as Buy Now Pay Later.

Why We Need It Or How It Is Helpful For Us ?

As an option BNPL Helps us in emergency cases like when you don’t have enough money to purchase anything, we can use this option and pay it later.

Here Is Your 7 Best Buy Now Pay Later Apps In India:

Here Is Your 7 Best Buy Now Pay Later Apps In India
  1.   Simpl
  2.   Lazypay
  3.   Freecharge
  4.   Mobiwik
  5.   Freo Pay
  6.   Jupiter Edge
  7.   Flex Pay

Other Pay Later Options:

  1. Amazon
  2. Flipkart

Let’s Go Through Each And Every Buy Now Pay Later App Individually:

1. Simpl

You can use simpl app as a buy now pay later option with an single tap transaction feature. Especially it has 26000 + Merchants. So you can do payments hassle free at any time any place.

  • I personally used  this App

Features:

  • Frequent Cashbacks/Rewards
  • Convenience and safety checkout.

Where We Can Use It:

  • Online Shopping
  • Utility Bill Payments
  • Other Apps Like Swiggy, Zomato, Blinkit, Abhi Bus, Red Bus, Rail Yatri, Book My Show, Big Basket, Dunzo, Jio Mart, Net Meds, Rapido & Many More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every month 1st and 16th  day
  •    Bill Due Date: With in 5 days of bill generation

Late Fee:

  • 0 to 500 = 25/-
  • 500 to 1000 = 50/-
  • 1000 to 2500 = 100/-
  • 2500 to 7500 = 250/-
  • More than 7500 = 600/-

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 4 simple steps:

  • Step-1: Download the Simpl App From Play Store
  • Step-2: Fill all the necessary information including mobile number
  • Step-3: Submit the information and wait for Simpl (paylater) response.
  • Step-4: Once if you got Paylater response then start using it.

2. Lazypay

It is a part of PayU offering Buy Now Pay Later services for both consumer and merchant as well. Especially they are offering express cash upto 5 Lakhs.

Features:

  •  Get Credit in 90 secs
  •  Single tap checkout.
  • Scan and Pay
  • UPI Payment

Where We Can Use It:

  • Local Stores
  • Online Checkout
  • Utility Bill Payments
  • Other Apps.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every month 1st and 16th  day
  •    Bill Due Date: With in 5 days of bill generation

Late Fee: Any Amount late fee will be Rs. 17/Day 

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 5 simple steps:

  • Step-1: Download the LazyPay App From Play Store
  • Step-2: Fill all the necessary information including mobile number
  • Step-3: Complete your KYC Process.
  • Step-4: Once you complete the above steps, instantly you will unlock your credit balance based on your CIBIL Score.
  • Step-5: Just Start Using It.

Note: If once due date is passed, they will start harassing with calls continuously 4-7 times with in a day

3. Freecharge One Of The Best Buy Now Pay Later Apps In India

Freecharge is an well know app like Paytm, Google Pay, PhonePe, Recently they introduced Pay Later option with the credit limit of upto 4000 monthly.

Features:

  •  Get coupons & cashback for every single transaction
  •  Zero Processing fees
  • Secure one tap payment
  • Easy Tracking
  • More Savings

Where We Can Use It:

  • Shop at 25000+ online stores
  • General Bill Payments
  • FASTag
  • Local Bill Payments
  • Credit Card Bill Payment
  • And Many More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every Month Ending
  •    Bill Due Date: Every Month 5th of the Day.

Late Fee: Will be charged Rs. 10/Day after due date passes.

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 3 simple steps:

  • Step-1: Download the Freecharge App From Play Store
  • Step-2: Fill the application form with KYC.
  • Step-3: Start using it immediately.

4. Mobikwik

Mobikwik one of most trusted app like Google Pay. It is offering pay later option in the name of ZIP instantly upto 60,000/- credit limit. 

Features:

  •  Zero Interest
  • Minimal Documentation
  • Boosts Credit Score.

Where We Can Use It:

  • Shop With 1+ Lakh Online Brands Like Amazon, Flipkart, Myntra, Ajio.
  • Monthly Bills.

Points To Know:

  •    Credit Limit: Upto 60,000/-
  •    Billing Date: Every 15 Days
  •    Bill Due Date: With in 5 days of bill generation

Late Fee:

  • 0 to 500 = 250/-
  • 500 to 1000 = 250/-
  • More Than 2500 = 500/-

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 3 simple steps:

  • Step-1: Download the Mobikwik App From Play Store
  • Step-2: Tap on the ZIP Option
  • Step-3: Click on Active now and use it.

5. Freo Pay

It is an first app the allows you to use Buy Now Pay Later option with QR Code scanning. 

Features:

  • Spend upto 8,000/-
  • Use Any where in India
  • Many More.

Where We Can Use It:

  • Scan and Pay at any store
  • Bill Payments
  • Others wii be in Petrol Bunks, Road Side Shop & More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every Month Ending
  •    Bill Due Date: With in 5 days of bill generation

Late Fee: Will be charged Rs.30/Day after due date passed.

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 3 simple steps:

  • Step-1: Download the Freo Pay App From Play Store
  • Step-2: Sign up with your KYC
  • Step-3: Start shopping and use it.

6. Jupiter Edge

An UPI Based Buy Now Pay Later App, which allows you to do payments by using UPI and Scanning option.

Features:

  •  No Interest, No Fees
  •  Get credit limit upto 20,000 instantly
  • Shop in Offline as well.

Where We Can Use It: 

  • You can do the payment wherever the UPI option is available.

Points To Know:

  •    Credit Limit: Upto 20,000/-
  •    Billing Date: Every 15 Days
  •    Bill Due Date: With in 5 days of bill generation

Late Fee: Not Mentioned.

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 4 simple steps:

  • Step-1: Download the Jupiter Money App From Play Store
  • Step-2: Fill all the necessary information including mobile number
  • Step-3: Submit the information and wait for Jupiter (paylater) response.
  • Step-4: Once if you got Paylater response then start using it.

7. Flex Pay

An Instant credit app which allows us to use buy now and pay later option

Features:

  • Quick Approval
  • Track Spending
  • Easy Repayments.

Where We Can Use It:

  • Shop At Online
  • Money Withdrawal
  • Scan & Pay
  • Utility Bill Payments
  • And Many More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Ending of the month
  •    Bill Due Date: With in 5 days of bill generation

Late Fee: Not Mentioned.

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 4 simple steps:

  • Step-1: Download the FlexPay App From Play Store
  • Step-2: Fill all the necessary information including mobile number
  • Step-3: Complete Your KYC
  • Step-4: Wait For Approval
  • Step-5: After getting approval, start using it.

Other Payment Apps:

1. Amazon:

It is an well know online shopping app, but recently they have introduced paylater option to their customers.

Features:

  •  Get Credit in 90 secs
  •  Single tap checkout.

Where We Can Use It:

  • Online Shopping
  • Utility Bill Payments
  • Ticket Booking & More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every Month Ending
  •    Bill Due Date: Every Month 5th

Late Fee:

  • 0 to 200 = 0/-
  • 200 to 1000 = 125/-
  • 1000 to 5000 = 250/-
  • More than 5000 = 425/-

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 4 simple steps:

  • Step-1: Download the Amazon App From Play Store
  • Step-2: Signup With Amazon and navigate to Amazon paylater
  • Step-3: Proceed with your KYC & complete it.
  • Step-4: Once if you got Paylater approval then start using it.

2. Flipkart:

One of the most reputed online shopping platform in india along with Pay Later option of upto 1 lakh instant credit.

Features:

  •  Get Credit in 30 secs
  •  Single tap checkout
  • Pay in EMI’s

Where We Can Use It:

  • Flipkart
  • Utility Bill Payments
  • Many More.

Points To Know:

  •    Credit Limit: Based On CIBIL Score
  •    Billing Date: Every month ending
  •    Bill Due Date: Every month 5th of the day

Late Fee: Will be based on the amount you spend, but the standard late fee is Rs. 250/- once the due date is passed.

Review:

4.5/5 (Source: Google Play Store)

How To Activate It:

You can active this app in 4 simple steps:

  • Step-1: Download the Flipkart App From Play Store
  • Step-2: Signup With Flipkart and navigate to Paylater
  • Step-3: Proceed with your KYC & complete it.
  • Step-4: Once if you got Paylater approval then start using it.

Pros and Cons of Buy Now Pay Later Apps In India:

Pros:

  • Pay your bills in EMI
  • 0% Interest Rate
  • Shop Without Hassle Free

Cons:

  • Late Fee Charges
  • Due Date Calls
  • Over Spending
  • And Many More..

Things To Be Remember Before Using The BNPL Option:

  • Credit Limit
  • Interest Rate
  • Late Fee
  • Credit Score Reputation
  • And More.

FAQ’s On Buy Now Pay Later Apps In India:

1. Can I withdraw money from PayLater?

No, you won’t be able to use your account or card to access cash through ATMs or branches.

2. Is PayLater app safe?

PayLater is safe and secure. Sensitive information such as credit or debit card details are not required, as only your mobile number is needed during checkout.

3. Is buy now pay later legal in India?

According to new RBI guidelines, nonbanks can no longer load prepaid instruments — digital wallets, or stored-value cards — using credit lines. The only valid options for a buyer are to prefill their wallet with cash, or to debit their bank or credit-card accounts.

4. Why India banned BNPL?

Industry insiders say many ‘buy now, pay later’ (BNPL) companies misled customers by not explicitly disclosing the loans taken in the customer name , eventually attracting attention from the Reserve Bank of India, which has now prohibited loading of credit lines on PPI, a popular method used by such companies to offer .

5. Which pay later apps are banned by RBI?

The list of banned apps include ‘Buy Now Pay Later’ (BNPL) apps such as LazyPay and Kissht. The Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday.

6. What are the legal issues of BNPL?

In fact, the largest chunk of BNPL consumers is in the age group of 18-24 which makes it even more vulnerable to risk. Concerns include high fees, disguised fees, information asymmetry, repossession without notice, unfair default provisions, and unequal bargaining power.

7. How many Indians use BNPL?

Buy now pay later services in India are about to cross USD 7000 million in 2022. 22% of consumers in India bought goods using BNPL services. The 26 to 35 age group is the primary segment of the BNPL market in India.

8. Can Buy Now, Pay Later Apps Help You Build Credit?

If your BNPL app reports to credit bureaus, then your positive payment history will help build your credit score. For example, Perpay customers increase their credit score by an average of 39 points. However, many of these BNPL loans are short-term in nature and, therefore, don’t create a payment history that is long enough to report to the credit bureaus.

9. Can you use buy now, pay later with bad credit?

Eligibility for Buy Now Pay Later is broadly dependent on your own credit score. If you’ve had difficulties in managing credit in the past, this can be reflected in your eligibility for BNPL with lenders showing reluctance to low or bad credit applicants.

10. Do you pay interest on buy now pay later?

Yes, you will have to pay interest on BNPL. The interest charged depends on various factors such as the amount spent, repayment tenure, credit score, etc. Initially, there is a credit free period offered by some companies. If you manage to repay the amount within that period, you will not be required to pay any interest on it.

Conclusion:

I Hope you got the right information through this article on buy now pay later apps in india if you like this article just share it with your friends & family.

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