Freecharge's video: Buy Now Pay Later BNPL : What It Is How It Works Pros Cons Freecharge

The advancement of technology and the evolution of e-commerce have paved the way for new ways of making payments. Sometimes, even though people have sufficient cash in their wallets, they prefer to use other modes of payment like credit cards, personal loans, etc. Now, another short-term financing option is going rounds in the market for swift online payments, i.e. Buy Now Pay Later.  Also known as BNPL, this facility comes in handy for every shopaholic customer who prefers online payments over liquid cash. In this video you’ll be learning in-depth about the Buy Now Pay Later concept followed by a list of advantages, and finally, the future of BNPL. This facility provides instant interest free credit to the customers. This financing option aids customers to make their purchases without fretting about cash in their wallets. The Buy Now Pay Later facility grants credit to the customer every month with a promise in return to repay later. Upon making a purchase, the Buy Now Pay Later facility settles the bill straightaway on your behalf. Long story short, this facility lets you to Buy whatever you want instantly, allowing you to pay back at a Later date.  Who should use Buy Now Pay Later? What sets Pay Later apart from Credit Cards or Personal Loans is its fast and simple approval process. This avenue is ideal for those who are not eligible for credit cards because of no or short credit history. For example, Buy Now Pay Later is a great option for young millennials or early jobbers who find it difficult to get the credit card of their choice or a personal loan at a good rate of interest.  In Fact, it’s a good way to build a good credit history.  If you are new to the BNPL system, register on any of the provider’s platforms and complete your KYC formalities and then get started. Once your application is approved, which typically takes just a few seconds, you can start using the limit instantly. So, whether it’s shopping for groceries or medicines, or apparel, this facility takes care of everything. How Does Buy Now Pay Later Work? So far, we have touched upon the basics of the Buy Now Pay Later system. Now, it’s time to know how it works in the real world. The Buy Now Pay Later model just works the same as credit cards but there’s more to the working concept than what meets the eye.  This model offers instant payment settlement options to the customers. When you make any purchase, the amount of that purchase is settled by the BNPL provider on your behalf, and you get an interest-free window of up to 30-45 days to pay back that amount to your BNPL provider. Unlike personal loans, there’s no interest levied for the Buy Now Pay Later facility if the outstanding amount is cleared within the interest-free window. If you don’t pay by the due date, you will be charged a late fee. Advantages of Buy Now Pay Later 1) Easy and Convenient: It is easy and convenient to use BNPL as you can make payments with just 1 tap. There is no need to remember CVVs and pins, no need to carry multiple cards. Everything is digital and available at a tap of your finger on your mobile phone.   2) Swift Set-Up:  The application process, approval, and set-up of the BNPL facility are swift and effortless when compared to the credit card. The application consists of a few basic details like personal information, PAN, etc. Post-approval, the customer gets a certain credit balance followed by the billing dates to manage payments accordingly. The user can start using their limit instantly.  3) No Cost Involved: The reason BNPL grabbed attention over other financing options is because of its interest-free nature. The only time the lender is going to charge you is when you don’t follow the billing cycle properly and not pay on time. However, if you use this facility responsibly, you don’t need to incur any additional costs in the form of penalties or late fees. 4) Offers and discounts: BNPL has been steadily gaining popularity and acceptance in the last few years. And one of the major reasons for its growing popularity is the attractive deals and discounts you can avail of using this mode of payment when making purchases.  5) A Perfect Substitute for Credit Card: The BNPL financing option is a very good alternative for credit cards. If you are one of those credit card users whose request has been rejected for either not having a very high credit score or lack of past credit history, BNPL becomes an amazing alternative due to its easy approval.      👉Download Freecharge App: https://frch.in/k9HEcmfbjrb 👉Visit us: https://www.freecharge.in 👉Follow us on: Facebook: https://www.facebook.com/Freecharge Twitter: https://twitter.com/Freecharge Instagram: https://www.instagram.com/freechargeofficial/ LinkedIn: https://www.linkedin.com/company/freecharge-in/