More and more people are now choosing to shop at online stores on account of the sheer convenience and comfort offered. Take a moment to think about it. Not only can you enjoy the ease of buying things from home or anywhere else, but you can also save time, energy, and money in the bargain. There are several attractive offers and reasonable pricing, to boot, and you see everything that is available under one roof. Online ecosystems have sprung up considerably in the aftermath of COVID-19 and are continually innovating with regard to making life easier for end-consumers in all spheres.

One of the biggest trends observed in recent times is BNPL or Buy Now, Pay Later. It has become an immensely popular financing option in the market today. It enables customers to purchase any product/service without fretting about the payment right away. They may avail the service in the form of a short-term loan and then repay it in whole or via instalments later on. It naturally lowers the financial burden on the consumer at a particular moment while contributing to quicker and hassle-free transactions as well. BNPL has attained massive popularity in India with the steady growth of the digital payments space and e-commerce transactions, with fintech players like LazyPay steadily carving a foothold in a hotly contested market. GenZ users have taken to these options like fish to water! Even new borrowers and millennials are using these services since they are traditionally under-served at banks and financial institutions.

Buy Now Pay Later Apps- How they have become month-end saviours

BNPL apps like LazyPay are veritable saviours at the end of the month when most of us are a little short on cash to meet varying needs. Here’s taking a look at the five reasons for this development:

1. Credit available at nominal rates - Month-end spending sometimes necessitates getting things on credit. However, while offering the same services as BNPL, credit cards charge high rates of interest. In comparison, BNPL facilities help in getting credit access swiftly and at reasonable interest rates. There are no annual or additional fees charged as well.
2. Fast loan approval - Customers can use the BNPL credit option for every small or big purchase. However, different BNPL services offer varying credit card limits. For example, the LazyPay facility comes with a credit limit of Rs. 10,000 only. You can also purchase items with the help of credit cards, but the application process is tedious and can lead to credit rejection. At the same time, BNPL services have a faster and more efficient loan application and approval procedure, making it possible to fulfil your needs on time. You can also opt for the LazyCard; a credit card alternative by LazyPay that offers the same benefits.
3. Repayment option - The BNPL Platform lets you make instant purchases throughout the day. You can repay the amount at a later date in small installments. This pay later scheme puts a lower financial strain on the borrower at the end of the month. In addition, you have the freedom to consolidate your debts and repay them according to your convenience.
4. Security factor - Many consumers do not feel comfortable revealing their credit card or bank details online. Therefore, you can choose LazyPay, which is trustworthy and offers multi-layered security to protect your information.
   
5. Easy access - With the help of the LazyPay app, you can easily access your due dates and transactions. You can also make payments from your account directly as the services are available round the clock.

LazyPay is one among many such Buy Now Pay Later apps making waves in the market. The app aims at offering top-notch financial services to consumers in addition to services for businesses like collection and settlement processing. It also offers instruments related to the distribution or marketing of co-branded and pre-paid payments. The LazyCard is the latest game-changer from LazyPay and has swiftly attained popularity throughout the country.

How is BNPL different from Credit Cards?

Both BNPL and credit cards are similar in many ways. However, there are a few differences that make BNPL more convenient for the average consumer. These include the following:

• Easier access to credit.
• Faster and easier application procedure.
• Instant bill payment or shopping without lengthy credit verification procedures.
• Convenient repayment options in installments.

Comparatively lower interest rate.