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Buy Now Pay Later (BNPL) is a basically a line of credit given to you – digitally. It has similarities with a Credit Card, but with a few cool differences (check our next point on what they are!). Once you set up a BNPL account successfully, you can make purchases with one click while shopping online, while making recurring bill payments - and make a single repayment on a defined due date - #quickneasypay.
So how is BNPL different from a Credit Card?
For beginners, you do not need to get a plastic to get started with BNPL - #cardlesscredit. Once you set up a BNPL account with a few digital steps, you will be provided with a limit - you can get started small and work your way up to a higher credit limit with a steady repayment track. And then there is the whole 1 touch convenience – you see your BNPL option at checkout that you can avail of with a single click. No more entering long card numbers (who remembers them anyway) or waiting for pesky OTPs.
So how do I get Buy Now Pay Later (or PayLater) account?
3 super simple steps –
- Get to any one of our Partner sites (we offer BNPL facility with Flipkart, Amazon, Mobikwik & Ola for now) and sign up for a Pay Later facility
- Complete a simple 3 screen journey by filling in details to get your eligible credit limit
- Agree to the Terms & Conditions through a simple OTP process.
You are on!
How does Buy Now Pay Later work?
Once our BNPL account is successfully set up, you will get a credit limit. You can start paying for your purchases up to the extent of the limit provided to you. On or before the due date, you repay the total outstanding due amount. Simple!
Once you repay the amount due, your limit gets freed up again, allowing you to use it for your next purchases.
What are the top 4 benefits of Buy Now Pay Later?
1. Convenient – Your BNPL line is at the checkout of your favorite e-comm site, right where you need it, right when you need it.
2. Digital – Gone are the days when you fished out cash or waited for a plastic card for shopping. BNPL is a digital credit line at your check-out. No more inconvenient Cash-On-Deliveries or remembering card numbers to pay for your purchases.
3. Low / No Costs – Offers from your shopping site often mean that you are paying very low charges for use of the BNPL line. In fact, if you pay on time, you would not be paying anything additional.
4. Organising tool – Pay for individual items, or all the items in your cart, return items to your shopping site (based on the site policy), pay for your utilities and all of it gets accounted in a single bill that you repay on the due date.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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