15 Best Buy Now Pay Later Apps in India (2024)

Buy now pay later apps (BNPL), a digital payment service, enable users to purchase goods or services online or offline without upfront payment, offering instant credit based on eligibility and spending limit. These apps are popular in India for convenience, flexibility, and affordability.

What are the benefits of using BNPL apps?

Applications known as “Buy Now Pay Later” (BNPL) let customers make purchases of products and services both online and offline without having to pay the entire amount upfront. Alternatively, consumers have the option to divide their payments into more manageable chunks over time, typically with no additional fees or interest. The following are a few advantages of using BNPL apps:

Cost savings

Cost savings in comparison to credit cards, even for non-paying users. Based on their eligibility and spending limit, BNPL apps give users instant credit, with payments automatically taken out of their linked card or bank account. By charging retailers a fee, BNPL apps can reduce or even eliminate the cost of short-term loans for customers. Providers have been able to drastically alter the composition of consumer credit thanks to this model.

Secure financial transactions

The RBI has approved BNPL apps, which are a great way to use a safer approach. Nothing harmful save the upkeep of your budget.

Easy to operate

The procedure is straightforward; to begin the application process, new users only need to provide some basic information. Select an EMI plan and merchant after uploading your KYC documents. The majority of the apps have similar requirements, such as the user’s age having to be over 18 or 21 years old.

Adaptability

Flexible payment options, such as the ability to pay in installments or later, are provided by BNPL apps. With a few clicks, they also make it simple for clients to finance larger online purchases.

Easy access

Customers can enjoy a more pleasurable shopping experience with BNPL apps’ seamless payment process. Additionally, they increase consumers’ purchasing power by giving them access to inexpensive credit, which helps them manage their money.

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Are Buy Now Pay Later Apps Safe?

Users can buy goods and services online or offline with pay-later apps, a type of digital payment service, without having to pay the full amount at once. Alternatively, consumers have the option to divide their payments into more manageable chunks over time, typically without incurring interest or additional fees.

Since pay-later apps are endorsed by the Reserve Bank of India (RBI) and adhere to strict guidelines and regulations for data security and consumer protection, they are generally safe to use. However, users should be aware of a few risks and disadvantages, including:

• Debt and excessive spending –  Pay Later apps have the potential to promote impulsive purchases and overspending because they present goods as more convenient and reasonably priced. Users must still pay their debts on time, though, or else they risk late fines, penalties, and even legal action. Since some pay-later apps send payment history to credit bureaus, they may also have an impact on a user’s credit score.
•  Identity theft and fraud –  Users of pay later apps must link their credit card information or bank account information, which puts them at risk of phishing scams and cyberattacks. Before completing a purchase, users should always confirm the legitimacy and security of the Pay Later app and the seller. Strong passwords and biometric authentication are additional ways that users can safeguard their devices and accounts.
• Privacy and the gathering of data – Pay later applications gather a variety of financial and personal information from users, including transaction history, bank statements, PAN, Aadhaar, name, address, phone number, and email. Users should carefully read the terms and conditions and privacy policy of the Pay Later app to understand how their data is shared, used, and sold. In addition, users ought to check and manage their privacy preferences and decline any unwelcome or pointless data collection or marketing.

To sum up, pay-later apps are safe to use as long as users are responsible, informed, and vigilant. Users should choose a reputable and reliable Pay Later app, such as PayPal, which scored the highest in CR’s recent analysis of eight popular Pay Later apps, earning top marks in the areas of safety, privacy, and transparency. Users should also compare and evaluate different pay-later apps based on their features, fees, eligibility, and customer service. Users should always shop within their budget and pay their dues on time to avoid any financial stress or damage.

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Merits of Buy Now Pay Later Apps in India

Get credit instantly

The simplest way to get credit is to buy now and pay later. To complete the process, all you have to do is make a purchase and choose to pay for it later. Fantastic, huh? Additionally, buyers have a highly customized option. Additionally, it enables users to engage with multiple platforms.

Safe payments

Pay Later apps are endorsed by the RBI and are an excellent way to make payments securely. Other than maintaining your budget, nothing bad.

Easy to complete

To begin the application process, new users only need to provide some basic information. Select an EMI plan and merchant after uploading your KYC documents. Most apps have similar requirements, such as the user’s age being over 18  or 21 years and all.

Decide to pay with interest-free installment plans (EMIs)

The best option for people who wish to use EMI plans is to buy now and pay later. It typically offers free EMI.

A simple strategy for raising credit score

By making your payments on time, you can easily and affordably maintain your credit score. Pay accordingly on time but later. The best reminder should be kept in mind because doing otherwise would be very expensive.

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Demerits of Buy Now Pay Later Apps in India

Impulsive shopping

People in India who use the buy now pay later apps tend to spend a lot of money because they believe they can pay when they have plans. This information is false. You have to pay within the specified time frame when using buy now pay later apps.

Penalty for late payments

Whether there is a large non-payment or just a small delay, it is always inconvenient to have a penalty assessed. Because of this, these apps use the benefit of a higher interest rate to impose heavy penalties.

Reaction opposite to credit score

A late payment tends to throw off your repayment schedule and damage your otherwise excellent credit score. Nobody wants a bad effect on their CIBIL score, that’s for sure.

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15 Best Buy Now Pay Later Apps in India

1. Slice

For students, Slice is among the greatest pay-later apps. The reason for this is that slice is a lifesaver for people without credit cards. Use this to get cashback of up to 50% on purchases made on Myntra, Flipkart, and similar websites. Slice calls this feature “Sparks.”

One more advantage is a slice card. It supports timely payments and offers a 1-2% cash-back option over Sparks. The best thing about this is that everything is free, even for foreign transactions.

The catch is that EMIs that charge 12% to 15% interest should not be extended beyond three months.

2. ZestMoney

This app will live up to its tagline, “less price to pay, more time to pay.” Simply download it, fill out your profile, attach your KYC, enable automatic repayments, and utilize it however you see fit. The following features are provided by ZestMoney:

• 0% interest, but only on particular deals.
• No credit card, no paperwork.
• Quick approval procedure in three steps.
• A custom credit limit of up to 2 lacs.

3. Jupiter Edge Pay Later App

The Jupiter Edge Pay Later App appears to be a fantastic blend of ease and speed. It calls itself the fastest UPI application. Additional features included in this app are as follows:

• Obtain a Rs. 20,000 interest-free UPI credit.
• The repayment cycle of fifteen days.
• Pay offline after scanning.
• for iOS and Android alike.
• There is no annual cost.
• Statement without hassle.

4. LazyPay

A well-known buy now, pay later app is this one. LazyPay’s greatest attributes are:

• KYC procedure without paper.
• Rapid credit availability.
• Use UPI, pay, or scan.
• Interest-free period of 15 days.
• With autopay options, the payment dates are typically the third and the eighteenth.
• There is a ₹100,000 maximum credit limit.

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5. Amazon Pay Later

Amazon is the greatest online retailer, drawing in the majority of customers with amazing products and deals. Furthermore, the option to pay later has now also surfaced. A few things to be aware of regarding Amazon Pay Later are:

• Credit line with no interest.
• Utilize it for groceries, bills, and shopping.
• Offering EMIs of three to twelve months.
• Automatic payback on the fifth of each month.
• A maximum of ₹60000 is allowed.
• IDFC First Bank and Capital Float are the loan partners.

6. Freecharge Pay Later

Freecharge pay later is invaluable for anything, whether it’s shopping, electricity bills, or DTH recharge. In a nutshell, it’s like having an unquestioning financial friend. However, for it to function, this friend also needs a payback option. The following is a list of this app’s main features:

• Receive a full month’s worth of payment delays.
• Get instant access to interest-free credit.
• Donate with just a tap.
• Secure payments made using a PIN or OTP.
• No extra fees.
• Maintain a record of your outlays.
• Special discounts and fantastic cashbacks are available on apps like Myntra, Swiggy, Amazon, Jio Mart, etc.

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7. Money Tap

With this app, you can receive up to Rs. 5 lakh in credit, which you can use to make easy and quick payments later. Receive a pre-approved limit in a matter of minutes and money availability in a day. Among the features that set this app apart from the others are:

• Under RBI governance, security is ensured.
• Collateral is not needed.
• There is a top-up feature accessible.
• Flexible EMI options are available.

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8. Mobikwik

Spend as much as Rs. 30,000 a month with ease using the Mobikwik Zip buy now pay later app. Earn cashback as well for on-time payments. More than 120 million users can easily make real-time payments with just one click. This app is fantastic and among the best buy now pay later apps because of the features listed below:

• You can make payments with instant credit.
• There is no interest.
• Sustaining a high credit score is simple.
• There isn’t much paperless documentation needed.
• Note that to avoid late fees, repayment must be made within 15 days.

9. Paytm Postpaid

Paytm Postpaid is no less than the enormous service that Paytm has offered throughout the history of UPI, as is well known. Get a fantastic Rs. 60,000 credit all at once with Paytm postpaid. The qualities listed below characterize its uniqueness:

• Lightning-fast facility checkout.
• A 30-day credit period without interest.
• No cost activation.
• Embraced everywhere. Just scan and make payment.
• All digital with the option to pay now or in installments.

Three variations are available:

Postpaid MINI, Postpaid LITE, and Postpaid DELITE, each with a different convenience charge based on the overall cost.

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10. Postpe

Based on your CIBIL Score, users can receive credit up to Rs. 10 Lakhs through this Bharatpe-owned platform. Scan, receive instant credit, pay, and divide the repayment into equal monthly installments. It offers:

• A 30-day credit line.
• Transfer without hassle.
• Credit with no interest.
• Payments are made offline as well.

11. ePay Later

Extra for businessman app, which offers credit in any amount from 25k to 25 lakhs with no interest charged during the billing term. Here are some things to be aware of regarding Epay in the future:

• 14 days are allotted for payment.
• Quick registration takes a few minutes.
• Integration with numerous vendors.
• Easily manage your account with its app.
• No interest compounding.

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12. Pay Later by ICICI bank

ICICI Bank offers credit online through the ICICI Bank app’s pay later feature.

• It is among the greatest buy now pay later apps because of the following features:
• There are no annual or joining fees to begin using the facility.
• Depending on your credibility, the credit period can range from 15 to 45 days.
• Rescheduled payments will only incur a monthly interest rate of 3%.

13. Ola Money Postpaid

It gives you access to more than 300 popular apps and gives you cashback on them. Use the Best Buy Now Pay Later app to pay for meals, films, or travel. Before you begin, consider the following information about Ola Money Postpaid:

• A 15-day repayment cycle is used.
• Guaranteed lightning-fast payments.
• No unstated fees
• Pay all of your bills with one payment.
• Accepted in taxis as well.

14. Flipkart Pay Later

With Flipkart Pay Later, receive instant credit up to Rs. 1 lakh. No need to use an additional app; just visit Flipkart to make a free purchase. With an agreement to pay next month, depart. After confirming the details of your bank account, you can easily obtain credit using PAN and AADHAR. Pay later offers from Flipkart:

• Either pay in installments or wait until the following month.
• Easy checkout with just one click.
• In just 30 seconds, apply for credit.
• Use it to shop online or pay bills.
• Payment splitting is simple.

15. Snapmint

Snap Mint is thought to be the largest player in the Indian e-commerce market among buy now pay later apps. It offers fantastic EMI options without the need for credit cards and is simple to download. Other advantages of Snapmint are as follows:

• Purchasing from online retailers such as Amazon, Flipkart, and Myntra.
• Credit and repayment offline as well.
• Benefit from no down payment.
• There are no application costs.
• KYC without paper

Before using buy now, pay later apps in India, be aware of these

• All set to launch a purchase now, pay later app. However one should be aware of the Indian regulations about these apps. 
• Keep your KYC documents ready. Nothing on the app will work without KYC.
• PAN cards are required by the majority of apps as a crucial document.
• Start as soon as you are certain you can make the repayment on time since late payments result in higher interest rates.
• The user must be older than eighteen.
• Certain apps request a salaried user exclusively or give them priority.
• It matters that you live in India.

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