WHAT IS BNPL?
the word BNPL ( Buy now pay later ) basically suggests the relative meaning of buy now pay later, which is introduced to the consumer market in order to provide more efficient service and make purchasing easy. it is a kind of loan or more elaborately a quick loan authorized by the NBFC ( non- Banking-financial- company), which any individual can receive for purchasing a product or service across e-commerce sites without any interest for a month.
WHEN AND HOW WAS BNPL CREATED?
The earliest form of buy now pay later traces back to the 19th century, when. installment plans emerged as a way for consumers to purchase expensive goods since they didn’t have the funds to buy them outright. This banking process was primarily launched in America and the getting deeply induced in India by the end of the 20th century and had a full-fledged remark in the 21st century.
in India, the buy now pay later at its current position is booming and every individual is opting for the Buy now pay later as it becomes very inherit for everyone to buy now and pay later (BNPL), essentially helps every individual to purchase a product now and pay for the product after a month without any interest.
BNPL was fully authorized in India in April 2020, Flipkart and amazon pay later already has over 3.7 million registered users, driven by a faster customer sign-up process, and its wider use cases for goods and purchases and utility payments.
WHY WAS BNPL CREATED?
as an alternative option to credit cards and other forms of financing, BNPL solutions were designed to allow shoppers to purchase their product and pay in a predetermined number of installments over time.
ALTHOUGH THE FCA DOES NOT YET REGULATE BNPL PRODUCTS IT HAS BEEN PROACTIVELY ADDRESSING CONCERNS ABOUT POTENTIAL HARM TO CONSUMERS.
PROS OF BNPL :
- Buy now pay later providers are fully integrated within an online store checkout, which makes the transaction process easy, it’s convenient as they opt to pay with the name of the BNPL provider and what you just have to do is create an account, and no need to go to your purse or wallet for your credit to fill out the details.
- Setting up a BNPL account is very simple and feasible the providers ask just credit checks for approval and some information including the accounts from which they will deduct your payments.
- Most BNPL providers don’t charge any interest on the amount you borrow – only fees, when your payment is late, these types of transactional charges occur when there is a shortage of amount in your bank account.
- It is used as an alternative to credit cards especially since younger people are basically giving up credit cards, it also has the positive advantage of not spending more as in order to save interest they will spend less so that their expense goes lower to their income and generates. rough stability.
- There is no need to line up with the bank and or log into your online account to arrange payments, these systems works on auto transaction overview.
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CONS OF BNPL:
- The earning source of BNPL providers is late payment by consumers, if you don’t have enough money on your credit card to cover automatic installment payments you usually have 24 hours to log into your account and pay the amount due, or else you will be charged late fees.
- BNPL schemes are basically spending the amount of money that you don’t have, it may sound judgemental, but it’s possible to live a fulfilling life without restoring o credit for unnecessary purchases.
- It brings to mind the line about people buying things we don’t need, with money we don’t have, to impress people we don’t like.
TAKING FINANCIAL DISCIPLINE
like any financial product , deciding whether or not to use BNPL arrangements is a personal choice based on your financial situation and spending habits. using any BNPL platforms for spending you would do anyway, it can be a good way to manage your finances by spreading out the payment over a few weeks.
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