Buy Now, Pay Later: The Shopping Model That Is Revolutionizing the World of Credit Shopping


When finances are really tight, it could be challenging for shoppers to find enough cash to pay for shopping bills. How would you feel if you are not in a position to buy your favorite designer jewelry just because you are running short of funds during the month end? You don’t have to feel dejected about letting go of your favorites on your shopping list. How does the idea of buying whatever you want now and paying at ease sound to you?

Of late, stores with the ‘Buy Now, Pay Later’ option have uncovered the avenue for shoppers to shop online without worrying about their wallet balance during the month end. The e-portals are embracing yet another convenient feature to lure more customers to their websites. This concept has already started redefining the online shopping experience, while also easing out the process of payment transaction.


Convenience Means Everything

The ‘Buy Now, Pay Later’ model is a convenient way of shopping when you don’t have savings, but you need the product immediately. Convenience means everything these days, and this has given rise to yet another great digital payment option for online shoppers.

India has seen a significant increase in this kind of payment option provided by leading fin-tech companies like ePayLater, which allow you to book train tickets, reserve movie tickets, order food online, and do much more without the need to be concerned about your bank balance. This revolutionary technology is a huge leap in the eCommerce industry.

Elaborating about the convenience feature of such schemes, Akshat Saxena, ePayLater’s cofounder says – “A smooth payment transaction process that is straightforward and simple is the need of the day to give shoppers a hassle-free shopping experience. With the unique and sophisticated Buy now, pay later concept, it is possible to redefine the shopping experience. And why not, when innovation and technology help revolutionize the way in which business is done and save efforts and time for customers.”

Buy Now, Pay Later is a feature that is similar to a credit card, where the customer can place orders online all through the month without immediately paying for the items ordered. The outstanding amount can be paid before the given time limit. This feature is certainly beneficial for customers who either don’t own a credit card or are cautious of using it online. In simple words, it is a credit card devoid of the plastic


How Is User Creditworthiness Decided?

Companies like ePayLater that offer the ‘Buy Now, Pay Later’ payment option have algorithms set in place to determine the creditworthiness of shoppers. These sophisticated algorithms use advanced analytics and machine learning to capture the creditworthiness of users. It identifies the eligible users by running a valuation with the help of alternate data (which includes the user’s purchase patterns, credit history etc.)


Beneficial for Online Companies and Shoppers

Buy Now, Pay Later is an ongoing trend in the eCommerce industry and is a great way to attract customers. Users of this service can enjoy the benefits and flexibility of using this service, while also keeping an eye on the rates of interest. At the same time, it’s an icing on the cake for the merchants who can enjoy the power that such credits have and see the positive difference that it can bring about to the bottom line of their sales targets.

At the end of the day, ecommerce portals are seeking for a higher percentage of purchase transaction, while online buyers are seeking for hassle-free purchases. The ‘Buy Now, Pay Later’ concept perfectly fits the bill as it is beneficial for both ecommerce companies and online shoppers.

The Buy Now, Pay Later concept is picking up positively and will continue to grow while revolutionizing the online shopping arena. This trend is certainly here to stay for long. As an online shopper, why should you pay upfront when you have the option of buying now and paying later – and that too without a credit card? Enjoy the benefits of this option without fumbling through your wallet or keying in lengthy strings of numbers.


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