Live a simpler life with these Pay later apps

Posted by amrina alshaikh on May 20th, 2021

Are you short on money now? Or you have just tired of logging into your bank account every time you need to make a payment? There is now an easy way out to these problems. There are many 'Shop now pay later' apps in existence nowadays. These are the apps that make your life simpler by making your payments easy, convenient, and hassle-free.

What are these 'Buy now pay later' apps?

'Buy now pay later' are the latest concept where users can make purchases that can be paid for later on. These are similar to credit cards but are not actual or physical credit cards. Many apps help you to buy now pay later, and these apps have become an inseparable component of today's generation. These Pay later apps make transactions easy and allow the users to settle the entire amount at the end of every billing cycle, usually a 14 or 15-days cycle. With these Pay later apps, the users don't have to worry about transaction failures or refund processing. It is also a safe and secure payment mechanism as the users do not have to log in to their account every time they use the application.

Many merchant sites have now joined hands with these Pay later apps as a part of their option for payment. India is growing and slowly opening its market to these shop now pay later apps. The online growth of merchants and the use of smartphones contribute to the growing number of users of these apps.

India's favorite pay later apps

Some of the popular Pay later apps today are as follows:

1. LazyPay 

LazyPay is one of the most popular buy now pay later apps. It is a part of PayU - a leading financial services provider. It offers three different products: pay later, instant personal loan, and EMI. The users can sign up for LazyPay instantly with their mobile number. They have a 15-day cycle which is due on the 3rd and 18th of each month. With LazyPay, the users don't have to worry about forgetting their due date as they send frequent reminders.

2. Simpl

Simpl also offers a 15-day cycle. With an initial default spending limit, the app constantly upgrades its limit based upon the factors such as the strength of the profile, regularity of repayment, and user's spending habits.

3. Pay later by ICICI Bank

ICICI Bank was the first bank in India to offer pay later services to buy small-size items to its customers through a simple sign-up with its app or the pockets app. The credit limit ranges from Rs.5,000 to Rs.20,000, varying from customer to customer. As against the other apps having a 14-day cycle, Pay later by ICICI Bank generates a bill on the first of every month, payable before the 15th of the following month. The bank also offers an auto-debit facility or paying the bill with the use of Internet banking.

4. ePayLater

With ePayLater, the users can recharge their mobile, book bus tickets, hotels and pay for their online food delivery apps. They require the PAN or Aadhar and mobile number for sign-up to use the Pay later service. It comes with a high credit limit of Rs. 20,000.

5. True PayLater

'True Pay Later,' recently introduced by True Balance, is slightly different from other Pay later apps. True PayLater lets the users pay electricity bills, mobile bills, and DTH recharges in two payments. Your credit limits are pre-decided based on the usage of the app. Customers receive attractive cashback on complete payment after bill.

Thus, the Pay later apps provide an option of easy payment, especially for those who make a lot of online transactions and reduce their hassles of physical payment.