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Buy Now, Pay Later offers have been the preference payment method among Indian web shoppers. They appear to make expensive purchases surprisingly affordable with no deposit and convenient instalments. But behind the convenience lie a web of hidden fees, credit traps, and overspending snares. Use BNPL recklessly, and it can silently blow your budget off course and trap you in a debt cycle you never expected.
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Buy Now, Pay Later (BNPL) services offer a flexible way to make purchases by allowing payments in instalments, often with no interest. While convenient, users should manage repayments carefully to avoid late fees and financial strain.
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Freedom sale, Ganesh Chaturthi and upcoming festivities bring with them ‘irresistible’ shopping offers. Shop, but don’t overdo it. Compare the prices online and offline, use cards for instant discounts. Remember, not to fall into a debt trap with EMI schemes
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The move comes less than a month after the Bengaluru-based fintech firm let go of about 160 employees, primarily in high-paying roles like engineering and product. While confirming the development, the company clarified that it is not 50 but 30 employees who are subject to the layoff.
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The US Consumer Financial Protection Bureau published a new interpretation of existing laws and regulations on Wednesday to make clear that, like credit-card providers, BNPL firms must investigate disputes, refund returned products or voided services, and provide billing statements.
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The directive is a clear negative as the lending business is key to profitability
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While these plans typically don’t charge interest like credit cards, there can be fees for missed or late payments. There will also be credit history damage if payments are late or the loan goes into default and is turned over to a collection agency
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Before you indulge in shopping, prepare a budget and steer clear of debt traps like buy now, pay later or no-cost EMI schemes.
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Buy-Now-Pay-Later has emerged as a favoured line of credit to millennials with low incomes and no credit history, it has also led to rise in delinquencies and a mess for those who couldn’t manage their EMIs. Lack of regulations also hasn’t helped
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Vikas Bansal feels RBI's objective is very clear — to promote transparent and fair practices, and educate and protect customers. According to him, once the industry adjusts to the new standards that RBI has laid out, it will continue to grow.
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Nigam’s comments on the ZestMoney deal falling through were the first official acceptance of the acquisition deal by PhonePe, which it was evaluating since last year and was first reported in November 2022. Both PhonePe, and ZestMoney had stayed away from commenting on it officially
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On March 31, Priya Sharma, co-founder of the BNPL platform sent out a message to a few startups seeking help for outplacing ZestMoney employees. ZestMoney has around 450 employees
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Last year, the Reserve Bank of India imposed regulatory restrictions on buy-now-pay-later fintechs, which Nityanand Sharma, CEO, Simpl, said gave a lot of clarity about the approach and principles to fintech players.
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The promise of interest-free payments made BNPL products particularly attractive to credit card-wary Gen Z, who in many cases grew up watching loved ones struggle during the financial crisis
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The company plans to use proceeds to scale its business in the next 24 months.
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Innoviti will use the funds to expand the company’s mid-market product lines in electronics, fashion, and grocery as well as build products on its UPI payment channels, the startup said
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The RBI’s notification is addressed only to non-bank PPI issuers, and the conspicuous omission of banks poses a question whether bank-led PPIs can be loaded with credit lines
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The RBI’s new guidelines have re-established the basic purpose of the PPIs. It has affirmed that these were meant to be purely payment instruments, and not Trojan horses to extend unsecured credit
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While the financing programs offer upsides like interest-free payments, there are potential dangers. The rule of thumb for financial security is to be aware of your budget and in control of your spending, personal finance, say experts
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The company, which is yet to post an annual profit, has also been cutting its cost base with the aim of turning a profit in fiscal 2024.
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The British government announced on Monday that "buy now, pay later" (BNPL) companies will be required to do affordability checks, obtain clearance from the Financial Conduct Authority (FCA), and ensure that advertisements for their schemes are fair and clear.
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A wholly owned subsidiary will oversee credit checks and make decisions on loans for the service, which is called Apple Pay Later. The business -- Apple Financing LLC -- has necessary state lending licenses to offer the feature, though it operates separately from the main Apple corporation, the company said in response to Bloomberg questions.
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Securitization packages of buy-now-pay-later loans from one provider, Affirm Holdings Inc., are falling in price for investors to buy while becoming more expensive to issue, after rising rates and a cost of living crisis cast a shadow over the sector.
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FlexiLoans.com said that the investment round provides it a strong runway for its growth as it comes at a time when there is a fintech push by the government, especially for the MSME sector.
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The health tech company says its aim is to speed up the treatment of patients by providing them quick access to funds
