Credit has been one of the most popular instruments used by Indians for daily transactions. Be it grocery shopping or buying a smartphone, most Indians prefer to pay in credit. Since 2020, a new form of credit has gained a lot of popularity in India, which is Pay Later.
But what is pay later? Is it like a credit card? How do I apply for pay later? You might be having at least one of the questions from here. Let’s go ahead with this blog and learn everything about Pay Later.
What is Pay Later?
Pay later is a credit line feature given to you mostly on the basis of your Cibil score by a fintech company. You can use this credit line to shop and spend on a variety of e-commerce platforms and partner apps. These pay-later apps give you a payback period, which ranges from 14 days to 1 month.
Depending upon the service provider, the payback period can change. The features and credit aspects can also change across different credit providers. But mostly all of them have a billing cycle of 14 days or 1 month.
Best Pay Later Apps/Services In 2024
We have listed below the best pay-later apps in 2024 that are available in India:
Flipkart Pay Later
Flipkart is the second-largest e-commerce platform in India. Millions of products are available on Flipkart, ranging from groceries to electronics. They have their own pay-later service, known as “Flipkart Pay Later.”. It is a great pay-later service offered by Flipkart, where you can get an instant pay-later limit of up to Rs 1 lakh.
Flipkart-pay later gives you the option to pay back the money you spent in EMIs across various products. This service is provided in collaboration with IDFC First Bank. You can also use this limit on other apps owned by Flipkart, like Myntra and Shopsy.
Amazon Pay Later
Amazon Pay Later is another impressive pay-later service offered by India’s largest e-commerce platform, Amazon. Amazon Pay later grants you an instant limit of up to Rs 60,000. You must have a minimum age of 21 and a good CIBIL score maintained across your loan accounts.
Once activated, Amazon pay later gives you the flexibility of paying your bills in EMI and also in one go. On most of the products, you can get a no-cost EMI facility too. This can be pretty helpful for you to purchase things like smartphones and laptops from Amazon.
LazyPay
LazyPay is one of the most popular pay-later apps in India. It is made by PayU Finance, which is a fintech corporation and a payment gateway provider. LazyPay provides quick pay-later limits that you can use on popular food delivery apps like Swiggy, Zomato and much more. You can also use LazyPay on websites that support PayU payment gateway.
LazyPay provides a maximum limit of up to Rs 1 lakh that can be achieved through regular usage and paying bills on time. LazyPay has a billing cycle of 15 days for some users and 1 month for most of the users on the app.
Simpl
Simpl pay-later is gaining popularity as it is the only pay later service in India that gives limits even to those customers who don’t have a good CIBIL score. To apply for Simpl Pay later, you just need to download their app from the Google Play Store or Apple App Store. It gives you an initial limit of up to Rs 1000 and then increases rapidly once you start to pay back your monthly bills on time.
Simpl has a billing period of only 14 days, which can be a disadvantage for most people as everyone’s monthly salary arrives at the end of the month.
Why Use Pay Later?
Contactless Payment: A Feature Of Pay Later
- Pay-later apps offer stunning discounts and offers on popular food delivery and shopping apps. You can get discounts every month on Swiggy and Zomato.
- Pay-later apps like Simpl offer credit limits without checking your CIBIL score.
- You can buy products and convert your transactions into EMIs without even having a credit card.
- Credit limits increase faster in pay-later apps than in credit cards.
To Summarise
Pay-later apps are trending in India. Some of the most popular apps are Simpl, LazyPay, Amazon Pay Later, and Flipkart Pay Later. Pay-later apps can get you credit limits without having to apply for credit cards. Pay later is also very good for offers and discounts that you can get on food delivery and shopping apps every month.
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FAQs
What is Pay Later?
Pay Later is a credit limit similar to that of a credit card but with a different billing cycle and a quick approval process.
Which is the best pay-later app in India?
LazyPay and Simpl are two of the best pay-later apps in India, as they provide credit limits without checking the CIBIL score.
Why should I use pay later?
Pay later gives you quick limits, easy access, and a lot of offers without having a credit card. So it is easier to have a pay-later account than a credit card.
