Fintech and e-commerce companies are giving customers the option of buy-now-pay-letters to increase business

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  • Fintech and Ecommerce Companies are Giving Buy Now Pay Letter Option to Increase Business in Festive Season

new Delhi14 hours in the past

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The rate of interest is in the vary of 20-36% each year below the Buy-Now-Pay-Letters option.

  • In the Buy-Now-Pay-Letters option, customers are getting 35-45 days curiosity free mortgage on buy of items.
  • After this era, the customers may have to pay curiosity on the quantity remaining excellent.

In this pageant season, fintech and e-commerce companies are providing buy-now-pay letter choices to customers to broaden their business. Under this, customers are getting 35-45 days curiosity free mortgage on the buy of items. After this era, the customers may have to pay curiosity on the excellent quantity.

Earlier, most companies gave credit score traces to customers, below which customers might use the fastened quantity. The buy-now-pay-letter option, nonetheless, has a better rate of interest than a private mortgage. Gaurav Gupta, founder and CEO of Myloncare.in, an internet market for monetary merchandise, mentioned that credit score line rates of interest are larger than conventional loans and rates of interest are even larger at 20-36 per cent yearly below the buy-now-pay-letter option. Is inside the scope.

Many fintech companies are providing UPI fee choices at bodily shops

Many fintech companies have additionally began providing Unified Payment Interface (UPI) primarily based fee choices to customers at bodily shops. Under this, customers pay utilizing the app’s UPI ID. For instance, Hyderabad-based NBFC Vivify India Finance Private Limited has launched the FlexPay scheme, wherein the pay-letter option can be utilized on UPI. According to the firm’s web site, it expenses an annual curiosity at the fee of 36 per cent on the decreasing steadiness and a one-time processing payment of Rs 650.

You can repay the remaining quantity like a bank card with curiosity in the subsequent fee cycle

Legipay, one other firm already providing pay letter service, has launched a UPI product for fee at bodily shops, which have completely different rates of interest for various durations. Like credit score, customers can even pay a minimal quantity in the pay letter option and the remaining quantity with curiosity in the subsequent fee cycle. Another firm, Slice, has launched a digital bank card on its app in partnership with Visa.

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