● New Solutions under the BNPL category will focus on offering easily-accessible, affordable, and 0% EMI options to consumers
● The company also plans to launch new products in the coming months such as EMI cards and 0% EMI Pay Later Card for continuing their run with offering seamless lending to consumers
After the success story of building India’s first app-based credit line, MoneyTap has ventured into providing BNPL solutions to customers across India. The development will enable users to finance their purchases while shopping at flexible rates including lucrative options like 0% EMIs across various online and offline merchants.
Popularly known as ‘Point of Sale’ loans – ‘Buy Now Pay Later’ Credit has become increasingly popular, thanks to a demographic of young, urban, cash-strapped millennials, most of whom don’t have credit cards. Although the concept of instalment loans is not new, millennials who are entering a stage of life where big-ticket purchases are becoming more relevant, many are choosing to use credit options at the checkout counter.
“Our journey with Credit line has amplified our core consumer lending capabilities which we are now able to extend seamlessly in the form of Buy Now Pay Later solutions. The focus is both on customer affordability and becoming a sales driver for our business partner merchants. We look to be equally focussed on merchant-specific EMI distribution solutions which are available on mobile phones. This is a step forward to deliver a great customer experience in our approach of building India’s most diversified digital buy now pay later platform. Over the next 6 months, MoneyTap aims to provide 0% and low-cost EMIs across predominant growing customer needs in sectors across 10000 merchants in consumer goods, education, and healthcare,” said Anuj Kacker, Co-Founder, MoneyTap.
He added, “This is an exciting turn in our business – while point-of-sale financing is a proposition that has been around for a while, MoneyTap is setting an accelerated pace of its growth by enhanced integration of POS financing offers into purchase processes, better application experiences, and newer business models.”
With this move, MoneyTap will join the club of fintech lenders like Affirm, Klarna, AfterPay, Bajaj Finserv. The company is also planning to launch a couple of more new products in the coming months, including an EMI card for convenient usage of credit line backed by special offers, and a 0% EMI Pay Later Card that will allow users to get an interest free period of 30 days. Post 30 days, the pay later card allows the user the option of either pay the full amount or pay partially and convert the rest into EMIs. The company also has another new product to be released shortly, which will allow users additional access to payments with their ‘UPI-to-EMI‘ ‘PostPaid UPI’ feature that can be universally used across offline and online merchants. Post payment, the app will quickly convert the used amount into an easy and affordable repayment EMI option based on the user’s chosen tenure. PostPaid UPI feature will also have 0% EMI Pay Later option for small-ticket – high-frequency transactions which aims at providing superior payment experience to customers.
He also commented, “Although COVID-19 has caused worldwide disruptions, it has also shown us the various ways to serve customers and help them sail through these pressing times. During the lockdown period, we have collaborated with various companies in the education and healthcare domains to provide 0% digital EMIs to working professionals and parents for managing household challenges and navigating planned and unplanned expenses. With the launch of BNPL solutions, we are extending our services to people who seek urgent credit options, and aim to minimize the financial burden in their lives.”
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