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Don’t have money now? Just pay later with these 5 apps

LazyPay, Simpl, Paylater by ICICI are some of the popular paylater apps in India.

Do you use online food delivery services or book your tickets online? So you must have faced this problem of logging in to your bank account every time you need to pay for your purchases. But whenever there is a problem, there is a solution. This is where ‘Buy now and pay later’ apps come in the picture.

What are ‘buy now and paylater’ apps?

This concept allows the users to make purchases that can be paid later. It is similar to credit cards but they do not have a physical credit card. There are many apps through which you can buy now and pay later. These apps have slowly become a part of today’s generation. It makes transactions easy and you can settle the entire amount at the end of the cycle which is typically a 14-day cycle.  With these apps, you don’t have to worry about transaction failures or processing refund. It is also a safer payment mechanism as you don’t have to log in to your account every time.

Many merchant sites have incorporated as paylater sites as a part of their payment options. The market for buy now pay later apps in India is slowly growing. The number of users of these apps are likely to grow with the penetration of smart phones and growth in online merchants.

Here are some of the features and benefits of the popular paylater apps:

LazyPay 

LazyPay is one of the most popular buy now and paylater apps. It is a part of PayU which is a leading financial services provider. It is comes with three different products: paylater, instant personal loan, and EMI. You can sign up for lazy pay instantly with your mobile number. According to their official site, LazyPay is accepted by over 100 merchants. They have a 15 day cycle which is due on 3rd and 18th of each month. With LazyPay, you don’t have to worry about forgetting your due date as they send reminders frequently.

Simpl

Simpl also comes with a 15 day cycle and you can transact with a number of merchants. Initially it comes with a default spending limit. However, one of the best features of Simpl app is that the limit is constantly upgraded on a few factors. These factors are how regularly you repay, strength of your profile and your spending habits. Regular and on time bill payment is the most important factor. If you settle your dues quickly then the limit will increase over time.

Paylater by ICICI Bank

ICICI Bank was the first bank to offer a paylater services to buy small ticket size items to its customers. Customers can sign up through the bank’s app or the pockets app. The credit limit ranges from Rs.5,000 to Rs.20,000 which will vary from customer to customer. While the other apps have a 14 day cycle, in Paylater by ICICI Bank, a bill is generated on the first of every month which has to be paid before the 15th of the month. You can also opt for the auto debit facility or pay the bill using internet banking.

ePayLater

ePayLater comes with a high credit limit of Rs. 20,000. You will need your PAN or Aadhaar and Mobile number to sign up to use paylater service. You can recharge your mobile, book bus tickets, hotels and pay for your online food delivery apps.

If you love travelling, then you will love ePayLater app. You can opt for pay later facilities on various portals such as IRCTC, eTravelsmart, Travel Yaari, Ixigo, AHA Taxis, icanstay.com among others.

However, the app can be used with only few merchants.

True PayLater

True Balance has recently  introduced ‘True Pay Later’. This is bit different than other pay later apps that have tie-ups with other online merchants. True Paylater lets you pay electricity bills, mobile bills, and DTH recharges in two payments. Your credit limits are pre-decided on the basis of your usage of the app. The company was also mentioned that after paying the complete amount, customers will also receive attractive cashbacks. The maximum cashback will be Rs. 150 and cashback will not be applicable if the payment is due for 3 days.

Conclusion

Pay later apps provide an easy payment mechanism especially for people who do a number of online transactions. These apps can also help you earn extra money by deferring payment to various merchants for 14 days. In this way, the money in your bank account can earn returns in the form of interest. This may look like a small amount but when we see it from a long term basis, it is definitely beneficial to defer the payment for a few days by using these pay later apps.

However, the ease of payment may also have a downside and it can prompt people to spend more.  Hence, you need to be careful while using any of the pay later apps.


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