Buy Now Pay Later (BNPY) Offerings in India

Though 'buy now, pay later' schemes are available in the market in the form of credit cards in India for many years, new concept of BN-PY was around for 5-7 years. First I heard of LazyPay and Simpl from my brother who was using them in Chennai for heavily discounted foods and etc. Then I got to know about Ola Postpaid which offers cashless rides and generate a monthly or 15-day bill to pay the ride charges at one go. The best part of this BN-PY schemes are while you pay later there is no interest charge (similar to credit cards with 30 day bill) but often these are easy to grab (not subject to approval from banks for a credit cards) - so for students or youngsters LazyPay, Simpl, Ola Postpaid were a hit. 

I just used to use Simpl/LazyPay while transacting over food delivery apps and other apps/online transactions. I just loved the experience. The main reason is UPI's transaction failure rate is so high. Here with Simpl/Lazypay it's mostly 1 or 2 click job. 

More players are joining in the BNPY and in the midst of COVID-19 pandemic, they got the pulse of the Indians with financial constraints. Undoubtedly pandemic made BNPY mainstream in India, making it one of the fastest-growing and preferred payment methods. Data from 2020 shows the BNPY industry size was nearly $6.9 billion. Experts are expecting it to reach $52.8 billion by 2028. That's 650% growth!

But the question is how safe are they? So far mostly fintech players/non-banking financial services companies are forayed into this business and have made the business so lucrative that now banks are also entering in this segment - HDFC has launched FlexiPay, ICICI has PayLater. 

List of BNPY Players in India: 

(limited list, as new players may be launched in future)

• ZestMoney - https://www.zestmoney.in/
• LazyPay - https://lazypay.in/ - was initially owned by Citrous Pay, now owned by PayU Finance India Pvt Ltd. 
• Simpl - was launched in 2016 in Bengaluru
• Amazon Pay Later - powerd by Capital Float (which is backed by Amazon itself)
• Ola Money Postpaid - backed by Ola's finance team. 
• Paytm Postpaid - https://paytm.com
• Flexmoney - https://www.flexmoney.in/
• ePayLater - backed by Arthashastra Fintech Private Limited
• Sezzle - https://www.sezzle.in/ 
• Post Pe - owned by Bharat Pe (BharatPe also owns PayBack India). 
• Slice - https://www.sliceit.com/
• Uni Cards - https://www.uni.cards/ - banking partners RBL Bank and SBM Bank  
• One Card - https://www.getonecard.app/ - banking partners Federal Bank and IDFC First Bank, offers metal card. 
• Jupiter - https://jupiter.money/
• Dhani (formerly Indiabulls Consumer Finance Limited) - OneFreedom Card - https://www.dhani.com/one-freedom/
• Fi - https://fi.money/ backed by Federal Bank, founded by several ex-Google people. 
• Kreditbee - Online personal loan provider has a Card offering too, but it's not exactly BNPY scheme. https://www.kreditbee.in/card