Imagine you’re shopping in the market or having coffee with friends at a café, and while paying the bill, you suddenly realize your bank balance is depleted. In such situations, we often face embarrassment or have to borrow money. But now, in this era of Digital India, there’s a foolproof solution to this problem.
BharatPe, India’s leading fintech company, has partnered with Yes Bank to launch a service that will ensure your work doesn’t stop even if your pockets are empty. With this “Buy Now Pay Later” (BNPL) service, you can buy goods today and pay for them later with ease. Let’s understand in detail how this powerful system works.
What is this magical feature?
This new service from BharatPe is fully powered by NPCI (National Payments Corporation of India). Simply put, your UPI app now has the power to borrow money. This service is a boon not only for ordinary consumers but also for small shopkeepers.
Under this system, you are granted a digital credit limit, which you can access by scanning a QR code at any store. It works just like your digital wallet, except that the money in it belongs to the bank, not you, and you pay it later.
Get instant credit without any paperwork.
In the past, even getting a small loan or credit card required frequent visits to the bank and filling out numerous forms. However, this collaboration between BharatPe and Yes Bank has accelerated the entire process. Yes Bank’s Digital Onboarding Technology verifies your credit profile in an instant.
You don’t need to submit any physical documents. Once your eligibility is verified, you are immediately informed of your credit limit. This process is so simple that even a layperson can complete it from their mobile phone without any outside help.
No worry about interest for 45 days
The biggest and revolutionary advantage of this service is its interest-free nature. If you make any payment through BharatPe PayLater, you have a full 45 days to repay the amount. If you repay the borrowed amount within these 45 days, you won’t have to pay a single rupee of interest.
This feature is great for working people who wait for their salary at the end of the month. You can buy the items you need today and pay when your salary arrives without any additional burden. As soon as you pay off your previous balance, your credit limit is restored. This is a digital wallet that never runs out of cash.
Easy EMI Payment Facility
Suppose you’ve purchased a large item and can’t pay for it in full within 45 days. There’s no need to panic. BharatPe also offers easy EMI options. You can split your loan into installments ranging from 3 months to 12 months.
This doesn’t put a huge burden on your pocket all at once. This feature is also very useful for small businesses. They can purchase goods for their shops and pay for them gradually in installments. This collaboration between Yes Bank and BharatPe is poised to further strengthen India’s business infrastructure.
Double-Bhutka Rewards with Shopping
BharatPe not only gives you credit but also rewards you for every spend. Every transaction you make through this ‘Pay Later’ service earns you Zillion Coins under ‘BharatPe UPI Rewards’. These coins accumulate in your account, which you can use for your next purchase or recharge. This means that on one hand, you’re getting the convenience of credit and on the other, you’re saving with every payment.