MoneyTap launches 'buy now pay later' facility for digital borrowers
The facility will enable users to finance their purchases while shopping at flexible rates, including lucrative options like 0% EMIs across various online and offline merchants
New Delhi: Digital lending platform MoneyTap on February 10 said it has unveiled a ‘buy now pay later’ facility for its borrowers.
The facility will enable users to finance their purchases while shopping at flexible rates, including lucrative options like 0% EMIs across various online and offline merchants, MoneyTap said in a release.
The 0% EMI option will be available for select purchases, as decided by a merchant or brand.
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, MoneyTap said.
“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.
“Over the next 6 months, MoneyTap aims to provide 0% and low-cost EMIs across pre-dominant growing customer needs in sectors across 10,000 merchants in consumer goods, education, and healthcare,” said Anuj Kacker, co-founder, MoneyTap.
The digital lending platform said it will launch few more products in the coming months, including 0 per cent EMI 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 paying the full amount or paying partially and converting the rest into EMIs.