Home / Money / Personal Finance /  MoneyTap forays into ‘buy now pay later’ model; 0% EMIs across various products

MoneyTap, the popular lending platform on Wednesday said that it has unveiled a 'buy now pay later' facility for its borrowers. The new initiative will enable users to finance their purchases while shopping at flexible rates, including lucrative options like 0% EMIs across various online and offline merchants, it said in a release.

‘Buy Now Pay Later’ credit has recently gained prominence in the Indian market. "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.

"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," said Anuj Kacker, co-founder, MoneyTap.

MoneyTap aims to provide 0% and low-cost EMIs across in consumer goods, education, and healthcare sectors across 10,000 merchants, he added.

The digital lending platform has a plan to launch a couple of more new products in next six months, including an EMI card for convenient usage of credit line backed by special offers. The 0% EMI Pay Later Card will allow users to get an interest free period of 30 days. After 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, it said.

MoneyTap also plans to introduce UPI-to-EMI and PostPaid UPI feature for 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," it said.

"During COVID-19 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 minimise the financial burden in their lives," MoneyTap co-founder added.

MoneyTap is a lending platform that has pioneered the concept of an app-based credit line to provide people access to instant, affordable, and flexible credit of up to 5 Lakh.

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