Indulge in your desire to acquire electronic goods and appliances with the ease of buy now pay later schemes

Electronics are a need in our daily life, and often, these gadgets are costly and quite easily affordable during offer zone or some discount sale. However, many a times, you don’t have enough lump sum amount during the offer period and miss out on opportunities. To help with such issues Buy Now Pay Later services were started wherein a customer need not have a lumpsum amount and would not miss out on any of the good opportunities.

How does the BNPL service help in buying electronic goods and gadgets?

BNPL is a payment service wherein a customer can buy any product or take a loan of any amount and then pay it back in a series of installments over a defined amount of time. These installments don’t have any interest rate, which makes it quite easy to pay back, and are widely accepted among Gen Z and Baby Boomers.

Electronic goods and gadgets are much costlier as compared to other household things. This makes buying them a bit hard for people who have started their job. However, the most job now involves these gadgets, which is necessary. With BNPL service, customers can also afford high-end gadgets for their work without incurring an extra fee.

It has been noted that many customers use the Buy Now Pay Later service for buying electronic gadgets as their price point is quite high, and with this service, the customers have high purchasing power as well. Many businesses are also offering good offers to customers who use the Buy Now Pay Later service as they see an increase in order value by 20% to 30% from each customer, making them profitable. Due to this, the customer acquisition rates have also decreased for businesses, and the repeat order rate has increased.

Why young generation takes BNPL for electronics and other products

  • No Credit Score required – Unlike credit cards, the vendor doesn’t look at your credit score for Buy Now Pay Later service. This makes it quite easy for the young generation to afford many of the things which they might not be able to as they have just started their career and don’t have a strong credit score to back them up.
  • Easy Approval – The approval process is quite long and tedious for getting a personal loan or credit card. Sometimes it takes as much as a week, and still, the money is not reimbursed into the account. However, with Buy Now Pay Later service, the approval process is quite fast, and all a customer needs is to have a bank account and should be above the age of 18. The KYC process is digital, and all the documents are to be uploaded to the vendor site. Depending upon the documents uploaded, the approval can come within one day as well.
  • No Eavesdropping on the transaction – The transactions done through Buy Now Pay Later service is end-to-end encrypted, and there is no scope for a third party to see the information being transferred. This makes BNPL services quite safe and reliable at any point in time.
  • Interest-free – Most electronic gadgets are costly, so the loan amount would also be high. If there is an interest on this loan amount, it is hard for the customer to pay it back. This is one of the major reasons credit card users declined over time, and the Buy Now Pay Later service was a huge success. There is no interest charged on the borrowed amount if it is paid back on time to the vendor.
  • Ease of transaction – Most businesses nowadays support the Buy Now Pay Later service, and this makes it easier for the customer to acquire electronic gadgets at any time of the day. The transaction can be done with a single click on the smartphone and takes less than 3 seconds to be executed. The GUI of the application is built in such a way that it is easily understandable by both the younger and older generation.

Buy Now Pay Later service will surely be overtaking the credit card industry in a short span of time. This is the right time to get on the Buy Now Pay Later service as many of the vendors and businesses are providing good offers and discounts for customers using this as a payment option. Buy Now Pay Later service will definitely change the digital financing world, and this would be a good tool to have in hand to save money for future shopping and needs.

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