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MoneyTap launches 'buy now pay later' facility for digital borrowers

Digital lending platform MoneyTap on Wednesday said it has unveiled a 'buy now pay later' facility for its borrowers

MoneyTap | digital lending | Fintech sector

Press Trust of India  |  New Delhi 

MoneyTap logo

platform on Wednesday 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 per cent EMIs across various online and offline merchants, said in a release.

The 0 per cent 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, 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 per cent 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, February 10 2021. 18:46 IST