It seems that India’s central bank is no fan of “buy now, pay later.” But then, the regulator’s irritation with this newish fad in consumer finance is wholly understandable.
“Get Credit in 90 seconds. Shop at Millions of Merchants. Pay Later,” says the website of LazyPay, which claims to have 60 million eligible users in India. Rival Uni, which is backed by Lightspeed Venture Partners and raised $70 million in financing last December, tells customers to “Pay 1/3rd. Anywhere” using its cards. EarlySalary claims more than 10 million downloads of its app and promises up to 500,000 rupees ($6,400) in instant cash to “help you sail through your difficult moments.”
It was all getting a bit too much. So last