The RBI is no fan of 'buy now, pay later' and it's wholly understandable

Last week, the Reserve Bank of India brought out its regulatory axe and hacked away at a popular path to small-ticket fintech loans

Photo: Reuters

Photo: Reuters

Andy Mukherjee | Bloomberg
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

First Published: Jun 28 2022 | 07:34 AM IST

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