Financial behemoth and B2C Fintech major MoneyTap has announced that it will be providing Buy now Pay Later (BNPL) solutions to consumers across India. This new service will offer unprecedented shopping freedom to customers, helping them to avail easy credit at highly flexible rates while shopping including the lucrative option of 0% EMI. The latest offering comes after the company having earlier launched India’s first app-based credit line, which the company claims has achieved quite a bit of success in the market.
BNPL is also known as Point of Sale Loans and over the years has become immensely popular thanks to the growing consumerist attitude among young millennials. These young millennials are often cash-strapped and don’t have the credit cards to indulge in shopping escapade and meet urgent purchasing needs.
Commenting on the latest offering, Anuj Kacker, Co-Founder, MoneyTap said “Our journey with Credit line has amplified our core consumer lending capabilities which we are now able to extend seamlessly in the form of Buy Now Pay Later solutions. The focus is both on customer affordability and becoming a sales driver for our business partner merchants. We look to be equally focused on merchant-specific EMI distribution solutions which are available on mobile phones. 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. Over the next 6 months, MoneyTap aims to provide 0% and low-cost EMIs across predominant growing customer needs in sectors across 10000 merchants in consumer goods, education, and healthcare.”
With this new offering, MoneyTap will be competing with several established players including financial behemoth Bajaj Finserv. The new product launch has also meant that the Fintech major will join the club of coveted fintech lenders like Affirm, Klarna and AfterPay.
MoneyTap hit the headlines last year after having raised whopping INR 500 Cr from ATG, RTP Global and Sequoia India. The company essentially provides personal credit up to INR 5 Lakh through its app-based credit line. It competes with well-funded players like Kreditbee, Lazypay, Loantap and Early salary.
The company has also said that it plans to roll out a couple of more new products in the coming months including ‘EMI card for convenient usage of credit’ line and ‘EMI Pay Later Card.’