Fintech company BharatPe, on Wednesday, announced its entry into the ‘Buy Now Pay Later’ (BNPL) category with the launch of ‘postpe’. The new platform provides credit to customers to buy now, but pay later from anywhere.
Customers using the postpe platform can download the app from Play Store and avail interest-free credit limit of up to Rs 10 lakh. The company said that postpe is not only limited to big-ticket purchases but can also be used for micro-purchases, making it the first of its kind.
BharatPe stated that it aims to facilitate a loan book of $300 million on postpe in the first 12 months for its lending partners.
The fintech company added that customers can shop across offline as well as online and repay easily through EMIs. All a customer has to do is scan the QR code through the postpe app and pay using credit. Users can also pay through a postpe card that will be accepted across millions of offline as well as e-commerce platforms. Cashbacks and rewards are also on offer.
The company added that there is no annual fee or transaction charges on payments done through the postpe app or card.
Moreover, postpe is one of the global sponsors for ICC T20 World Cup to be held in Dubai. The company said that all transacting customers stand a chance of winning 3,500 free passes for the matches to be held from October 17 to November 14.
“postpe is a product built on 3 simple principles: 1) Consumer should be able to pay using credit everywhere – QRs, Card Machine or Online; 2) Consumer should be able to convert into EMI at ease – not inconvenienced at point of sale and 3) Merchant should not be charged for accepting payments through BNPL,” said Ashneer Grover, co-founder and Managing Director at BharatPe.
He said in a statement that their aim is to make credit available for everyone. “‘Golgappa’ on EMI as well ‘iPhone’ on EMI is our motto,” stated Grover.
Before this, BharatPe announced the launch of 12% Club, where users have an option to invest and earn up to 12 per cent annual interest or borrow at a competitive interest rate of 12 per cent.
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