ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Buy now, pay later (BNPL) is a type of short-term financing. These loans are also called point-of-sale (POS) installment loans. Consumers can make purchases and pay for them over time after an up-front payment.

Detailed explanation-2: -The popular Buy Now Pay Later (BNPL) products you are often offered at the checkout are credit agreements – a form of borrowing. With these products, you usually don’t pay any interest or charges on the amount you’ve borrowed if you keep to your repayment agreement.

Detailed explanation-3: -What is Pay Later Facility? Through ‘Pay Later’ facility user can upload the eForm/ generate SRN for MCA21 services in one step and make the payment at a later point in time using the online payment mode (Credit card or Internet banking or through NEFT).

Detailed explanation-4: -Buy Now, Pay Later Process Financial technology companies like Sezzle, Afterpay, Paypal Pay, and Amazon Pay are some examples of BNPL providers. There are two types of BNPL, loans with and without interest. The only difference is that customers often get charged if they fail to pay.

Detailed explanation-5: -What is Amazon Pay Later? Amazon Pay Later is the hassle-free way to get instant credit, via a completely digital process, for purchases using EMI on Amazon.in. You have to complete the one-time setup process, which should not take more than 2 minutes and does not require you to provide credit card details.