How Buy Now Pay Later EMIs are transforming retail in India?

How Buy Now Pay Later EMIs are transforming retail in India?

By Vinisha Kataria | December 24, 2020

Vinisha is the Digital Content Manager at Pine Labs and brings with her, more than 10 years of professional experience.

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The new trend catching on in India's retail sector is buy now, pay later. It is fast emerging as an alternative for retailers to woo customers in the new normal. The Pay Later proposition has accelerated the growth in retail by bringing customers to the stores and enabling merchants to give flexible payment options and drive sales.

What does no-cost Pay Later EMI mean for merchants?

When the post-pandemic world struggled with reduced footfall and lesser sales, the Pay Later EMI option became the ultimate saviour for the Indian retail segment. This enticing proposition arouses buyers' interest, takes the concerns around affordability out of the equation while nudging customers to get off the fence - eventually fast-tracking the buying decision.

At Pine Labs, we have seen a massive uptick in Pay Later transactions using our PoS terminals. The fact that we also offer the EMI option via debit cards in addition to credit cards, is attracting the previously untapped segment. The fact that there is no need to do any paperwork, the EMI proposition comes across as an instant and the best way to push the customers further into the sales funnel.

Instant EMIs seems to be the ideal option for customers buying big-ticket items without burning a hole in the pocket. Your business can give your customers flexibility to pay up instead of dropping the purchase or turning towards expensive loans or EMIs-resulting in increased sales and more revenues.

This holiday season, you can give your customers the freedom to shop and spend, minus the hefty EMI interests or having them digging into their savings. Make Pine Labs Pay Later an integral part of your New Year promotion activity!

How can no-cost EMIs help customers?

Pine Labs' Pay Later has become an easy alternative payment option for need-based customers, especially in the post-COVID-19 economy.

Customers can now avail the same lucrative offers and cashback on either debit or credit cards. The hassle-free instant zero-cost EMI availing option lets them buy big-ticket items such as consumer durables and electronics on almost every bank's debit card, credit card and brand.

We have witnessed this paradigm shift in retail sector first-hand. From digital payment acceptance at kirana stores to digital EMIs1; we have always been at the helm of steering change. Today, there are 150,000 outlets pan India enabled with the instant EMI proposition and we are empowering merchants to sell more through this innovative fintech solution.

1 https://www.livemint.com/industry/retail/fintech-firms-push-digital-emis-to-new-offline-frontiers-11606498064042.html