Smarter Spending With BNPL

Noticed a new payment option when you check out from your favourite online retailer’s website? Although the Buy Now Pay Later isn’t new as a check out option, its popularity and growth has rapidly increased during the pandemic.

Often found at the checkout page of major retailers, BNPL offers you an option to pay for your purchases over a series of monthly instalments and is often interest free. Now, what makes BNPL a smarter method of spending among the millennials and Gen Z?
Straight forward. Signing up for BNPL does not require background checks – instant credit, zero paperwork, and no sign up fee. It is just a simple, hassle free registration process that is open to those who are 18 years old and above regardless of occupation and income.

Flexible payment options. Users are able to opt to stretch their money according to their needs. Especially during the pandemic and the country’s economic situation, most of us have found ourselves revising our budget and habits in order to save more. With a flexible monthly payment option, consumers can purchase their daily necessities without needing to pay the full amount at one lump sum.
Zero interest fee: The most attractive feature of BNPL is the zero interest fee, where users are able to purchase their required product, split it across the months and have zero interest fee charged to them. If you take advantage of an interest free offer and pay off your balance on time, BNPL can be a good deal. You’ll be able to receive your purchases right away and pay for it over time; and you don’t have to worry about paying extra interest fee as BNPL helps you not to burn a hole in your wallet.

Credit/Debit card. Don’t have a credit card? No problem! myIOU allows users to register for BNPL service even if they just have a debit card. This opens up a wide range of opportunities for users, especially those who aren’t able to apply for a credit card, to enjoy instalments with their debit card. Just don’t forget to always spend responsibly and pay in time to avoid getting a late capped fee!
Convenient & Fast: The convenience of BNPL is undeniable. They do not require any lengthy application or take up too much processing time. The payment options are built to provide consumers multiple options of online as well as in-store purchases. It’s almost as easy as pie.

Providing the freedom for users to take full control of their spending and payment preferences, BNPL has become the highlight for young adults in their financial life. Living with a tight budget isn’t easy but with services such as BNPL, it helps to lift the burden for the younger generation without the need of paying unavoidable interest fees or just worrying about the need of paying upfront for a product that they want especially in times of need. The introduction of BNPL helps the younger generation to become smarter consumers. To know more about myIOU, click here.