Those layaway plans mostly disappeared decades ago as credit cards arose as the go-to option for consumers to cover the cost of goods they couldn't quite afford in the moment. In-store financing also became a thing for many stores, particularly those offering high-ticket items like furniture and appliances.
Now, a tech-driven option that occupies a sort of middle ground between layaway and in-store financing is on the rise and, like the purchase plans that have come before, it could cost you.
Buy-now-pay-later isn't a fresh idea, but a growing number of tech platforms are finding success in partnering with retailers to offer portals for issuing credit at time of purchase that allows the consumer to check out, virtually or in-person, with their goodies after agreeing to an instalment plan. Some charge interest, some don't, and rescheduling a payment or paying late can also come with charges.
India is one of the world's largest markets when it comes to fintech Innovation and adoption.
Banking as we know of it has been always dynamic and prone to disruption. The advent of technology and ease of regulation have been action as catalyst for steering the Indian banking into new dimension. There are lot of new technology and products are being introduced that has potential to challenge tradition banking and make the age old bankers run for their money. Fintechs,block chain technology, data analytics are few of the new concepts that are in the main stream now. One of the new concepts that has been the talk of the banking arena for some time now and can pose a serious challenge to the bankers in the retails space is 'Buy Now, Pay Later' (BNPL) and fintechs are using it to accelerate their growth.
What is Buy Now Pay Later?
この記事は BANKING FINANCE の September 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は BANKING FINANCE の September 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future
The Indian banking sector is on the cusp of a transformation. FinTech startups are revolutionizing the industry with innovative products, seamless digital experiences, and a culture of agility. But this disruption extends beyond just technology.
Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
MSMEs - The Unsung Heroes of India's Economic Journey
Micro, Small, and Medium Enterprises (MSMEs) are the lifeblood of India's economy, contributing significantly to GDP, employment, and exports. Their ability to adapt, innovate, and create opportunities has propelled India towards becoming a global economic powerhouse.
The Role of Sustainable Marketing in Modern Business Practices
The landscape of business is evolving with a growing emphasis on sustainability. Sustainable marketing, which integrates environmental and social responsibility into business practices, is gaining traction as a critical approach for companies aiming to align with the values of modern consumers.
Transforming Indian Banks: How Generative AI is Redefining Marketing
In the fast-paced world of finance, marketing strategies have evolved greatly, using the latest technologies to effectively reach and engage customers. Among these technologies, Generative Artificial Intelligence (AI) stands out as a game-changer.
Legal News
No GST on Fines and Penalties Collected by RBI, Rules Maharashtra AAR
Frauds in Banking Sector and Role of AI in Fraud Management
The banking sector, a cornerstone of the Indian economy, plays a critical role in driving financial inclusion and stability. However, it has not been immune to fraudulent practices, which jeopardize not only the financial institutions but also the trust of the populace.
RBI CIRCULAR
Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Banking and Financial Services: Paving the Way for India's Development
The adoption of digital payments through platforms like the Unified Payments Interface (UPI) has made cashless transactions a norm. The rapid growth of fintech has democratized access to financial products, making it easier than ever for people across the country to manage their finances.
