India Consumer Loan Fintech MoneyTap to Enter Booming Market Buy Now Pay Later or BNPL

India-based consumer loan company MoneyTap it has reportedly decided to expand its business operations to include Buy Now Pay Later (BNPL) services.

MoneyTap said it’s new BNPL The solutions will aim to provide more accessible, affordable and 0% EMI options (monthly equivalent fees) to Indian consumers. MoneyTap also intends to introduce other financial products in the coming months such as EMI cards and 0% EMI Pay Later Card.

In addition to offering India’s first app-based line of credit, MoneyTap will now allow users to finance their purchases while shopping for everyday items. The company will offer flexible payment plans so that people can buy products and services that they would not normally be able to afford.

Commonly known as “point of sale” loans (in India), BNPL’s services have become quite popular around the world. They primarily focus on meeting the needs of young, urban, Millennial or Gen Z consumers, because they may not have credit cards. While the concept of installment loans is not really new, younger consumers find themselves at that point in their lives where they want to make expensive purchases but may not want to pay full price up front (so they can have extra money to cover other expenses).

Anuj Kacker, Co-founder of MoneyTap, stated:

“The focus is both on customer affordability and on becoming a sales engine for our business partners. We seek to be equally focused on merchant-specific EMI distribution solutions that are available on mobile phones. Over the next 6 months, MoneyTap aims to provide low cost, 0% EMI for the growing prevailing needs of customers in 10,000 merchant sectors in consumer goods, education and healthcare. “

MoneyTap will now join other Fintech firms such as Say, AfterPay, Bajaj Finserv and Klarna (offering BNPL services). The Fintech company is also preparing to introduce other products, such as an EMI card for the convenient use of credit lines with special offers and a 0% EMI Pay Later card that will allow clients to obtain a 30-day interest-free period.

Kacker further noted:

“This is an exciting turn in our business: While point-of-sale financing is a proposition that has been around for a while, MoneyTap is setting an accelerated pace of growth through the improved integration of POS financing offerings into markets. purchasing processes, better application experiences and newer business models. “

What reported In August 2020, MoneyTap had included Renaud Laplanche on its Board of Advisors.

What covered In January of last year, MoneyTap secured $ 7 million in equity through a Series B debt and equity financing round.

Previous Fannie Mae Updates Guidance on Limiting Advance Service Obligations | Ballard Spahr LLP
Next Mastercard and ACI Offer Technology to Drive Real-Time Payment Adoption | Source Payments