Buy Now Pay Later !!!

Hello :wave: How are you all? Are you feeling energized this morning? Honestly, I don’t have that much energy today. :face_with_hand_over_mouth:

If anyone is feeling a bit lazy, then I’m here with another topic.:dancing_women:

Do you know what the “Buy Now Pay Later” feature is? :thinking: Buy now, pay later (BNPL) is a type of short-term financing that allows you to make purchases and pay for them over time, usually with no interest.

In India, we have some popular BNPL apps like Simpl, Lazypay etc. I have used those out of curiosity and guess what? it turned out really well.:moneybag:

Are you using any BNPL right now? What’s your experience with that? Would you recommend it? Should Revolut also think about it?

Let us know in the comment section.:arrow_down_small:

Veda | Community Team

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Yes yes yes.

I use Monzo Flex a lot which has been very handy splitting the cost over time.

Revolut isn’t a bank in the UK though so we don’t have any credit products yet. :face_holding_back_tears:

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Ahh! Thanks for letting us know about it @Carl_1460. :heart_decoration:

SG | Community Team

Here in Brazil we do this directly on the PoS, buying in installments directly on the credit card.

So it automatically spread on the next bills.

Example: Payment 1/3 R$ XXX,XX

Usually stores offers it without interest (some time up to 3 installments, but could go up to 12, normally).

But if you have the store credit card, their installments plans could go up to 36 or 48 months.
(Usually people do this longer plans when buying furniture for the whole house, like just got married and is buying kitchen furniture, freezer, refrigerator, bedroom, sofa)

The maximum I did was a big refrigerator in 12 installments without interest direct from the manufacturer website (was cheaper than the local store and also had free shipping) :scream:

Here usually the interest is included on the price so it can be advertised in 12 installments without interest but if you ask and buy paying all at once you get a discount.

Our credit card have a higher interest fees (mine is 15% monthly) if we don’t pay on time, but usually if you call the card/bank and asks to pay it by installments you got a lower (3% monthly fee).

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Thanks for sharing that with us @Eudes. :smiley:

SG | Community Team

I think it’s dangerous to make that feature accesible especially for younger people. It’s easy to pile up debt that way. It happened a lot with Klarna in Germany.

What happens if you become unable to repay the sum of all financed transactions.

I think you should base the limit of BNPL on a factor of the income. e.g. 50%-100% of the monthly income.

The limit should be editable by the user. In case this is SCHUFA relevant you could deliberately set a small limit. I also think you should be able to configure the rate at a later point especially if we would need to pay interest.

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I totally agree with you @moritzroessler. In India, they set a certain limit in every BNPL apps which can be increased later automatically based on your usage. It really helps a lot. :moneybag:

SG | Community Team

Hello,

I know that BNPL has been initiate in different European country but not in France. Do you know when it will be ?
Because PayPal is wining on this type of service and if is on the pipes you will be the first in France to do this. All the traditional banks are you proposing pay at the end of the month but it’s like a debit or credit card.

Thanks for the answer,

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Hello @ChristopheSLB :wave:,

Thank you for sharing with us that you have interest in our BNPL product. Unfortunately, we don’t have any definite timeline till now. Once this will be launched, we will let our users know about it. Till then, please bear with us. :pray:

SG | Community Team

1 Like