June 17, 2024

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How Buy Now, Pay Later Is Transforming Online Shopping

electronic payment gateway

electronic payment gateway

Online shopping has brought about a revolution in the way people shop and how companies cater to their products. Since the concept of online shopping emerged, it has undergone various improvements and changes. One significant change that has transformed online shopping is the Buy Now, Pay Later option. This facility allows customers to pay for their orders, be they groceries or clothes, with flexibility in payment.

The younger generation, who now prefer digital and net banking payments in contrast to using cash, has hugely benefited from the Buy Now, Pay Later model. In the past couple of years, the Buy Now Pay Later model has rapidly gained popularity and has been chosen as one of the best payment models for online shopping. This feature has given way to the microcredit lending model to make its mark on how people pay.

What is the concept behind Buy Now, Pay Later?

Buy Now, Pay Later can be understood as an electronic payment gateway where customers are allowed to finish an entire online transaction and order the required things from the internet without having to pay the whole amount. Instead, they are given the choice of making the payments in installments over time. 

It can be considered a point-of-sale loan solution. By not having to pay the entire lump sum amount at once, the customer pays via the equated monthly installments or EMIs through any electronic payment system. This method has proven effective, as selling goods in installments is an age-old tactic that helps stores engage more with customers and provide them with a seamless transaction experience.

How has it transformed the shopping experience?

Buy Now, Pay Later has brought about various advantages for shoppers. This model has not only enhanced customer engagement but has also considerably influenced which products customers buy. The ways that it has changed the buying experience of customers are,

  • It has given a flexible solution: customers are always looking for flexible and non-cumbersome ways of payment. Buy Now, Pay Later has provided just that with more general availability.
  • Has increased the capacity for customers to buy: when shopping online, we are quickly drawn to one item from the other. Even if these items are not in our budget and yet we are eager to buy them, Buy Now, Pay Later is a wallet-friendly way of purchasing the product without us having to spend the entire amount at once. When customers get enthusiastic about buying a particular product, they have various thoughts about having to pay the product price, which often leads to leaving the product in the cart or on the wish list.

Even though buy now, pay later is similar to the transactions of a credit card with no real-time savings as such, what it does is that it gives buyers a psychological idea about having to pay later through electronic payment systems. This triggers the buyers to purchase the product. It has been noted that the shopping websites have seen a considerable drop in the number of customers who leave their products in their cards and do not check out after they have successfully provided the “Buy Now, Pay Later” option.

This feature also allows customers to take full advantage of the deals and discounts promoted by the websites. This element thus provides customer satisfaction at its best!

  • There are no added interests: Buy Now Pay Later allows customers an interest-free payment option that is transparent and extremely handy for shoppers. Zero interest has always been the most attractive feature for shoppers, especially the younger generation of shoppers. These interest-free installments have also been able to cut down on the concern of paying the price for other optional charges that are hidden.
  • No hassle in processing—you might ask how this feature differs from paying via a credit card. The Buy Now, Pay Later option allows effortless processing and is way faster. There is no long wait for approval, and transactions are approved on a real-time basis. There is little to no chance of rejection compared to loans or transactions via credit cards.


The “Buy Now, Pay Later” trend has provided e-commerce brands and websites with a unique and special way of transforming themselves from their competitive brands. Not only has this led to significant growth in e-commerce brands, but it has also made shopping easy and accessible for younger people across the globe.