‘postpe’: BharatPe’s Buy Now Pay Later (BNPL) consumer offering.
BharatPe, one of India’s fastest growing fintech companies, today announced its grand entry into the ‘Buy Now Pay Later’ (BNPL) category with the launch of its clutter-breaking product- ‘postpe’. postpe provides credit to customers to buy now and pay later, for anything, and from anywhere. Customers can download the postpe app from Play Store and avail interest-free credit limit of up to Rs. 10 lacs. postpe is first-of-its-kind BNPL product that is not limited to big-ticket purchases, but can also be used for micro-purchases. BharatPe aims to facilitate a loan book of US$ 300M on postpe in the first 12 months, for its lending partners.
This truly digital product empowers the customers to shop across offline as well as online merchants, and repay easily through EMIs. Customers can simply open the postpe app, scan QR code and pay using postpe credit at merchant outlets. They also have the option to pay via a postpe card that will be accepted across millions of offline merchants as well as on e-commerce platforms. The customers can also unlock cashbacks and win exciting rewards on their first and specific milestone transactions.
postpe is designed for the new-age customers who believe in shopping smart and are also well-versed with digital payment modes. postpe aggregates all the transactions done by a customer, across channels, and generates one bill for repayment. Also, there is no annual fee or transaction charges on payments done via postpe app or postpe card.
postpe is Global Sponsor of ICC T20 World Cup to be held in Dubai this year. All transacting customers stand a chance to win 3,500 free passes for the World Cup matches to be held from 17th Oct to 14th Nov 2021. postpe is the only app which could reward you with passes for India vs Pakistan match on 24th October, 2021! There is an aggressive media campaign planned around postpe which will go live with the T20 World Cup.
Ashneer Grover, Co-Founder and Managing Director, BharatPe said on the launch, “We are excited to shake up the Buy Now Pay Later (BNPL) category. postpe is a product built on 3 simple principles: 1) Consumer should be able to pay using credit everywhere – QRs, Card Machine or Online; 2) Consumer should be able to convert into EMI at ease – not inconvenienced at point of sale and 3) Merchant should not be charged for accepting payments through BNPL.”
“Our aim with postpe is to make EMI and credit available for everyday purchases. ‘Golgappa’ on EMI as well ‘iPhone’ on EMI is our motto. We find the current BNPL plays in Indian market suboptimal trying to copy the west for online checkouts whereas the true market in India is offline. postpe will be the leader in BNPL space in India by virtue of being no cost to merchants and universal acceptance.” added Ashneer.
Previously, BharatPe announced its entry into consumer Fintech with the launch of 12% Club. The app is available on Google Play Store and Apple App Store. With 12% Club, consumers have an option to invest and earn up to 12% annual interest or borrow at a competitive interest rate of 12%. BharatPe has partnered with RBI approved NBFCs to offer this investment-cum-borrowing product for consumers and facilitated investments of more than Rs 100 crores within 1 month of launch.