While unified platform services and BNPL schemes are trying to establish seamless payments and elevated customer experiences, smarter systems that prioritise data security are the need of the hour.
This new platform will offer services such as Flipkart UPI on its shopping app, recharge and bill payments, insurance, Buy-now-pay-later facility, EMIs, gift cards and co-branded credit cards.
The report recommends that BNPL vendors conduct robust identity verification at the point of onboarding to mitigate these risks.
Small-ticket buy now pay later loans are gaining popularity, driven by new-to-credit customers.
Change in credit scenario is evidenced by the fact that even traditional banks and financial institutions are now looking to enter the Buy Now Pay Later space.
MobiKwik's co-founder says using BNPL helps building a credit history if you keep on using the facility, and keep paying on time
