Over the past few years, many domestic players in South Africa have launched BNPL products, such as PayJustNow, Tyme Bank, and PayFlex. Buy Now Pay Later Payment Solutions in South Africa The first to the second quarter of 2022 alone recorded a hike of 50%. Thousands of South Africans are paying for their purchases using BNPL, with the market growing between 10% to 15% per month. Instead, you are expected to clear your payment installments following a strict repayment schedule. Unlike credit cards, BNPL often does charge interest on the credit amount availed to a buyer. These payments can also be automatically deducted from your bank account, debit card, or credit card. Typically, the BNPL service providers will allow you to pay through bank transfer or check. The payment method you use will depend on what you find most convenient. You will then be allowed to pay the remaining amount gradually in interest-free batches over an agreed period.If it is approved, the service provider will request you to place a deposit (typically, a percentage of the total purchase value). The lender will run a soft credit check on you to affirm your loan eligibility. The BNPL option is usually alongside other options such as credit and debit cards. You buy goods from a participating retailer and choose the buy now pay later option at the checkout.Even so, there are commonalities across all BNPL services. How Does Buy Now Pay Later Work?Įach BNPL service provider has their terms and conditions which fundamentally differentiate all the services available. Even so, you have to learn the terms of a specific BNPL facility before using it at any point. It is convenient and allows buyers to get goods even during periods of strained finances. This credit facility is in most cases interest-free.īNPL is becoming increasingly popular, especially with online shoppers.
#BUY NOW PAY LATER APPS NO DEPOSIT FREE#
A copy may be obtained free of charge by writing to us at PO Box 4475, Sydney, NSW, 2001, emailing us at or calling us toll free on 1300 730 522.Options for Interest-free Payments What is Buy Now Pay Later (BNPL)īNPL, also known as point-of-sale installment loans, is a short-term loan or financing that permits customers to buy goods on credit and pay for the purchases later. We have prepared a Target Market Determination in accordance with the Design and Distribution Obligations under Pt 7.8A of the Corporations Act 2001. Credit Corp Financial Services Pty Limited trading as WizitMoney (ABN 39 146 525 706) Australian Credit Licence (400871) | Credit Corp Financial Services Pty Limited is a member of AFCA, member #43582.Īs a responsible issuer and distributor of financial products, Credit Corp Financial Services Pty Limited designs its products so they are likely to be consistent with the likely objectives, financial situations and needs of the consumers for whom they are intended, and takes steps to ensure that consumers are receiving products that are likely to be consistent with their likely objectives, financial situation and needs.
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