In today’s fast-paced world, managing finances efficiently is key to a stress-free shopping experience. Whether it’s online shopping for gadgets, clothes, or daily essentials, having a flexible payment option can make a significant difference. Enter MobiKwik’s Pay Later feature – an innovative solution that allows you to shop now and pay later. This feature is designed to give users greater flexibility in their purchases, enabling them to buy what they need immediately and pay for it at a later date, all without the hassle of credit cards or complex payment processes.
In this guide, we’ll walk you through how MobiKwik’s Pay Later feature works, its benefits, and how to use it effectively for all your shopping needs.
Part 1: What is MobiKwik’s Pay Later Feature?
MobiKwik’s Pay Later feature is essentially a buy now, pay later (BNPL) option that gives users the freedom to make purchases and defer the payment to a later date. Think of it as a short-term credit option available within the MobiKwik app.
Here’s how it works:
- Instant Credit Limit: Once you’re approved for the Pay Later service, you get a pre-approved credit limit that you can use for shopping or other online transactions.
- Deferred Payments: You can make purchases using your Pay Later limit, and instead of paying at the time of purchase, you can pay later within a specified period (usually 15, 30, or 60 days).
- Flexible Payment Options: Once the payment period is over, you can settle your dues by making a full payment or converting your bill into EMIs (equated monthly installments), making it easier to manage larger purchases.
The best part? You don’t need a credit card to enjoy the benefits of this feature. It’s a straightforward process with minimal paperwork, and it provides instant gratification for users who want to shop now and pay later.
Part 2: How to Enable MobiKwik Pay Later
To use the Pay Later feature, you need to first enable it within the MobiKwik app. Here’s a simple step-by-step guide on how to activate it:
Step 1: Download and Set Up the MobiKwik App
- Download MobiKwik: If you don’t already have the app, download it from the Google Play Store or Apple App Store.
- Sign In: Open the app and sign in using your registered mobile number. If you’re a new user, create an account by entering your details.
- Complete KYC: In order to activate the Pay Later feature, you may need to complete your KYC (Know Your Customer) process by uploading necessary documents like Aadhaar, PAN, or Voter ID.
Step 2: Check Your Eligibility for Pay Later
Once you’re signed in, check your eligibility for MobiKwik Pay Later:
- Tap on the “Pay Later” option under the “Recharge & Pay Bills” or “Offers” section.
- If eligible, you’ll see a pre-approved credit limit displayed within the app.
- If you don’t have access to the feature yet, you may be prompted to apply for it by sharing some additional details. You may need to provide your income details or consent to a credit check.
Step 3: Activate the Feature
If you’re eligible for Pay Later, simply follow the on-screen instructions to activate the feature. In most cases, you can start using the Pay Later facility immediately once your application is approved.
Part 3: How to Use MobiKwik’s Pay Later for Shopping
Now that you’ve activated the Pay Later feature, here’s how you can use it for your next purchase:
Step 1: Shop on Partnered Websites or Apps
MobiKwik’s Pay Later feature can be used on a variety of partnered e-commerce platforms and apps, including Flipkart, Myntra, AJIO, and more. Additionally, you can use it within the MobiKwik app itself for recharges, bill payments, and other services.
- Browse and select the items you want to buy from any participating platform or MobiKwik itself.
- When you proceed to checkout, choose MobiKwik Pay Later as your payment method.
Step 2: Choose Your Payment Method
Once you select Pay Later as the payment option, the app will show you your available credit limit. Here’s what happens next:
- Check Your Credit Limit: Ensure you have enough balance in your Pay Later limit for the total purchase amount.
- Proceed to Pay: Tap on “Pay Later” to complete your purchase. The payment will be deferred, and you won’t be charged immediately.
Step 3: Repay Your Dues
After completing the transaction, you’ll need to settle the payment within the specified period (usually 15, 30, or 60 days). MobiKwik offers several repayment options:
- Full Payment: Pay the entire bill amount in one go before the due date.
- EMI Conversion: If you prefer to break the payment into manageable installments, you can opt for EMI conversion at the time of payment.
- Interest-Free Period: MobiKwik offers a grace period (usually 15-30 days) during which you don’t have to pay interest. However, if you miss the due date, you may be charged interest on the outstanding balance.
Step 4: Stay Updated
MobiKwik will notify you about the payment due date and give you reminders to ensure that you make the payment on time. You can also keep track of your Pay Later usage directly from the app to stay on top of your finances.
Part 4: Benefits of MobiKwik’s Pay Later Feature
MobiKwik’s Pay Later feature offers several benefits that make it a popular choice for digital shoppers. Here are some of the top advantages:
1. Instant Access to Credit
Once approved, you get an instant credit limit that you can use for any purchase. There’s no need to wait for loan approvals or credit checks, making it convenient for anyone who needs a flexible payment solution.
2. No Need for Credit Cards
Unlike traditional credit options, MobiKwik’s Pay Later feature doesn’t require you to have a credit card. You can avail of the service directly through your MobiKwik wallet, making it accessible to a broader audience.
3. Flexible Repayment Options
The Pay Later feature offers flexible repayment periods, with options to pay in full or convert your bill into EMIs. This ensures that you can choose a repayment plan that suits your budget.
4. Easy Integration with Online Shopping
MobiKwik’s Pay Later is supported by numerous e-commerce websites and platforms, which means you can use it seamlessly across your favorite shopping sites and apps.
5. No Hidden Charges
MobiKwik is transparent with its charges. There are no hidden fees or penalties, and if you repay on time, there’s no interest to pay.
6. Instant Approval
The approval process for the Pay Later feature is quick and straightforward. You don’t need to go through lengthy documentation or approval processes to start using the feature.
Part 5: Important Considerations
Before using the Pay Later feature, here are a few important things to keep in mind:
- Timely Payments: Ensure that you repay on time to avoid any late fees or interest charges.
- Credit Limit: The amount you can spend using Pay Later depends on your credit limit. If you exceed your limit, the transaction will not be processed.
- Interest Rates: If you miss the payment due date, interest rates will apply. It’s best to repay within the interest-free period to avoid any additional charges.
- Eligibility: Not everyone will be eligible for Pay Later. Your eligibility depends on factors like KYC verification and credit history.
Conclusion
MobiKwik’s Pay Later feature is a convenient and flexible solution for digital shoppers who want to shop now and pay later. With its instant approval, flexible repayment options, and seamless integration with top e-commerce platforms, it’s the perfect tool for managing your finances without compromising on your shopping desires.
By activating Pay Later on MobiKwik, you can enjoy the freedom to shop for your favorite products, pay later, and keep track of your expenses easily. If you haven’t already tried this feature, it’s time to give it a go and experience the convenience of buying now and paying later!