Paying during an epidemic is undoubtedly one of the fastest growing methods of digital payment. Post-pay platforms have focused on customer-centricity, transparency and flexibility, which has attracted millennials and Zenz customers.
According to a report by Goldman Sachs, the BNPL market in India is poised to grow exponentially in the next 5 years and it currently accounts for 2% of total retail GMVs and is expected to grow to around 7% by the end of FY26. .
To keep pace with this growth, leading players like Uni, Slice and LazyPay have gone one step further, entered into deals with banks and introduced physical cards to increase touchpoints and attract larger users.
This pay-per-view player is bringing back the lost brilliance of the card and making it trendy again. The attractiveness, design and unboxing experience, the promise of instant onboarding and fast physical card delivery set them apart.
Additionally, Pay Letter Cards is backed by a very attractive app that makes it a hot favorite among new-age users, providing users with insights into their monthly expenses, a smooth interface and guaranteed cashback.
Take Uni’s Pay 1/3 card for example, it automatically divides each transaction into 1/3 so that customers can pay their monthly expenses in 3 parts in 3 months without any extra charge. Uni Pay 1/3 runs on a Visa network and is therefore accepted by millions of merchants, including offline retailers. Uni users love the physical card so much that an average of 52 percent of them use the card at offline retail stores.
For example, in the case of Asha (name changed), a young HR professional who was initially hesitant to apply for a credit card because he thought the whole process was too complicated and not transparent. She heard about Uni through one of her friends and applied for one.
Asha had no problem with her onboarding and also got her pay 1/3 card within 2 days. In the box, she found a mask, customized name tags and a chocolate bar. He considers this experience to be more personal than a traditional credit card that is delivered in an envelope.
She now uses her Uni card to buy essentials, to refuel, when she eats at a restaurant and even for her online shopping.
Fintech startup Slice, as well as LazyPay, have launched Slice Super Card and Lazy Card, respectively, and joined Bandwagon to reduce the bright credit gap in the country.
“BNPL has always been seen as an online product, which has limited touchpoints for users. Uni’s Zero-Fee Visa-powered card is one of the many ways to make Pay 1/3 card a lifestyle choice. At present, the mature and subsequent payment physical card for the BNPL blast in India will provide an impetus for its widespread adoption in India, ”said Nitin Gupta, Founder and CEO, Uni.