Key Developments

In February 2023, CRED is a platform that simplifies credit card management and rewards for users. introduced a new app called CRED Flash, offering a buy now pay later service. This app allows users to make purchases and payments through it, partnering with over 500 merchants, including Urban Company, Zpto, and Swiggy. Users have the option to settle their bills within 30 days without any additional charges.

In December 2022, Galileo Financial Technologies, LLC, a fintech company, launched a tailor-made buy now pay later solution for both fintechs and banks. This solution simplifies entry into the market and enables their customers to make larger purchases.

In July 2022, Samsung is a global leader in technology and electronics. introduced its buy now pay later option for the first time, specifically for its foldable smartphones like the Galaxy Z Flip 3, Galaxy S22 series, and Galaxy Z Fold 3 series in India. This BNPL option allows customers to pay 60% of the total bill over 18 interest-free installments, with the remaining 40% payable in the 19th installment.

In May 2023, ZestMoney is a financial technology company that offers digital payment solutions and financing options to consumers. announced its plans to achieve profitability within 6 months. The fintech firm is finalizing a new investment round from existing shareholders such as Quona Capital, Zip, Omidyar Network India, Flourish VC, and Scarlet Digital. To ensure business continuity, ZestMoney plans to operate as a Lending Service Provider (LSP), partnering with banks and Non-Banking Financial Company (NBFC) to issue loans rather than directly lending from its own balance sheet.