Buy Now Pay Later

My current company, Fiserv, introduced Buy Now Pay Later services in India a few months ago. The Buy Now Pay Later service has been available for a while, but the reason I'm sharing this as I can relate to the necessity for such an application for people with less-than-perfect credit ratings, even though they are capable of paying back and have the intention to do so.

In the year 2000, I joined a job that was 20 kilometers from my home, which required me to first walk for 10 minutes, change onto two buses, and then take a shared auto or shuttle to get to my office. It took a lot of time and was exhausting.

Hence I decided to purchase a bike, the cost was around Rs. 45000 that time, I had the downpayment of 5 thousand and the dealer had the financing option for me, the only thing required was to give them post-dated cheques for payments (principle + interest). At that time my salary was Rs. 4800 monthly, my salary account was in a nationalized bank. To get the purchase done, I just needed to get another checkbook so that I can write the required number of post-dated checks for monthly installments. But in a rude shock, when Bank discovered that I need checks to write post-dated checks for the Finance company, they refused to issue the checkbook. Their concern was maybe I will not honor the issued checks.

For the following eight months, I continued to save every penny I could and borrowed some money from my sister and finally bought the bike. I could have been able to have it much sooner if there had been some Buy Now Pay Later options then.

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