Buy Now Pay Later services is a Dark Pattern

Buy Now Pay Later is a financing service available online and offline when shopping. While it is helpful to some it is a major dark pattern and LC Manager must escalate it to RBI

when you opt for BNPL Services

They extend a line of credit to you (with their partner Banks or NBFCs support)

This is where the actual problem is

Even for a mere ₹3000 Limit

It’ll be shown as a Personal Loan on your credit report

And Important to mention, that not every platform may be customer-centric or fully compliant. In many cases, some of these apps damaged the Credit Scores of thousands of users in one go

So what to do?

Uninstalling apps won’t delete your data from their database or won’t close your account in credit reports

You need to get the accounts closed by writing to all platforms that you have used

Is it easy?

Well, There’s almost no straightforward button for requesting the closure of the account

Hope RBI does something here

Some of the Most Popular Apps that Provide BNPL Services to Their Users

•Amazon Pay Later
•Flipkart Pay Later
•Freecharge Pay Later
•HDFC FlexiPay
•ICICI Pay Later
•Mobikwik ZIP Pay Later
•Ola Money Postpaid
•Paytm Postpaid
•ShopSe Pay Later
•Zest Money more  

View all 8 comments Below 8 comments
Many people want to say that why Govt should act in all these private affairs. Yes, may be true but what authority these agencies who are offering BNPL facility has a facility to report to CIBIL? Have they taken permission from RBI or Finance Ministry? They are not taking consent of the customer to report this matter to CIBIL once any default takes place? The RBL in its Credit card wing, threatens each month with their credit customers that they will report the default to Regulatory Authorities even before the closing date of payment of Credit Card Bills. What a shame to customers !! Ministry of Finance or Consumer Affairs, are you listening? more  
People should be aware before they get into things. You wouldnt want the government getting into every small thing in our lives and nor is a good thing to happen. People have to apply their mind to transactions and not get swayed by unrealistic offers and sign-up things. We have a lot of regulation already. These regulations are punitive but not curative. more  
Yadwendra Singh people need to be educated and they need to be watchful. We in India today don't need government playing nanny for all cause like the we have been in past. more  
Regulations under NBFCs should be suitably modified to cover these sort of transactions into its fold to have better regulatory supervision and getting the operators to have better consumer outlook. more  
Never fall prey to these kind of things. Because was Y singh said people are being looted. Take care more  
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