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
•Flexmoney
•Freopay
•ePayLater
•HDFC FlexiPay
•ICICI Pay Later
•LazyPay
•Mobikwik ZIP Pay Later
•Ola Money Postpaid
•Paytm Postpaid
•PostPe
•Simpl
•Slice
•ShopSe Pay Later
•UNI
•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  
Post a Comment

Related Posts

    • India’s debt is somewhat worrying

      Due to India's increasing debt, you will pay higher taxes. Our debt:- 2014: 54 lakh crore 2023: 205 lakh crore People are doing politics around this data. But, he...

      By Ajay Dutta
      /
    • HRA cheating is common and tax man will come for you

      Are you paying rent in cash? My friend Rajiv did the same last financial year. (And was shocked) He paid Rs.20,000 as rent every month. Half in cash, half via online transfer....

      By Satvik Singh
      /
    • Excellent work LC

      Your efforts LC Manager on creating awareness about instant loan extortion and malpractices is working RBI finally says all personal loans will, from Oct 2024, need to carry a Key Financ...

      By Shailesh Deshmukh
      /
    • VIP culture locations

      VIP culture is still a major issue in india. The latest move of no free pass for VIPs at tolls is a good move and instead they claim reimbursement makes sense. But what is being done abo...

      By Shikha Chhabra
      /
    • Airline Baggage theft damage and delay

      A month or two back the Hindu newspaper had reported the LocalCircles survey on plight of travellers with airline baggage handling. On google of baggage survey LocalCircles I found the circle repor...

      By Reeta Kumar
      /
    • Our efforts on ultra processed foods yielding results

      Commerce ministry of India has issues advisory to all e-commerce websites to remove all drinks/beverages, including bournvita, from the category of health drinks on their platforms. Attached. ...

      By Sudesh Rai
      /
    • Health Insurance Rule Changes

      Health insurance premiums have been rising as established by LocalCircles survey itself.

      By Sudesh Rai
      /
    • Patanjali finally facing music

      I remember we repeatedly raised the issue of Patanjali misleading consumers before and after covid and the media never wrote about it due to advertising revenues but finally they are facing the mus...

      By Sudesh Rai
      /
    • School Fee loots

      Not only the school uniform loot, state Govts and education boards need to quickly attend to the issue of school fee increases. See the LocalCircles own survey

      By Nikita Mehra
      /
    • Looting and Torturing School Students

      Schools in Coimbatore are making kids wear blazers during this scorching summer exhibiting a total lack of basic human empathy. Conducting classes in April is already challenging, but it's even mor...

      By Shirisha Kumar
      /
    • Standardisation of hospital billing

      https://www.localcircles.com/a/press/page/world-health-day-survey This is a very very fair...

      By Vijaya Nair
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)