In recent years, the digital payment landscape in our country has witnessed quite significant advancements. One such appealing and groundbreaking solution is Pay Later UPI, which has completely revolutionized the way we make payments.
It combines the convenience of UPI transactions with the flexibility of deferred payments, empowering consumers to make purchases and settle payments at a later date.
Around a month back, I was planning to purchase my kitchen appliances. Now, honestly, I was a bit hesitant of going all in at once, but this payment option made things relatively easy for me.
What is PayLater on UPI?
You might have guessed from the name what this feature is about. It is a feature offered by some financial institutions and digital payment platforms in India that allows users to make purchases as well as payments using UPI and defer the payment to a later date. This facility initially offers a line of credit to all users, allowing them to make purchases or payments without immediately deducting the funds from their accounts.
With this scheme, users can choose the desired repayment period as per their convenience, which is usually a few days or weeks. The payment, which is settled later, is done via a single installment or via multiple installments, depending on the terms and conditions set by the service provider.
How to Stay Safe While Using UPI Pay Later?
● Choose a Trusted Provider
Select a reputable financial institution, such as Bajaj Finserv, that offers this service. Choosing such lenders helps you to minimize the risk of fraud or security breaches.
● Secure your smartphone
Ensure your device is protected with a strong passcode/biometric authentication or face ID. Also, keep the latest software installed with the latest security patches in order to address any kind of vulnerabilities.
● Use Secure Networks
Avoid using public Wi-Fi networks at all costs while making payments via this method or even for a simple upi payment. These connections are vulnerable to hacking as well as data interception. Instead, go for a secure and trusted network or simply switch to mobile data.
● Protect your credentials
Set strong and unique passwords for your application and avoid using the same passwords for multiple accounts. In addition, enable two-factor authentication whenever possible for extra security.
● Beware of Phishing
One of the most common cyber frauds is Phishing. So, be very cautious of any kind of suspicious emails, messages, or even phone calls requesting your Pay Later account information. Also, avoid clicking on links or providing sensitive information unless you completely verify the source.
Which are the best UPI pay later apps?
- Bajaj Finserv
- Slice
- Amazon Pay Later
- Lazy Pay
Out of all these, I’ve personally experienced the Bajaj Finserv application. It is pretty simple to use and has a user-friendly interface, even my father uses this application. Moreover, along with this facility, it has a lot of facilities to offer, such as electricity bills, loans, insurance, etc. It is highly recommended!
