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Imagine you're out buying groceries or enjoying a coffee at a cafe. When it's time to pay, you pull out your phone, but suddenly realize you don't have enough money in your bank account. This often leads to embarrassment or having to ask a friend for money. But now there's a solution to this problem. BharatPe, a leading Indian company, has partnered with Yes Bank to launch a service that will keep things running smoothly even when your wallet is empty.

This new feature is called ‘Pay Later with BharatPe’. It is fully powered by NPCI (National Payments Corporation of India). This means that your UPI app will now have the power of credit. You can buy goods today and pay for them later. This service is a boon not only for customers but also for small shopkeepers. Let's understand how this entire system works and what benefits you will get from it.

Instant Credit Without Paperwork!

In the old days, if you needed even a small loan or credit from a bank, you had to fill out numerous forms and make multiple trips to the bank. But in this era of Digital India, everything has changed. With BharatPe's new service, you don't need any kind of paperwork.

With the help of Yes Bank's digital onboarding technology, your credit profile is checked instantly. You are told in the blink of an eye how much credit you can avail. As soon as you get your credit limit, you can use it by scanning any QR code. This process is so easy that even an ordinary person can use it without any assistance.

No Interest for 45 Days
The biggest advantage of this service is that it is interest-free. If you make a payment through BharatPe Pay Later, you get 45 days to repay the amount. If you repay the money within these 45 days, you won't have to pay a single rupee in interest.

This feature is great for people who wait for their salary at the end of the month. You can buy what you need today and pay for it without any extra burden when your salary arrives. And as soon as you repay the old amount, your credit limit is restored to its original amount. This means it's a digital wallet that never runs out of money.

Easy Installment Payment Option
Let's say you've bought a large item and can't pay for it all at once within 45 days. There's no need to worry. BharatPe also offers you the convenience of easy EMIs (Equated Monthly Installments). You can divide your outstanding amount into installments ranging from 3 to 12 months.

This doesn't put a sudden burden on your finances. This is very useful for small business owners. They can buy goods for their shop and pay for them gradually in installments. This collaboration between Yes Bank and BharatPe is going to further strengthen India's business ecosystem.

Rewards with Shopping
Not only does BharatPe offer credit, but it also rewards you for shopping. Every time you make a transaction using this Pay Later service, you will receive Zillion Coins under 'BharatPe UPI Rewards'.

These coins will accumulate in your account, which you can use later for other shopping or deals. So, on one hand, you get the convenience of credit, and on the other hand, you save money with every payment. It's a win-win situation.

New Hope for Small Businesses
BharatPe CEO Nalin Negi says that even today, getting credit remains a major challenge for small shopkeepers in India. Bank regulations are often so stringent that small business owners stay away from them. ‘Pay Later with BharatPe’ is an attempt to bridge this gap. When shopkeepers can easily access digital credit, they will be able to expand their businesses further. Yes Bank's Country Head, Anil Singh, also expressed his delight at this development. He stated that their digital capabilities will provide customers with an unprecedented experience. This partnership is not just a collaboration between two companies, but the beginning of a transformation in how millions of Indians spend money.

Conclusion
Technology has made our lives much easier. This initiative by BharatPe and Yes Bank will prove to be a milestone in the world of digital payments. Access to credit on UPI is a major relief for those who struggle with small expenses. Now you don't need to postpone your joys or needs until tomorrow. Simply scan, choose the pay-later option, and complete your purchase. This service will not only empower customers but also accelerate the digital revolution in the Indian economy by reducing cash transactions.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.