Unboxing Credit for All: Buy Now, Pay Later: Empowering India’s Underbanked

  • Ashwin Govind Mathur
  • Show Author Details
  • Ashwin Govind Mathur

    Student at Christ University, Bangalore, India

  • img Download Full Paper


In this article, we will assess how Buy Now Pay Later (BNPL) services could ameliorate issues related to infrastructural deficiencies that limit access to banking institutions across India. Specifically focusing on its potential impact on unbanked/underbanked groups prevalent within several regions-- rather than merely creating a sustainable solution--by extending alternative forms of consumer credit with flexible payment options. Services have begun breaking down long-standing barriers by providing individuals access who may not qualify for traditional facilitating effective fiscal management mechanisms. The expansion opportunity being provided needs examination to ensure legal indebtedness of users remains reasonable, so these Financial Inclusion mechanisms remain active. Simultaneously, this essay also explores the historical and evolutionary aspects of “unconscionable provisions” in contracts and BNPL Services. Lastly, the essay discusses the pivotal role of implementing proper financial studies courses in school curriculums to boost teenagers' financial literacy. Instead of merely offering a sustainable solution, the focus here is on how BNPL services can specifically impact unbanked and underbanked groups scattered across the country. These services, with their alternative forms of consumer credit and flexible payment options, are breaking down longstanding barriers that have excluded individuals from traditional banking systems. This inclusive approach aims to facilitate effective fiscal management for those who may not qualify for conventional banking services. By providing an exhaustive analysis of BNPL Services' role in financial inclusion mechanisms within India's varied regions, we should be able to meaningfully understand its current impact as well as its potential future possibilities.




International Journal of Law Management and Humanities, Volume 7, Issue 1, Page 2310 - 2322

DOI: https://doij.org/10.10000/IJLMH.116950

Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.


Copyright © IJLMH 2021