OYO introduces Stay Now, Pay Later: How it works
Planning your stay with OYO has become easier than ever. The hospitality technology company has introduced a Stay Now, Pay Later (SNPL) feature to provide Indian travelers with greater flexibility. As the name suggests, travelers will be able to stay at OYO's hotels and homes without paying upfront. Let's see how this feature works.
Why does this story matter?
OYO's SNPL is modeled along the same lines as the now-popular Buy Now, Pay Later (BNPL). E-commerce websites and retailers in India have been using BNPL to great success. Travel Now, Pay Later, another similar feature, has also been gaining popularity in the country. Therefore, it is not surprising that OYO wants to tap into the same market.
Travelers get credit of up to Rs. 5,000 on SNPL
OYO has partnered with Simpl, a credit-based payments service, to launch SNPL. You will get a credit facility of up to Rs. 5,000 to book a stay with OYO. You will have 15 days after your stay to settle the payment. It is in line with Simpl's 15-day billing cycle. The company first piloted the feature with 10% of its users.
The feature is only available on Android
OYO's SNPL can be accessed either from the home page or by choosing Simpl while making the payment. The feature is only available on Android at the moment. iOS users will get OYO's SNPL soon.
SNPL makes hotel booking very convenient
OYO's SNPL satisfies the need of travelers for flexible options and easier access to a place they can stay. They will be able to book a room on an immediate basis and make the payment later. SNPL offers one-tap payment, which makes hotel booking very convenient. A discount of up to 65% and Rs. 50 cashback offers are added perks.
Users will be charged interest and a penalty for defaults
As convenient as hotel bookings will be with SNPL, the credit facility of Rs. 5,000 may be too less for long-duration stays. The company may offer an enhanced limit for regular Simpl users. In case you fail to clear your SNPL dues within time, you will be charged interest for delaying the payment along with a penalty of up to Rs. 250 plus GST.
