Multipl

In India, more than 50% of their spending is typically allocated to planned expenses. This percentage rises even higher for lower-income groups. However, despite this, many essential needs still go unfulfilled because spending decisions are primarily based on cash or bank balance rather than considering borrowing capacity.

Consequently, when borrowing opportunities arise, individuals may be tempted to make more extravagant purchases, such as opting for a pricier phone than originally intended.

According to a recent survey conducted by EY, over 80% of Indians are currently saving more money than ever before. Half of them have proactively set a savings goal instead of spending. Regrettably, the returns on savings accounts are relatively low, with most accounts earning only 3-4% interest, which effectively translates to just 2-3% after taxes. Furthermore, there is a lack of accessible options for individuals to effectively plan their spending while linking savings and investments.

Consumer Credit in India is on rise. consumer credit and BNPL have gained a lot of traction and grown manifold. BNPL payments in the country are expected to grow by 71.5% on an annual basis to reach US$12,355.8 million in 2022.

BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 41.2% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$7,204.5 million in 2021 to reach US$97,717.0 million by 2028.

Multipl on the other hand is creating a Save Now Pay Later (SNPL) mentality within the consumer ecosystem, enhancing the overall way to purchase things and plan personal finances for the future. Availing BNPL or an EMI product on consumer brands do allows user to get access to the product immediately but parallelly burdens the individual with an on-going debt trap, thus engulfing the individual with poor financial health and credit score.

Multipl enables you to set aside funds for your future purchases. It stands as one of the pioneering Save Now Buy Later (SNBL) products, introducing an entirely novel category that fulfills a crucial and widespread need. Nowadays, countless individuals seek to store their household surplus in grain boxes, which lack organization and fail to generate any returns. However, Multipl provides a more structured and rewarding alternative to this practice.

SNPL benefits for the users

1. Saves users from debt trap from the buy now pay later concept - This helps users to first save and then buy rather than buy first and pay later. It ensures that you never end up being a defaulter.
2. It creates the habit of savings and gets into the essential habit of saving up for short-term goals they wish to reach.
3. Cashback/Rewards/discount/Mutual fund for a higher return. Directly invest in a brand where the brand will hold the money and the brand will provide a return rate%.