The Future of Fintech: Why Your Business Needs a Custom BNPL App?

Do you want to develop a BNPL app?

2025 is the age of fintech and one of the most popular fintech solution in the market is definitely the BNPL or buy now pay later applications.

The future of fintech lies in many different apps including BNPL, fintech banks, digital payments, personal financial management, fintech lenders, wealth management and many others.

Under this blog, we will learn about BNPL as an important stream of fintech businesses.

Now, before you jump to BNPL app development company as a business or enterprise and start making your own platform, it’s highly recommended that you read this blog.

In this guide to why, how, and when, we will discuss all things BNPL related.

Therefore, with this being said, let’s get right into it, starting with the basics of BNPL platform.

What are BNPL Apps?

Let’s start by talking about, what are BNPL apps in reality.

Well, BNPL is an abbreviation that stands for Buy Now Pay Later. This means just that, as a user, you can buy something at this very moment and pay for it later.

In other words, it’s a soft loan of very small quantity.

The financial partner will pay for you once and then you can pay them back later in instalments or one go as per requirement.

Well, isn’t that how works? There’s much more to it than what we discussed. Therefore, let’s get right into it and look at the working of BNPL platforms in the section below:

How Do BNPL Apps Work?

So, how do these so called start of fintech app, the BNPL platform work in reality.

Well, it’s quite simple actually. Here’s the step-by-step working process of BNPL mobile applications that we use in our daily life.

1. Download the application

2. Sign up using basic information

3. Create financial profile (need financial information)

4. Avail BNPL loan

5. Buy the item

6. Choose a plan

7. Pay back in instalments or one go

This is the working process of BNPL apps. And now that we are done with this, it’s time to move forward to the next section.

Should You Develop A BNPL App?

Let’s answer the big question, should you develop a BNPL app?

This is something that you should answer before you go to hire a fintech app developer. Well, there are various reasons to develop a BNPL mobile app.

Let’s discuss a few of these below:

1. The growing market

The main and the foremost reason to develop a BNPL app today in this market is very simple, the market is booming.

It’s larger than ever and as per market reports, it’s growing even further. The forecast says it all.

Now, if you develop your own BNPL app right now, you can catch the worm, if you know what I mean.

With this done, let’s look at the second reason.

2. Revenue

What business doesn’t want money?

In fact, that’s the primary goal of starting a business. And if you are to create a BNPL app right now, it’s safe to say, you can make a lot of it.

With the booming market, there are n number of people who are looking to use these apps. This clearly means endless revenue for these platforms.

So, what are you waiting for?

3. Unmatched growth

It goes without saying that every business likes growth.

And if you are a loan based or fintech business, it’s a no brainer to develop your own BNPL application in 2024.

This will give you a huge boost in terms of business and help you take the next step.

Connecting with the leading fintech app development company in Dubai, is what you should consider in such scenario.

With this being said, these are the major reasons to develop a BNPL app. And with this out of the way, it’s time to look at some of the most popular BNPL mobile applications in the section coming below.

Popular BNPL Apps

Now, if you have made up your mind to develop your own BNPL app, it’s a good idea to learn from the best.

The market is filled with top BNPL mobile applications. So, let’s do just that in this section of the blog.

These are, as mentioned below:

• LazyPay

• Afterpay - Buy Now, Pay Later

• ZestMoney

• Sezzle - Buy Now, Pay Later

• Zilch

• Motito PayLater

• Tabby | Shop now. Pay later‪.‬‬

• Postpe

So, these are the top BNPL mobile apps. With this out of the way, it’s finally time to look at the BNPL app development process in the section below.

BNPL App Development Process

So, how do you develop a BNPL app? That’s the big question.

Don’t worry about it, we got you covered. Here’s the entire BNPL app development process listed step-by-step:

1. Ideation

The first step of the development process is to generate the idea for your platform. This may take a minute or may take months, but it needs to be done.

2. Market research

Once you are done with ideation, the next step is to do the market research. This is what acts as the fuel for your development process.

3. Choose technologies

With the first 2 steps done, it’s time to choose tech stack and other relevant technologies required for the development process. It’s highly advised to take developer’s help for this one.

4. Design the platform

With all said and done, it’s time to start the work which starts with designing. And once this is done, we move towards development.

5. Development

This is the step where front-end and back-end development takes place. This can take a lot of time as one might expect. In any case, once this is done, we move forward for reassurance, QA, and testing.

6. Testing

It’s super important to test the app before it’s sent for deployment. There are various ways to do it or automate it. Once the required changes are made, it’s time to deploy the platform.

7. Deployment

It’s time to deploy the platform. All you need to do is first host it on cloud and then launch it on platforms like App store and play store. After this, the users can download the application.

8. Maintenance

Now that we are done with the usual process, it’s finally time to maintain the application. This is something that goes on forever.

Conclusion

It’s time to conclude the blog after discussing the reasons why BNPL apps should be developed by businesses. And if you are looking for more information on the same, it’s highly recommended