Buy Now, Pay Later’ becoming popular for EVs

Reported by: |Updated: November 20, 2020

ZestMoney, the AI-driven EMI financing and ‘Buy Now Pay Later’ platform, said there is a 500% month-on-month growth in customers opting for the ‘Pay Later’ solution for electric vehicles. The number of electric vehicle dealers on ZestMoney’s platform has increased from 300 in July to 4500 in November. The firm said the demand for electric scooters has increased over the last few months as people want to own a personal vehicle. With covid and the need for social distancing, people are opting for low-cost electric vehicles to meet their transportation needs, it said. Uttar Pradesh contributes 30% to the total business from electric vehicles, followed by the states of Bihar, Rajasthan, and Maharashtra. The purchases are largely within the age group of 25-35, with 10% of women opting for electric scooters. Lizzie Chapman, CEO & Co-founder at ZestMoney said the pandemic has augmented the demand for electric vehicles with people wanting to skip public transportation. The company’s ‘Buy Now, Pay Later’ solution offers them the perfect flexibility to spread the cost which is great financial planning too, she added. ZestMoney partners with Original Equipment Manufacturers (OEM) of electric vehicles to finance their vehicles through their dealership network.