South Africa’s fintech startup, Payflex, unveils buy now pay later interest-free feature
Johannesburg-based fintech startup Payflex has launched the buy now pay later for local shoppers in South Africa. Local consumers will be able to purchase items from over 500 well-known stores such as Cotton-on, Superbalist, and more.
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Paul Behrmann, CEO, and founder of Payflex explains that utilizing the fintech’s innovative platform to purchase items is interest-free.
“Traditionally paying via instalments in South Africa has been associated with high-interest charges, as you are penalised for paying for the item over time. But by using Payflex, every purchase you make is interest-free. You’ll know exactly when each of the four interest-free payments are due and there are no hidden costs. It puts you in control of your finances.”
The buy now pay later feature is interest-free for six weeks and payments are split over four interest-free instalments.
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How does it work?
An example provided by the fintech on how the buy now pay later scheme works. For example, if a consumer purchases a watch for $66.69, the first payment up front will be $16.67 and the three additional payments will be $16.67 every two weeks for a period of six weeks.
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The platform has been developed to inform users on how and when payments are required, creating a transparent buy now pay later system with consumers.
“The hassle-free Payflex option allows you to see exactly how and when you will make your payments. Provided you make your scheduled payments on time, you won’t be paying one cent extra in interest or fees for your purchase,” Behrmann explains.
