E-commerce is increasing. The deployment of its technology has exceeded projections for 2025. And one of the pandemic-fueled trends is Buy now, pay later (BNPL) services. As the world slid into an unprecedented economic crisis, BNPL rescued the day, allowing millions of people across the globe to purchase things they desperately needed despite lockdowns and financial hardship.

How BNPL works

Buy now, pay later service resembles using a credit card or obtaining a soft loan in its simplest form. Pay later allows you to purchase things online and pay for them over a while, such as many months.

This is a more convenient form of buying online that allows users to make purchases without paying at checkout. The procedure is streamlined to guarantee that consumers get their loans fast and effortlessly.

Did you know? By 2028, Buy Now Pay Later Market size is anticipated to reach US$ 25.26 bn.

The Features of a Buy Now, Pay Later application

Include the following critical characteristics of Buy now, pay later services in your financial app development projects:

Loan periods – depending on the BNPL service provider, some provide soft loan choices with repayment lengths ranging from a few weeks to months. Some high-priced goods may have a longer than two-year payback duration.

Benefits – Requesting a loan and receiving approval takes just a few minutes. This is done quickly so that it may initiate the customer at the register or clicking “buy” on a website.

Ability to Purchase – Different BNPL providers have varying limits on the loans they issue to consumers. Some may provide loans of up to $20,000 each.

Repayment – Consumer loans are consistently repaid. The clientele may be required to make regular repayments, such as weekly or monthly. But retailers are often compensated in bulk.

Paperless – the loan application and approval procedure are entirely digital. No documentation needs to be printed or signed by customers.

How to design a BNPL application for your company.

The popularity of the Klarna mobile payment application has attracted the interest of other developers. The majority of them have begun to consider how to create a mobile app similar to Affirm or a Klarna-related app. Following are the procedures to follow if you want to make a custom pay later application:

• Project scope – To create a mobile payment solution comparable to Afterpay, Klarna, or Affirm, you must comprehensively understand the project. You must exactly grasp the features to incorporate and the platform you are developing for.
• Select the SDLC model – select the SDLC technique that will make your project’s development process productive and time-efficient.
• Building a Team – Having specialized software development teams influences the success of a project. Typically, the group comprises the project manager and developers with the necessary skill sets for the project activity.
• Choose the correct cloud service provider — cloud-based solutions are the most excellent way for fintech companies to access a robust IT infrastructure without having to build one themselves.
• Obtain an online payment solution – An API or SDK is use to implement the essential online payment functionalities.
• Buying an ID verification system – The purchase of an ID verification system is a regulatory necessity for suppliers of online payment services. ID.me has become the industry standard in the financial sector.
• Development phase – Instead of obtaining the necessary technology for the project, you may explore outsourcing the application development. This will save you the time and money required to obtain the appropriate technology and skill set for your project.

Buy Now Pay Later App Development Cost

Estimating the cost of app development for BNPL solutions is one of the most challenging jobs, particularly if you lack awareness of the factors that significantly impact price.

How well an app develops relies on the expertise of the people working on it and the resources available. Is it difficult or easy for those who don’t like tacky things to use? What makes an app successful is its user interface and experience.

The operating system, technologies and frameworks utilized for app development, complexity, features and functionalities, UI/UX design, app development team, location, and hourly rate are a few of the numerous aspects that affect the cost of app development.

If you’re interested in a pricing estimate, a simple app with all the above capabilities would cost around USD 20,000. However, if you desire to go beyond the essential functions, the buy now pay later app development cost between USD 25,000 and USD 35,000. It will include all the latest features and provide the highest quality.

Also read: fintech app development cost

Conclusion

With the advent of e-commerce sales, Buy Now Pay Later fintech app development solutions have become necessary for organizations. As digital solutions look to be a future industry, using a solution such as pay now and purchase later is a prudent choice. Suppose you want to establish a similar mobile app solution for your business. In that case, you can employ a mobile app development firm that helps you stand out in the market by incorporating a unique selection of features and assuring high-quality solutions.

Connect with mobile app development company to know more about buy now pay later app development.