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Hospitality firm OYO on Tuesday announced a stay now pay later (SNPL) programme that will give Indian travellers flexibility in planning their summer travel.
OYO has partnered Simpl, a credit-based payments service, for the programme. SNPL will provide customers with a credit limit of up to Rs 5,000 which can be settled after 15 days of a hotel stay. It can be accessed on the home screen of the OYO app. Customers can then opt for the SNPL plan suiting their requirements.
In a pilot conducted with 10 per cent of its user base, OYO saw payment completion rates increase by 8 per cent. More than 40 per cent users took up SNPL for transactions exceeding Rs 2,000, indicating the programme’s appeal to travellers seeking a flexible payment solution.
SNPL is available for Android users and will be rolled out on iOS later.
“As a customer-centric organisation, we are constantly striving to make travel more convenient for our consumers. SNPL offers a convenient payment solution that caters to the needs of cash flow-conscious travelers," said Abhinav Sinha, OYO’s Global COO and chief technology & product officer.
According to OYO’s Summer Vacation Index 2023 report, 82 per cent Indians plans to travel this summer and of them 92 per cent will do so within the country. SNPL will allow travellers to plan their summer trips without immediate financial burden, said OYO.
