Frequently Asked Questions
For Business
Yes, that is the special feature of BNPLmi. Do hassle-free credit sale to any customer on BNPLmi without any worry of credit recovery. The system ensures that your amount will be deposited into your account on due date or when you demand it. When a customer makes a purchase request through this system, BNPLmi checks the customer’s bank account through the system to ensure that the customer can pay the amount or not and places a hold on the customer’s bank account for the purchase amount. So the amount gets credited to your account on due date or after you make the demand.
Fair question but let’s see how you have 100% utilization. Here you have two options. 1) You can ask for the amount immediately. But we say don’t use it unless there is an emergency need. 2) When you sell, the bank put hold on that amount of the consumer’s bank account so your recovery is 100% fixed. That is why you can do ENDORSEMENT of your credit invoice to make further purchases only on BNPLmi Platform. Let us see an example.- Tushar a seller has Rs. 5000/- balance In the bank account and OVERDRAFT limit is Rs.20000/-. Tushar is to receive Rs5000/- from customer Manoj, Rs4000/- from Kalpak and Rs3000/- from Pankaj. That means a total of Rs. 37000/- (5000+20000+(5000+4000+3000)) credit purchases can be made by Tushar from other traders also without paying any interest. The power of this system is to be able to make a purchase of Rs 37000/- at cash rate when there is no actual amount in the account. This system offers you the solution of buying on credit at cash rate without paying any interest and without reducing margin. The more your customers buy on BNPLmi, the more your BUYING POWER. Because ENDORSEMENT of credit INVOICE works for you like a bank’s OVERDRAFT facility but without paying interest.
No. Because the BNPLmi platform is meant to help you get the most out of your day-to-day transactions. When you sell through BNPLmi, the bank puts a hold on the consumer’s bank account and you, or endorsee of the invoice if you done endrosement, get a guarantee of recovery. As this is a legal process, the said transaction amount cannot be accepted in any other way. The amount is automatically debited to consumer’s bank account and credited to your or endorsee’s bank account on due date or on your/endorsee’s request. This is a completely legal process and is meant to protect the business interests of the consumer and the seller. If you do such an act, you may be accused of defrauding the company, consumer or the bank. Therefore, the amount to be recovered should be requested securely through the BNPLmi platform only.
Transaction payment is debited directly from buyers bank account and credited to your bank account when you requests PAYmi on the BNPLmi platform. It will be detailed in the “Ledger” section on your BNPLmi platform. Register your complaint by sending the said details to support@bnplmi.com. We will investigate and resolve your issue.
BNPLmi platform also solves this problem. Open the Ledger menu by logging into your account on the platform. Select your period, Select transaction type if not selected all transaction types will be displayed. If you want the displayed information in Excel/PDF, download it or send it directly to your consultant on WhatsApp/Email.
BNPLmi platform also solves this problem. Open the Ledger menu by logging into your account on the platform. Select your time period, select the business name and select the transaction type “Sell” from the Type. Now click on the blue square in front of your intra states sales. A new window will open in which write the amount as per tax slab as per your invoice and save. Then enter the same as above for “CANCEL/RETURN”. You cannot download or share the report without filling the complete details of the transactions in other states.
Yes, BNPLmi platform is designed for Individuals, Businesses, Institutions etc. and is so flexible. If your employees are not on the BNPLmi platform, they should register themselves first. After registration, select main business type “Service” and sub type “Employee” in profile. They should give their own name as business name. Set special discount to zero and save. Now the person will see the QR menu. When you want pay him salary/work remuneration through BNPLmi platform, scan his QR code and write salary/work remuneration, GST will remain zero and your transaction will be completed. BuyingPower will be added to his account without reducing your account balance and he/she can use it for any further purchases. At the end of the credit period, the amount will be automatically credited to his account.
No, the BNPLmi platform is designed for all of us keeping in mind your needs and is so flexible. Your registration will be done only once. But your businesses can be added separately. Each business’s bank account and business code (any six to ten digit code of your choice that is unique to you) can be provided separately. Also QR code is given separately for each business. So when a consumer registers a transaction, he scans the QR code of the business or selects the business name or business code, thereby registering the transaction for the same business. And you can see all the information by business.
You can register your multiple businesses in your account on the BNPLmi platform. There is no need to create a separate account for each business. A QR code is provided to uniquely identify your business as well as your business name. However, you can specify a six to ten digit code of your choice while registering your business. This business code is unique to your business and the same code will not assigned to anyone else. So after providing the said business code to the consumer, they can transact with your business. So you can see the information of all the transactions according to the business. Also reports for income tax or GST can be viewed according to business.
No, as per GST law this rule applies if you are selling goods and services of your business through online platform (e-commerce). BNPLmi platform is not an e-commerce platform. Services are provided to you to record your credit purchase/sale transactions, provide facilities regarding credit sale recovery transactions, plan transactions etc. So, since you are registered only on BNPLmi platform, the rule of GST registration and filing return does not apply to you. However, consult your advisor for more information.
Not necessary. Link your business bank account to the BNP platform. That means, if you do not does endorsement of invoice; you will get the credit sale amount in your bank account on the due date of invoice.
When you register credit invoices on this platform, the amount due from your customer is credited to your bank account on the due date of the credit invoice. But when you purchase new goods from “xyz” merchant on that credit invoice, the endorsement of that credit invoice is in favor of “xyz” merchant. And the right of recovery goes to “xyz” merchant. And on the due date of the customer’s bill, the said bill amount is paid by the customer directly to xyz merchant.
For Buyer/Customer
Exactly, 1) the customer gets some (maximum 45 days) limited credit period without paying interest when making a purchase using a credit card. But most of the time the buyer is not aware of the seller. A real problem arises when a person makes a purchase using a stolen card. Card company does CHARGEBACK after complaint. Not only the seller does not get the goods back but also has to bear the financial loss. And if the CHARGEBACK increases, the card company closes the merchant’s account. 2) Since the process of getting a credit card is complicated, not everyone can easily get the card of desired amount. 3) Credit card does not extend the interest free credit period. 4) The credit card does not provide BNPLmi platform’s benefits to consumers and merchants.
1) The only platform that enables the customer to purchase any product or service from any seller on 90 days credit period but at cash rate and discount and extend the credit period up to another 275 days without paying any interest. 2) In today’s inflationary times when we are trying to reduce our expenses in many ways, it is the only one Patent Pending platform that allows the consumer to save huge cost by using BNPLmi for every purchase of goods & services(eg grocery, medicine, laundry, entertainment, travel, clothing etc.) . 3) In today’s inflationary times when you are trying to increase your income in many ways, a platform that gives you the chance to earn huge income by informing your acquaintances, friends, businessmen about BNPLmi. 4) The only platform that facilitates extending the credit period of the customer’s purchase further without any loss to the seller. 5) The only platform that enables the seller to make further new purchases from the merchant doing endorsement of the credit credit invoice (trade receivable) amount by the seller to his customers through BNPLmi just like a new Capital but without paying any interest. 6) The only platform that offers the option of immediate demand for payment from the customer in case of emergency.
You have asked a very good question. Today we are all trying to control the expenses which are increasing day by day. And now BNPLmi has come to your rescue. If you have bank deposits, gold jewelery or insurance policies, immediately contact the nearest district bank and avail BNPLmi facility. For this our representatives will fully support you. Let’s take an example to understand your benefit. Suppose Abhay’s monthly expenses are Rs25000/-. Abhay has jewelery and policy costing Rs200000/-. Abhay went to the district bank and open bnplmi-od account by handing over the jewelery and the policy to the bank and attached it to BNPLmi. Now Abhay will be able to make any purchase up to Rs200000/- on credit and that too without paying any interest. That means, for the next eight months, Abhay will do a credit purchase of Rs.25000/- per month. Of course, every month he will invest his remaining amount in the bank deposit and he will get income in the form of interest. Abhay will be able to get a benefit of at least Rs22000-25000 (interest on deposit, discount on purchase etc.) in an average year as the seller will give a discount on the purchase.
Abhay was spending Rs25000/- per month even before using BNPmi platform but he was not getting the above benefits but BNPLmi has made it possible for him. THANKS TO BNPLmi.
Two options available to you to access the BNPLmi platform – 1) If your acquaintance, friend, etc. has sent you a link through a message, open it, download the app from play/app store and complete the registration. 2) Or directly open the web page www.BNPLmi.com in your mobile browser. Download the app from play/app store and complete your registration. Save the web shortcut on the mobile home screen after the registration is complete.
yes 1) If you buy from any e-commerce site and the seller is not registered on BNPLmi.com, the system sends a message to him with a link to register himself. After the seller registers, his sale consideration is paid into his bank account. 2) If you are buying directly from a seller who is not on the e-commerce site, we have provided instant seller registration so that you and the seller can complete the transaction immediately. The seller can login to the platform from behind and complete the rest of the required details.
For registration you need to open your account (savings account for consumer and current account for seller) in the bank available on the system online or link if earlier.
Not necessary. If no credit balance take OD limit from bank on your Fixed deposit, Gold or Insurance policy. When you request the OVERDRAFT facility, the bank allows you to use the facility on your account as per your requirement. Or keep your account balance in fixed deposit for a period of time and earn interest income and also avail BNPLmi facility.
No. But if you use the OVERDRAFT facility only then you have to pay interest to the bank on the amount used. But your OVERDRAFT is not actually used in BNPLmi as per you use OVERDRAFT in practice. Let’s see an example. Akshay linked his bank account on BNPLmi platform and deposit Rs.3000/- into it. The bank gave him an OVERDRAFT facility of Rs.30000/- on Gold. That means he can use Rs.33000/- for purchases now when he has only Rs.3000/- in the account. Akshay used Rs.3000/- for purchase through BNPLmi. That means did not actually deduct the amount from his account. So he will get interest from the bank on that balance. Now he has Rs.30000/- OVERDRAFT facility for new purchases. And for this he does not have to pay interest to the bank. Akshay again used Rs.30000/- for purchase through BNPLmi. But even now the amount has not been deducted from his account or the OVERDRAFT has not been used. The seller did not ask for payment of the purchase for 90 days and Akshay further get extended the 275 days. For 365 days Akshay enjoyed the purchase without paying, and the bank did not have to pay any interest for this. On day 366 Rs.33000/- was deducted from Akshay’s account (3000+30000) and paid to the seller so Akshay’s bank account balance became minus (-)30000/-. After Akshay deposits Rs.30000/- into the account in the next 30 days, the bank balance becomes 0/-. Now the bank will charge only 30 days interest from Akshay for using overdraft of Rs.30000/-. That means Akshay enjoyed shopping for interest free credit period of 365 days without making any payments.
Yes, that is the special feature of BNPLmi. The term literally means “buy today and pay me later”. BNPLmi is registered under Trademark Act and the entire system and method is protected under Patent Act. Let us see an example – Amey’s bank account has Rs 4000/- is remaining. The bank has given OVERDRAFT facility of Rs 16000/- in his account. That means he can purchase upto Rs20000/- anytime. Now Amey makes a purchase of Rs. 8000/- but the amount does not deduct from the account. Yes, he does not pay a single rupee to the seller for the next 90 days and he can extend this period for another 90 days. The system on demand by the seller or on expiry of the credit period deducts Rs.8000/- from Amey’s account and credits it to the seller’s account and the transaction information is communicated to both. Now here Amey’s bank account balance becomes minus Rs.(-)4000/- which means Amey owes Rs.4000/- Bank (previous balance 4000/- minus purchase payment 8000/-). Amey’s OVERDRAFT limit has remains to Rs.12000/- so he can still make purchases without paying equal to that amount. From today, the bank will charge interest at annual rate for giving Rs.4000/- to Amey, but if Amey deposits the amount in the account today, no interest will be charged. That means long-term credit purchases at 0% interest can be done on the BNPLmi platform itself.
An over draft is a facility that the bank gives you to use up to a certain limit even if there is no balance in your bank account. You have to pay interest to the bank on the amount of the overdraft limit that you actually use. E.g. If Suyesh is given an overdraft facility of Rs50000/- by the bank but he does not use it, no interest is charged. But if his account balance is exhausted and he uses Rs5000/- from overdraft then the bank charges interest for the period till he re-deposits Rs5000/- at annual rate.
Yes we maintain full transparency in the transaction. We don’t just look at business but we consider you as a valuable member of our family so registration on BNPLmi platform, using the platform, receiving/giving payment of past selling/buying transactions, record selling transactions, Reports for IT/GST compliance are completely free. Various 3rd party API facilities like Bank API, Messaging API, User Authentication API, Call broadcasting API etc are paid services for when used on the platform. We pay them for various 3rd party API facilities e.g. Bank API, Messaging API, User Authentication API to be used on the platform. Therefore, some charges are taken from you when you initiate buy using BNPLmi or request a due date extension of a previous transaction. But we are aware of our social responsibility. Hence, some charges are not taken if you used BNPLmi for emergency medical facility and for educational facility. We charge less than what you pay for other online payments.
No. Because the BNPLmi platform is meant to help you get the most out of your day-to-day transactions. When you make a purchase through BNPLmi, the bank puts a hold on your account so the payment is also made by bank through this platform. It also happens automatically after 90 days or upon request by the seller. So if you make payment through other direct means, it will happen twice and you may lose money.
Transaction payment is debited directly to your bank account and credited to the seller’s bank account when the seller requests PAYmi on the BNPLmi platform. If your seller has been paid through the system or through the link you received from BNPLmi, the details will be there in the “Ledger” section of your BNPLmi account. Register your complaint by sending the said details to support@bnplmi.com. But the Company, Bank shall not be responsible for if you make payment to the seller by any other means. And if you have made a direct payment by mistake, register your complaint by sending the full details to support@bnplmi.com email. We will conduct a thorough investigation and assist you in filing a case if the seller is found guilty.
Yes. But for that the BNPLmi button should be available in the check-out section on the e-commerce platform. If the e-commerce platform you are using does not have this button, then you should request that platform by email to get this facility and CC a copy thereof to us at support@bnplmi.com. So we will also contact them and follow up on it. Or shop on any e-commerce platform where the said BNPLmi button is available.
Yes. The BNPLmi platform is designed for everyone and is thus flexible. Option 1) If you go to shop and the seller is not on the BNPLmi platform, login from your mobile and send him a link from the Marketing Campaign (if campaign is running) menu. So for the next 90 days you will also earn on the transactions that seller makes on the BNPLmi platform during 90 days. Or 2) Open the BNPLmi menu for purchase and use the REGISTER link for a new seller using the Instant Seller Registration by Biometric option and complete your transaction. A login link will be sent to the seller. The seller can also use the facility to its full potential after installing, logging in and completing other necessary details.
Not necessarily, because you get three options to find the seller i.e. QR code, seller mobile and shop name. After registering on the BNPLmi platform, the seller can get a QR code. It is to be kept in the front of the shop. When you go shopping, you can scan the QR code from the BNPLmi menu and you will see the name of the shop, the photo of the owner. You should complete the transaction by making sure that it is correct. If the name and photo are different then the matter should be brought to the notice of the shop owner and cancel that transaction and try search with seller’s register mobile or shop name.
Yes some platforms eg Amazon have “Pay later” facility. It has limitations. In this you get loan only while buying. If your purchase is Rs.3000/- or less, you don’t have to pay interest on it for 45 days. But after 45 days or if the amount is more than Rs.3000/-, interest has to be paid immediately at a higher rate. In “Pay later” credit period cannot be extended without paying interest.
Yes yours is true. Many times our seller is fixed and to save time we send the order over phone/whatsapp and get delivered the goods at home. BNPLmi is a highly flexible platform designed for both you and your seller. If your seller is not on BNPLmi platform – 1) Login from your mobile and send him a link from the Marketing Campaign (if campaign is running) menu. So for the next 90 days, you will also get a huge income because of that seller who transacts on the BNPLmi platform. Or 2) Go to the shop (one time only) and open the BNPLmi menu by login from your mobile and use the REGISTER link for new seller to register the seller via biometrics option and complete your transaction. A login link will be sent to the seller. The seller can also use the facility to its full potential after installing, logging in and completing other necessary details. After this, every time the goods reach home, open the BNPLmi menu, there are three options to find the seller, enter the business code or name of the seller registered on BNPLmi. Confirm the information shown on the next page and enter the bill amount and GST if any. If you are a business and buying for resale, select your business name and complete the transaction.
No, but the question you have is correct. We don’t just look at business, we consider you a valuable member of our family. So we give top priority to keep your financial transactions safe on BNPLmi platform considering all the benefits given in answer to question two above. A bank account can be opened online with the bank available on the BNPLmi platform and you don’t need to visit the bank for that. You can withdraw the excess amount in your account by going to any ATM. Statements of your bank account transactions can be requested from the BNPLmi platform. Considering all these factors, it is in your best interest to open an account with a bank available on the BNPLmi platform
BNPLmi platform is designed for individuals, businesses, organizations etc. and you can record various transactions of various goods and services on it. For example Vegetables, Groceries, Clothing, Medicines, Hardware, Doctor’s Services, Payment of Servants, Contractor Services, Consultancy Services, Building Materials etc. The seller or service provider person or organization must be registered with the BNPLmi platform. If not registered, login from your mobile and send the link to him from the Marketing Campaign (if the campaign is running) menu. So for the next 90 days, you will also earn because of the seller who transacts on the BNPLmi platform.
Using the BNPLmi platform helps you save costs and can also generate huge income. After the registration of the people you have recommended this platform, you can instantly see the commission amount that can be earned according to the purchases, cancellations made by them in the next 90 days. On the 5th of every month and on the next working day if there is a holiday, the commission for the transaction as above and for which the payment is made by the consumer to the seller is credited to your bank account. In short, when the consumer pays the seller for their previous transaction done during said 90 day’s period, you are also paid a commission. In short, when the consumer pays the seller for their previous transaction done during said 90 day’s period, you are also paid a commission as per the marketing campaign terms.
Today many transactions are done through digital payments. The Central Bank has introduced Central Bank Digital Currency – Retail (CBDC-R) along with existing currency (notes, coins) as an alternative to daily cash transactions. You can take this digital currency directly in the wallet or in the bank account. The difference between BNPLmi and CBDC-R is as follows
| Sr No. | BNPLmi | CBDC |
| 1 | It is a digital platform for everyone that provides services like keeping credit buy/sell transaction records, keeping credit sale recovery records, allowing cashless buy, providing ways to earn income in various ways, providing ways to save on daily expenses, auto recovery etc. | Along with the currently available currency (notes, coins) there is a currency made available in digital form. |
| 2 | Bank savings account, current account, fixed deposit account, over draft account, wallet can be linked to BNPLmi platform. | CBDC-R wallet or bank account can be linked to BNPLmi platform. |
| 3 | You can earn income in the form of interest by keeping the amount in your bank savings/current account in a fixed deposit without spending it. Also, your amount can be withdrawn in the form of notes, coins. | CBDC-R currency does not earn interest. Therefore, you cannot earn income in the form of interest by keeping in fixed deposits. Also, the said currency cannot be withdrawn directly in the form of notes, coins. |
| 4 | You can buy even if the amount is in fixed deposit. So there are many benefits like interest income and discounts on purchases. | No interest income is earned. So there is some loss. And this option is not practical when earning income has become the need of the hour in times of inflation. |
| 5 | It is a digital platform and completely safe to use. | It is a digital platform and completely safe to use. |
| 6 | Over draft facility is offered to you by the bank | There is no over draft facility. |
| 7 | This platform boosts industries and digital transactions by positively impacting the established banking system, banking transactions, deposits, loans etc. | This platform may negatively impact the established banking system, banking transactions, deposits, loans etc. It can be unfavorable for creating a favorable environment for industries. (Opinion based on CONCEPT NOTE published by Central Bank) |
Bonus credit period on BNPLmi means “Sone Pe Suhaga”. When you buy through BNPLmi, you automatically get a credit period of 90 days. And if you have further extended the credit period by another 90 days, your bonus credit period will be from the date of payment of your transaction to the day the amount will actually be deducted from your account. Let’s see an example. Suppose a company has fixed two dates as recovery date 14th and end of month. Your transaction took place on 01/04/2022. After you extend the credit period three times, the amount will be deducted from your account on 08/10/2022 and given to the seller. But since the company has fixed the recovery date as 14/10/2022, the amount will be deducted from your account on the same date. That means you got 6 days bonus credit period.
Exactly right. We take care that you don’t have any inconvenience while transacting through BNPLmi even if you don’t have internet. At BNPLmi we take the security of your information very seriously. So your identity is checked while using any important menu. But if there is no internet, this becomes a hindrance, in that case, the transaction can be completed using your confidential PIN number (you should not share this with anyone, and change it immediately if you do it by mistake). If you are using a menu and don’t have internet, BNPLmi application will automatically ask you for PIN and act according to the menu you select.