Global hospitality technology company OYO has announced a Stay Now Pay Later (SNPL) option with an aim to provide Indian travellers greater flexibility while planning their summer travels. As per OYO’s Summer Vacation Index 2023, 82% Indians have plans to travel this summer, with 92% travelling domestically.
Introduction of the SNPL feature allows travellers to plan their summer trips without the immediate financial burden, making travel more accessible and flexible. OYO has partnered with Simpl, a credit-based payments service, for this feature, the company said in a statement.
OYO rooms price
SNPL provides customers with a credit limit of up to Rs 5,000 which can be settled after 15 days of the stay. The feature can be accessed on the home screen of the OYO app. Customers can then opt for the SNPL plan that best suits their requirements.
During a pilot conducted with 10% of its user base, OYO said it saw payment completion rates increase by 8%. Over 40% of the users utilised SNPL for transactions exceeding Rs 2,000, indicating its appeal to cash-flow conscious travellers seeking a flexible payment solution.
The feature is currently available for Android users and will soon be rolled out for iOS users as well.
Abhinav Sinha, global COO and chief technology and product officer, OYO said, “As a customer-centric organisation, we are constantly striving to make travel more convenient for our consumers. Travelling should only be about enjoying the experience with loved ones and we are constantly looking for solutions that help overcome any financial constraints that hinder our customers from pursuing their dream vacations.”
“SNPL offers a convenient payment solution that caters to the needs of cash flow-conscious travellers. Through this, we aim to make travel more accessible and enjoyable, ensuring that our customers can focus on creating memorable experiences,” Sinha added.
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