ZestMoney is leading India’s Buy Now Pay Later (BNPL) bandwagon. There are several BNPL service providers in India. Still, ZestMoney has a separate fanbase due to its tie-up with hundreds of popular merchants such as Amazon, Flipkart, Myntra and so on. However, this raises a few questions in the mind of its users – Is ZestMoney RBI Approved? Is ZestMoney Safe To Use?
Before we head over to the answers, you should also read a few posts about Simpl Pay Later, which offer similar services to its users. Is Simpl RBI approved and Safe to use?
Is ZestMoney Safe?
ZestMoney app and its services are absolutely safe to use. However, keep in mind that you should always pay your bills on time. We have used ZestMoney for quite some time and have not yet faced any issues related to its services, but we have faced problems while connecting with their customer care on the number provided on their website.
Buy Now Pay Later services are notoriously known for collecting all the contacts from our phones and then using them to harass customers who default their payments. So the thumb rule is always to pay your BNPL bills on time.
Is ZestMoney RBI Approved?
No, ZestMoney is not RBI approved, and the Reserve Bank of India does not regulate it. However, ZestMoney has partnered with some licensed banks and Non-Banking Financial Company (NBFC). Some of its lending partners include ICICI Bank, Aditya Birla Capital, Tata Capital, IIFL, HeroFinCorp, SBM Bank and InCred.
Does ZestMoney report to CIBIL?
Yes, ZestMoney does report our transactions to credit bureaus such as CIBIL and Experian. Although some Pay Later services, such as Simpl, do not report to credit bureaus, paying ZestMoney bills on time will help you to increase your credit score.
Conclusion
ZestMoney is one of the few Buy Now Pay Later services offering an EMI facility for purchases made on popular websites such as Amazon and Flipkart through its Gift Cards. This is one of the main reasons for its popularity among the youth. We hope now you have all the answers to the questions – Is ZestMoney RBI Approved? Is ZestMoney Safe?
