To offer the option of “saving first and buying later”, Multipl, India’s fastest-growing fintech platform that promotes “Save Now Pay Later,” has signed an exclusive deal with Maple, a top premium reseller of Apple products in India. With the aid of the Multipl app, customers wishing to buy Apple devices will now be able to plan and save money for their purchases. The app not only aids in the creation of these savings strategies but also facilitates their execution with up to 10% savings on the entire range of Apple products available for purchase through Maple’s website. This offer will be valid in addition to any payment method the user chooses at the time of the transaction. Additionally, all Multipl users will receive a 5% discount on new products.
To avail of this offer, customers must create a savings plan on Multipl. The offer will be valid for 3-12 months after the plan is created. Thus it can directly be translated as a non-taxable 10% return on savings or an annualized Internal Rate of Return of 22%. Furthermore, new Multipl users will receive additional benefits in the form of extra coupons, cashback, and Jackpots for developing positive saving and spending habits and achieving their goals.
Commenting on the deal, Mr. Paddy Raghavan, Co-Founder and CEO, Multipl, said, “The collaboration will be extremely beneficial to those looking to purchase Apple products. They will be rewarded for making wiser financial decisions in which they save and then spend on things they want, such as purchasing an iPhone. Maple has around 12 retail stores in India as well as a strong digital presence. Potential users can use this initiative to create a savings plan if they do not want to buy the gadget right away. Maple has also added a “Save Now, Buy Later” button directly on their product pages to make things easier. So, I’d like to encourage Apple product fans to start planning, saving, and purchasing with deep discounts through our app.”
The Buy Now Pay Later (BNPL) tendency is now outclassed by the Save Now Pay Later (SNPL) trend. It is because companies that provide this service collaborate with businesses, and consumers directly save money with these brands for future purchases. According to a Multipl survey, many salaried users store and spend money directly from their bank accounts, which means that because of inflation, they have less money at the end of the month. In addition, the majority of them use an expensive credit model to pay for items like international flights, vacations, gifts, gadgets, appliances, annual health insurance, and even school fees. To combat this, Multipl introduced the SNPL concept, which has benefited millions of users.
“Through this collaboration, we hope to give our customers the choice to purchase high-end Apple devices without incurring debt. Our customers would have an option to plan their spending and buy their preferred Apple products,” said Mr Manil Shetty, Managing Director, Maple.
Multipl app has partnered with 50 well-known businesses in addition to Maple, including Yatra, Ather Energy, Wakefit, Urban Ladder, Bounce, Vedantu, Tanishq, Croma, and Kalyan Jewellers, and over 200 reward partners. The most popular savings categories on Multipl include vacation, jewellery, gadgets, education, auto, and health insurance, and many others.