‘BNPL’ – Yes! That’s how these apps are called. Who doesn’t like shopping when it comes to an option to pay later? These buy now pay later apps allow users to shop through their app to pay later. Laybuy is one such app that offers the liberty for users to pay their shopping bills after some time.
Are you an entrepreneur looking for ideas to start your venture? This blog will discuss how BNPL apps perform and ways to develop a similar app like Laybuy. Then, a Laybuy clone script will be the right option for you to start your business.
Laybuy – Explore how this BNPL app works
Let us start with understanding the concept of buy now pay later apps. Laybuy started its journey in 2017 with the introduction of its mobile application in New Zealand. These apps are more likely a shopping app where it allows the users to shop with particular retailers listed in their apps. The app does not assure to provide any products for free wherein it just gives some relaxation for the users to pay after some time.
A Laybuy is an application that allows users to buy or shop things through the listed retailers, and the users are allowed to pay for their purchases after a given time. The app is developed on the trends of giving a borrowing option for millennials. Laybuy provides six weeks for the users to pay their bills at an interest-free option. If they fail to do so, the users have to pay additional charges for each delayed transaction.
Within just 18 months since its inception in 2017, the app has garnered around 500,000 shoppers registered with them. This was the major milestone in its business. In 2019, the app was extended to the UK.
The business model of the Laybuy app
Shopping with credit cards is quite tricky, and you do not know how fast your interests are added. To help millennials, the concept of buy now pay later apps was introduced to the common public. The users can shop through the app and pay their bills quietly after some time.
Generally, Laybuy’s business model is focused on both the merchants/retailers and users. The app allows merchants to be a part of its business to receive their payments in installments through the app.
Race ahead of another buy now pay later platforms by an app like Laybuy
To get started with Laybuy, the users should be above 18 years of age. Immediately, upon registering with the app, the users have to link their bank account to the app. The Laybuy will go through and analyze the credit statements of your app. The app will fix a credit limit for the users according to the credit score. And the users can shop with their retailers within the given credit limit.
The six installments made by the users should be in equal payments—the app charges around 6 pounds for each delayed transaction. The app will automatically take an amount from the app for each installment. Immediately after paying the first installment, the product will be shipped from the warehouse.
The revenue model of the Laybuy app
The Laybuy app generates revenue in two ways. Although Laybuy is free for users, it still has to generate revenue from some sources. Let us discuss the ways through which it earns income,
Additional charges for delayed payments
Though Laybuy is interest-free, it levies certain additional charges on users who fail to make their payments within the given period. The app charges around six pounds from the users for each delayed transaction.
Laybuy charges merchant fees from the retailers for doing their business with the app. Apart from this, the app also charges commission charges from the merchants for getting services through the app.
How can you start your venture with a Laybuy clone app?
At Appdupe, we offer a Laybuy clone app developed with cutting-edge features. Our ready-to-launch Laybuy app is the best option for entrepreneurs like you to start your business in a short duration. The Laybuy clone app is ready for you to make your customization into it. Have a look into the enticing features of our Laybuy clone app,
Swift registration process
Our Laybuy clone has an easy registration process for the users to register quickly with the app. They can sign in through their email address, phone number, and also through their social media account.
Linking bank account
To get started with the app, the users have to link their bank account with our Laybuy clone app. The app will analyze the bank credit statement, and it will set a fixed credit score for the users to make their purchases.
This is one of the mandatory features of an app. Without this feature, no applications can function. The Laybuy clone will send notifications and important updates to the users through SMS. Whenever the app takes funds from the account for installments, it will inform the users through these notifications.
An effective admin panel
The app’s admin panel is specially designed for the admins or the app owners to look at the app’s activities. The Admin dashboard will record all the activities and transactions of the users so that the admin can view them whenever they wish.
What will be the total cost for developing an app like Laybuy?
As of now, we have discussed all the positive aspects of developing a Laybuy clone app. When it comes to creating an app, there is no fixed upfront cost. This is because the cost of an app depends on many factors and determinants. For example, the customization level you opt for in your app also impacts the total cost.
Some of the factors that impact the app development cost are features, functionalities, app platform, UX/UI design, and many more. In addition, if you opt for any additional technical support, the cost will increase considerably.
BNPL apps have become the recent trend for millennials to purchase their products within their financial bounds. With an app like Laybuy, you can also create a huge user base in the market. Hurry up soon! Contact us right away and get your personalized Laybuy clone app with enticing features.
Grab The Top Place In Buy Now Pay Later App Market
At AppDupe, we know that our customers are Entrepreneurs and keeping them succeeding is what will make us stronger. So, we promise you, Life Time Updates free of charge. Yes, we know that Apple and Google keep coming out with new versions of their mobile OS's and other companies we clone from also keep updating their features and UX to stay up-to-date. We will take care of that for you, leaving you to do what you do best, Win!
Is this legal?
PicMix and PicYou are almost exact clones of Instagram. MyCityDeal and Wimdu are clones of Groupon and AirBnB respectively. The only thing companies can patent is methodology for achieving an action or leading to an end point. If you can figure out another way to do that, without infringing on other's IP, you totally can. We could, so we did.
Disclaimer: Appdupe neither represents nor have any control over the trademarks of ‘Uber’ and ‘Gojek’. We use the terms ‘Uber’ and ‘Gojek’ for a better understanding of our services. Our offerings intend no harm to any organization or individual.