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OYO, a hospitality firm, has recently launched a program called "stay now pay later" (SNPL), aimed at providing Indian travelers with greater flexibility in planning their summer travel. In partnership with Simpl, a credit-based payments service, OYO's SNPL program offers customers a credit limit of up to Rs 5,000, which can be settled after a 15-day hotel stay.
The program can be accessed through the OYO app, where customers can choose the SNPL plan that best suits their needs. During a pilot test with 10% of its user base, OYO observed an 8% increase in payment completion rates. Furthermore, over 40% of users opted for SNPL for transactions exceeding Rs 2,000, indicating the appeal of the program for travelers seeking flexible payment options.
Currently available for Android users, the SNPL program will be rolled out for iOS users at a later stage. Abhinav Sinha, OYO's Global COO and Chief Technology & Product Officer, expressed the company's commitment to customer convenience, stating that as a customer-centric organization, the company is constantly striving to make travel more convenient for our consumers.
According to OYO's Summer Vacation Index 2023 report, 82% of Indians plan to travel this summer, with 92% of them opting to explore domestic destinations. The SNPL program aims to enable travelers to plan their summer trips without immediate financial burdens. By providing a deferred payment option, OYO seeks to support cash flow-conscious individuals who may prefer to settle their expenses after enjoying their hotel stay.
In addition to the SNPL program, OYO continues to focus on enhancing the overall travel experience for its customers. The company is known for its commitment to providing quality accommodations at affordable prices, ensuring a comfortable and enjoyable stay for guests. OYO's user-friendly app and website make it easy for travelers to search and book accommodations according to their preferences and budget.
OYO's entry into the "stay now pay later" segment aligns with the evolving preferences of modern travelers who value flexibility and convenience in their travel plans. By collaborating with Simpl, OYO can leverage their credit-based payments service to offer customers an alternative payment option that fits their financial needs. The partnership aims to attract a larger customer base by catering to the diverse requirements of travelers, ultimately enhancing OYO's position as a leading hospitality provider in India.
As the travel industry gradually recovers from the impact of the COVID-19 pandemic, OYO's introduction of the SNPL program comes at an opportune time. With the desire to explore and experience new destinations on the rise, the program provides a practical solution for travelers looking to manage their expenses effectively. By offering a credit limit and deferred payment option, OYO aims to alleviate financial concerns and make travel more accessible for a wider audience.
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