National, September 13th 2022: To encourage festival and shopping season, Multipl, India’s first Save Now Buy Later (SNBL) app, has launched the country’s first and only Debt-Free Shopping Challenge. The on-going challenge ends on October 31st 2022. The shopping season brings the desire to shop without regard for one’s financial situation, and we often end up paying more for our shopping needs. This creates a debt cycle. The goal of the shopping challenge is to encourage people to save for future spending in advance, thereby avoiding the cycle of debt.
The app offers users the option to invest their monthly goal savings in personalized market-linked assets. As a SEBI-registered investment advisory, Multipl will recommend to users which mutual funds to invest in. All of these mutual funds are direct, without commission, and uniquely customised for the investors. A Multipl user will be able to earn market returns on his savings before he can use them. Less than 8% of Indians participate actively in the investment market. Multipl’s “invest to shop” gives a chance to connect saving, investing and spending such that consumers pay the lowest for anything that they plan and purchase.
In addition to this, Multipl has partnered with India’s leading brands to provide for users with exclusive savings over the native brand offers. Myntra – Makemytrip – Kalyan Jewellers – Livpure – Quikcilver – Livspace – Maple Technologies – Sangeetha Mobile, among others, are already on board. Users can either tag their investment goals to these brands or choose to directly save-up with some of these brands.
To participate in the Debt-Free Shopping Challenge further, a user will have to create a shopping goal, post it on social media using the hashtags #iamshoppingdebtfree #multiplapp, and tag one person in the post whom they want to take the challenge next.
“ We aim to eliminate all unnecessary debt from the shopping experience. While Buy Now Pay Later (BNPL) offers are lucrative and encourage more shopping, they also catch people in a debt cycle. On the contrary, SNBL promotes the practice of saving money first and smarter for shopping later. The users of our Debt-Free Shopping Challenge will be able to use market returns and brand cash to pay the least amount possible for their purchases. Typically our tribe members can save up to 20% more while making any planned purchase. can now plan and save smarter for any and many expenses – from clothing to diamond rings, iPhones to home appliances, sports to music equipment, home renovations to new year’s vacations,” said Mr. Paddy Raghavan, Co-Founder, Multipl.
The most popular savings categories on Multipl include vacation, jewellery, gadgets, education, auto and health insurance.