OYO has added a new Stay Now and Pay Later feature on its app, through which users can pay for their bookings later. This feature gets rid of the hassle of making instant payments. Additionally, users who take the tension of expenses while traveling can comfortably pay after their travel as per their convenience.
According to OYO’s own Summer Vacation Index 2023, 82 per cent of Indians plan to travel this summer, while 92 per cent are traveling domestically. In such a situation, the company has introduced this feature keeping in mind the convenience of the users. The company has partnered with Simpl, a credit-based payment service, for this feature.
The ‘Stay Now Pay Later’ feature allows customers a credit limit of up to Rs 5,000, which can be settled within 15 days. The feature can be accessed on the home screen of the OYO app.
The feature is currently available for Android users and will soon be released on iOS as well.
In February this year, OYO had announced plans to double the number of its premium hotels in the country. Oyo had told that this year the number of these hotels will be increased by about 1,800. The hospitality company’s premium hotel brands include Townhouse Oak, Oyo Townhouse, Collection O and Capital O. Oyo already has around 1,800 premium hotels in the country.
At the same time, there was news in March that OYO’s revenue in the current financial year is expected to increase by 19 percent to more than Rs 5,700 crore. The company’s revenue in the last financial year was around Rs 4,780 crore. Oyo aims to achieve an adjusted EBITDA of around Rs 800 crore in the next financial year.