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 announced the number of its premium hotels in the country. plan to double was announced. 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.
Whereas in March the news came It was reported that OYO’s revenue is expected to grow by 19 percent to over Rs 5,700 crore in the current financial year. 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.