Buy Now Pay Later (BNPL) has been a popular financing option in recent years. The demand for BNPL in India has been increasing for roughly 2-3 years, and it has been accelerated by COVID-19. BNPL has evolved as a more convenient payment option, reducing borrowers’ financial strain by providing no-cost EMIs.
Buy Now, Pay Later (BNPL) short-term micro-credit options that enable consumers to shop online and pay within a few days or weeks with little to no interest. As per the India BNPL Report 2021, the BNPL market in India is estimated to become a $35 Bn market by 2026 growing at a CAGR of 66% over the next 5 years.
Millennials and self-employed people, who don’t have access to formal credit histories, are anticipated to drive the industry. Given the enormous untapped market, BNPL players are eying this enormous opportunity, especially as India’s credit card population is only 67 million, while banks exclusively focus on the top 100 million consumers. Increasing smartphone penetration, affordable mobile data, ease of digital payments, advanced payment infrastructure, and a stable regulatory environment makes India a ripe market for BNPL.
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