India Buy Now Pay Later Market Report 2021: BNPL Payments will be expected to grow by 72,7% - Forecast to 2028
The report "India Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy now Pay later Trends by End-Use Sectors, Operational KIPs, Market ResearchAndMarkets.com's Research And Markets site. Offers.
In India, the buy now, pay later (BNPL) flexible payment method initially started with e-commerce marketplaces gradually moved into other industry verticals. In some of the sectors where BNPL providers have a lot of growth, such as food delivery, the travel industry, and online grocery shopping are some examples of some sectors.
The growth of the industry is driving the increase in the purchase capacity offered by BNPL in times of coronavirus pandemic. The rise of India's BNPL segment is based on informal access to credit, but the informal nature of accessing credit is the primary driver for the development of the AP. According to the BNPL survey, the amount of a nPL in the country will grow by 72.7% on annual basis and reach 6327.2 million in 2021.
The digital payment industry is one such segment that experienced tremendous growth in Covid-19. India was well on track to record significant growth in the digital payment industry even before the pandemic. However, the global coronavirus outbreak has dramatically accelerated the shift.
Moreover, the e-commerce sector's strong growth helped startups and fintech giants to establish their footprints in the India space. For example, the pay later service offered by Amazon has more than two million users in India and has been used more by more over 10 million times since its launch in April 2020.
The rising popularity of credit among consumers in India has forced traditional bank players to venture into the BNPL space. For attracting non-credit card users in the country, convention banking players such as ICICI Bank and HDFC Bank have added BNPL product offerings to their existing financial products. In November 2020, ICICI Bank launched a flexible payment solution that lets consumers make online payments.
The long-term growth story of the BNPL industry in India remains strong. The BNPL payment adoption is expected to grow steadily in the forecast period, with a CAGR of 28,9 % during 2021-2028. The Gross Merchandise Value of the BNPL in the country will increase from $3663 in 2020 to $37,440.2 in 2028.
India BNPL Market Size and Spending Pattern - India India's neoliberal BMX Market and Indian Spends Pattern (DPP) / Indias National Statistical Association (BNLP)/India
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- Volume Trend Analysis
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- The volume of the volume is adjusted to the trend.
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- LazyPay is a lazypayer.
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- PineLabs produces woodwork.
- Paytm Postpaid Payroll Pay Paydaym Paypayroll Postpaypayt
- OlaMoney Postpaid by OlamoMony.
- Amazon Pay Later to Amazon.
- Flipkart Pay Later.
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