DUBLIN, Nov. 17, 2023 /PRNewswire/ -- ResearchAndMarkets.com is pleased to announce the addition of the "India Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q2 2023 Update" report to its product offering.
In India, BNPL payments are expected to grow by 20 percent over the next few years.To reach US$14 billion on an annual basis, the company must grow by 5%.I believe that the growth story of the BNPL industry in India is going to continue to be strong over the medium to long term. The adoption of BNPL payments is expected to grow steadily during the forecast period, recording a CAGR of 12 percent.During the period of 2023-2028, the rate will be 2%. BNPL's Gross Merchandise Value (GMV) in India will increase from US$12 million to US$13 million.It is expected that US$26 billion will be reached by 2022.By the year 2028, there will be 1 billion people in the world.The objective of this report is to provide a detailed data centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a wide range of retail categories, including. This report covers over 75 key performance indicators (KPIs) at the country level and is designed to provide a comprehensive understanding of the BNPL market dynamics, market size and forecast, and market share statistics of each country.Despite the growing popularity of flexible payment methods among consumers in Tier II and Tier III cities of India, the buy now pay later sector has grown significantly in the last couple of years. Over the next three to four years, it is expected that the trend will continue to accelerate. The payment method has resonated with consumers across a range of age groups and classes, and it has become the preferred method of payment for many in the country as a result.Even though there have been regulatory hiccups in the recent past, consumer BNPL spending is expected to grow significantly in Q4 2022, largely due to the year-end festive and holiday seasons.. In the context of rising inflation and the increasing cost of living, the payment method is expected to have a greater penetration in both the online and offline markets as consumers look for flexible payment options in order to keep up with the rising costs..This has resulted in fintech firms experiencing an increasing demand for BNPL services both online and offline. The Reserve Bank of India has introduced a slew of regulatory measures which have impacted the operations of the BNPL players in India directly.. Despite the regulatory hiccups, it is predicted that the sector will record strong growth in Q4 2022, amid the growing consumer demand for their services
Despite the regulatory hiccups, it is predicted that the sector will record strong growth in Q4 2022, amid the growing consumer demand for their services
BNPL providers such as ZestMoney, LazyPay, and KreditBee have all experienced high demand for their services in Q4 2022, making them among the many BNPL providers experiencing high demand.. To fund their festive-related purchases, consumers have increasingly turned to the BNPL payment method in an effort to save money, which has led to a significant increase in volume in the country over the past few years.. In the case of KreditBee, the disbursement of loans during the festive season in 2022 increased by more than 100% compared to the same period in 2021. There was a huge demand for BNPL services from consumers in Tier II and III cities across India, which accounted for much of the demand
There was a huge demand for BNPL services from consumers in Tier II and III cities across India, which accounted for much of the demand
In spite of the fact that the demand was evident only for online purchases, Pine Labs, one of the country's leading fintech firms, has observed a strong rise in the use of BNPL services for offline payments as well. According to the firm, BNPL transactions will total 50 billion rupees in October 2022, which is an increase of 100% compared to the average amount of transactions in any other month.
Moreover, in an attempt to capitalise on the growing demand, Pine Labs has also announced a tie-up with 100,000 stores for the provision of BNPL services by October 2022. From a short- to medium-term perspective, Pine Labs is expected to boost its presence in Tier III and IV cities across the country.
While the payment method has been under increasing scrutiny from the central bank, the demand has continued to increase in India, and the publisher expects that this trend will continue over the next three to four years as well.. The rising cost of living and inflation in India will further support the adoption of new technologies by consumers.It has been reported that providers are focusing on the travel sector to drive their BNPL transaction volume and value in India after two years of pandemic-induced restraints, travel activities have posted a strong recovery in the Indian market,. The BNPL players are forming strategic alliances with travel-based platforms in India in order to capitalize on the growing tourism and travel demand in the country
The BNPL players are forming strategic alliances with travel-based platforms in India in order to capitalize on the growing tourism and travel demand in the country
In October 2022, CASHe, an AI-driven financial wellness platform, announced that it had entered into a strategic alliance with IRCTC, which is a popular online travel booking platform. During the partnership, the two companies have established a travel now, pay later service, which allows travellers to pay for their ticket purchase over a period of time.
A significant amount of demand exists for BNPL in the travel sector. SanKash, a company that specializes in providing travel-related BNPL services, announced that its travel loans increased by 102% in Q2 FY23 as compared to Q1 FY23 as a result of its focus on travel-related BNPL services. Consumers in the age group of 20-30 are responsible for the majority of the demand.
Considering that the demand for travel is expected to rise further in Q3 and Q4 FY23, as a result of year-end holiday trends, the publisher expects more firms to record strong growth within the travel segment throughout the next year. From a short-term to a medium-term perspective, this will also facilitate the formation of more strategic alliances in the Indian market.India has been experiencing a strong growth in the digital payment market for the past few years, with prepaid payment instrument providers banking on the BNPL segment to drive growth.. The growing market, however, has resulted in a competitive landscape that is cut-throat and challenging. A number of prepaid payment instrument providers are relying on BNPL capabilities in order to further strengthen their position on the competitive market and drive growth
A number of prepaid payment instrument providers are relying on BNPL capabilities in order to further strengthen their position on the competitive market and drive growth
There is a strong belief that Paytm, the third-largest mobile wallet provider by market share, will continue to grow due to its credit strategy, which includes BNPL, personal loans to consumers, and credit cards to merchants.. The BNPL loans in Q2 FY23 accounted for 55% of the total INR 73 billion in loans for the period.A total of 13 billion loans have been disbursed by the company. BNPL is also being used by the company to drive the growth of its other credit products as well. As an example, 40% of the personal loans disbursed by BNPL have been disbursed to BNPL customers. BNPL is part of the larger strategy of the company in terms of cross-selling and driving revenue growth through the use of its products
BNPL is part of the larger strategy of the company in terms of cross-selling and driving revenue growth through the use of its products
From the short to medium-term perspective, the publisher expects other prepaid payment instrument providers, including PhonePe, the market leader, to incorporate the BNPL play into their service offerings in light of the robust growth achieved by Paytm in its BNPL segment. In addition to driving the competitive landscape in the Indian BNPL market over the next three to four years, this will also result in the growth of the industry.
Aims and objectives
Buy Now Pay Later Market Share Analysis by Key Players in India
Market Size and Spending Patterns of the Indian BNPL Market, 2019-2028
Buy Now Pay Later Revenue Analysis for India, 2019-2028
Buy Now Pay Later Operational KPIs & Statistics for India, 2019-2028
BNPL in India by Purpose, 2019-2028
BNPL in India by Business Model, 2019-2028
BNPL in India by Merchant Ecosystem, 2019-2028
The distribution model analysis of India's BNPL from 2019 to 2028 can be found here
BNPL Analysis by Channel in India, 2019-2028
Market Size and Forecasts for Buy Now Pay Later in Retail Shopping in India, 2019-2028
Buy Now Pay Later in Home Improvement in India: Market Size and Forecast, 2018-2028
Market size and forecast for Buy Now Pay Later in the Indian Travel/Entertainment sector for the years 2019-2028
Buy Now Pay Later in Services in India: Market Size and Forecast, 2019-2028
Buy Now Pay Later in the Automotive Industry in India: Market Size and Forecast, 2019-2028
A study of the India Buy Now Pay Later market for healthcare and wellness from 2019 to 2028: Market size and forecasts
Buy Now, Pay Later Groceries in India: Market Size and Forecasts for the Next Five Years
An analysis of the Buy Now Pay Later market in India based on consumer attitudes and behavior
In order to find out more about this report, please visit https://www.researchandmarkets.com/r/q53dqg/ for more information

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