BNPL in India is expected to grow by 65.5 percent on annual basis, ResearchAndMarkets.com reveals

According to the press release the report is called 'India Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics'. Accordingly, Buy Now Pay Later (BNPL) providers are tapping into a wide pool of Gen Z and Millennials consumers who are wary of using credit cards in India. 

Consequently, the coronavirus induced lockdown, job losses, salary cuts, and uncertain incomes have helped the surge of already rising BNPL popularity in India. For instance, LazyPay – one of the key players in the BNPL payment method in India – has seen a surge in its overall customers and is currently serving over 30 million users in India. Simpl, another BNPL payment provider in the country witnessed a 40% increase in transactions for daily essentials from hyper-local merchants, after the COVID-19 outbreak. 

Growing popularity of BNPL payment method is attracting several big players such as Paytm who are looking to enter the BNPL market. Furthermore, India is expected to be one of the fastest-growing markets when it comes to the adoption of BNPL and digital payment, mainly because of its demographics and high youth population percentage. Besides, to overcome the internet network constraints, especially in rural areas – the Reserve Bank of India is pushing fintech companies to deploy and provide offline solutions. 

The wider availability of BNPL payments is expected to be the next big thing pushing the growth of this segment in the country. Medium to long term growth story of BNPL industry in India remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 24.2% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from USD 6990.5 million in 2020 to reach USD 52827.2 million by 2028.

Overall, the report provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in Buy Now Pay Later industry in India. The report focuses on data-centric analysis of Buy Now Pay Later market dynamics to help companies understand business and investment opportunities along with risks.