India Buy Now Pay Later Market Report 2021: BNPL Payments are Expected to Grow by 72.7% - Forecast to 2028
Wednesday, September 22, 2021
DUBLIN, Sept. 14, 2021 /PRNewswire/ -- The "India Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering.
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In India, the buy now, pay later (BNPL) flexible payment method that initially started with e-commerce marketplaces has gradually moved into other industry verticals. Food delivery, the travel industry, and online grocery buying are some of the sectors wherein BNPL providers are experiencing a lot of growth.
The higher purchasing power offered by BNPL in times of coronavirus pandemic is driving the growth of the sector. However, it is the informal nature of accessing credit that is acting as the primary driver behind the rise of the BNPL segment in India. According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 72.7% on annual basis to reach US$ 6327.2 million in 2021.
The digital payment industry is one such segment that experienced immense growth amid Covid-19. India was well on track to record significant growth in the digital payment category even before the pandemic. However, the global coronavirus outbreak has dramatically accelerated the shift.
Moreover, strong growth of the e-commerce sector helped startups and fintech giants to establish their footprints in the BNPL space in India. For instance, the pay later service offered by Amazon has more than two million users in India and has already been used more than 10 million times since its launch in April 2020.
The growing popularity of credit among consumers in India has even forced traditional banking players to venture into the BNPL space. For attracting non-credit card users in the country, conventional banking players such as ICICI Bank and HDFC Bank have added BNPL product offerings to their existing set of financial products. In November 2020, ICICI Bank, in partnership with Pine Labs, launched a flexible payment solution that allows consumers to make in-store payments.
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 28.9% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 3,663.3 million in 2020 to reach US$ 37,440.2 million by 2028.
Scope
India BNPL Market Size and Spending Pattern
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later Market Share Analysis by Key Players
India Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
-- Online Channel
-- POS Channel
India Buy Now Pay Later in Retail Shopping: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later in Home Improvement: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later in Education: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later in Automotive: Market Size and Forecast
-- Gross Merchandise Value Trend Analysis
-- Average Value Per Transaction Trend Analysis
-- Transaction Volume Trend Analysis
India Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
-- Buy Now Pay Later Sales Uplift by Product Category
-- Buy Now Pay Later Spend Share by Age Group
-- Buy Now Pay Later Gross Merchandise Share by Income
-- Buy Now Pay Later Gross Merchandise Value Share by Gender
-- Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis
Companies Mentioned
-- Simpl
-- ZestMoney
-- LazyPay
-- Capital Float
-- PineLabs
-- Paytm Postpaid
-- OlaMoney Postpaid
-- Amazon Pay Later
-- Flipkart Pay Later
For more information about this report visit https://www.researchandmarkets.com/r/crjl2c
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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