India Buy Now Pay Later Services Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


India Buy Now Pay Later Services Market Analysis:

The Buy Now Pay Later Services Market in India has generated a revenue of USD 8 billion in the current year and is projected to exhibit a Compound Annual Growth Rate (CAGR) of 10% for the forecast period. A significant proportion of consumers in India, i.e., 22%, have utilized BNPL services to purchase goods. The primary segment of the BNPL market in India comprises individuals aged between 26 to 35 years. Approximately 70 million Indians have access to credit, accounting for 7% of the country’s population. However, a vast majority of Indians, i.e., 93%, do not have access to credit.

The popularity of the BNPL market in India can be attributed to its convenience and flexibility, particularly among the younger generation and online shoppers. It has enabled consumers to afford expensive purchases and manage their finances better by spreading payments over time. The pandemic has further accelerated the adoption of BNPL services, with people turning towards online shopping, leading to an increase in digital payments and easy tax-free loans. As a result, 71% of consumers have been purchasing more items online since the pandemic. Clothing and electronics are the major products purchased through BNPL services.

Lazy Pay has witnessed a remarkable growth of 400% in the last two years, with 296 merchant partners offering it as a payment option. Customers appreciate the low penalty for late payments, the app’s reliability, and the speed with which customer issues are resolved. Even among niche players, the flexibility of onboarding new consumers has fueled adoption.

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