The services of buy now, pay later are continuing to develop in popularity as individuals seek alternative approaches of financing. Buy now, pay later allow consumers to pay in the interest-free instalments, are continuing to develop in popularity as individuals seek the alternative approaches of financing – a trend exacerbated by the coronavirus pandemic. And with the swelling market comes heightened competition amongst the financial services companies. The buy now, pay later industry has modernized layaway and instalment payments to propose consumers flexible payment choices for their purchases.
Report Analysis
According to the report analysis, ‘India Buy Now Pay Later Market Outlook to 2026: Cascading Growth driven by one-click payment ease, unmatched expediency among lending solutions and free of cost deferment of payments, coupled with rising adoption by Merchant Payments due to increase in Customer Conversion and Sales Value’ states that the Used Buy Now Pay later Market in India is predicted to increase with the rising adoption of smart phones and internet penetration, credit need unfulfilled by credit cards, and convenience proposed by BNPL platforms. Over the forecast period FY’22-FY’26, the India Buy Now Pay Later Market is further projected to showcase an upward trend in terms of Gross Merchandise Value (“GMV”) and average ticket size, much quicker than the earlier years, with the market dependably expanding. Predicted RBI regulations are anticipated to make the market more secure for customers as well.
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Comparative Landscape of India Buy Now Pay Later Market
- Low penalty for payment delay, app stability, fast client issue addressing are among foremost features commended by clients. Even among niche players, implementation has been propelled by ease of on-boarding of new clients.
- E-commerce BNPL players namely Flipkart Pay Later, and Amazon Pay Later (Capital Float) have shown greatest surge in their revenues from FY’19 to FY’21
- The complete funding for BNPL players has been worth at ~1.6 billion dollars as of CY’21; Postpe, Slice and Capital Float are the most funded BNPL companies.
Top Impacting Factors
Factors propelling the growth of the market involve digitization, growing merchant adoption, the increasing repeat utilization among younger consumers, and the introduction of new players proposing the lending through BNPL services. Younger consumers prefer utilizing BNPL services as it delivers several benefits, such as buying high-cost laptops and smartphones and making payments for the stationery products.
Technological innovations coupled with the notable augment in internet penetration around the globe have allowed financial service providers to propose the novel digital services to customers. The growing popularity of mobile-based apps for making payment transfers also influences the demand for internet banking. In addition, the strong growth of the e-commerce sector has assisted fintech companies to improve their footprints for BNPL solutions around the globe.
Region Insights
India is predicted to observe proficient growth rate throughout the review period, due to growth in cost of numerous home appliances likewise music systems, smart TVs, and washing machines. Not only has this, increment in need among youth of underdeveloped areas of India towards buy now pay later platform to purchase great cost electronic devices likewise mobile tab, smartphone and laptop is influencing the great of the buy now pay later market in India regions throughout the forthcoming years.
For More Information, refer to below link:-
India Buy Now Pay Later Market Research Report
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