Market Size of India Buy Now Pay Later Services Industry
|2020 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2020 - 2022
|> 10.00 %
*Disclaimer: Major Players sorted in no particular order
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India BNPL Market Analysis
India's Buy Now Pay Later Services Market has generated a revenue of USD 8 billion in the current year and is poised to register a CAGR of 10% for the forecast period. 22% of consumers in India bought goods using BNPL services. The 26 to 35 age group is the primary segment of the BNPL market in India. Nearly 70 million Indians have access to credit, accounting for 7% of India. Still, 93% of Indians do not have access to credit.
The BNPL market in India has gained popularity due to its convenience and flexibility, especially 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 turned people towards online shopping, increasing digital payments and easy tax-free loans driving. 71% have been purchasing more items online since the pandemic. Clothing and Electronics are the major products purchased by BNPL service.
Lazy Pay witnessed a 400% growth in the last two years, with 296 merchant partners offering simple as a payment option. Customers like 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.