Buy now and play later
Indian Fintech space got this policy of buy-now-pay-later (BNPL) some time back, and recently it was reported that the BNPL is a hit in the market and is set to touch $40 billion by 2025.
The fintech subsegment witnessed around 9 times funding growth and mass adoption in 2021. It is reported that the segment has been appraising by 65 per cent (year-on-year), according to the report published at IANS.
A number of startups have joined the fintech platforms has adapted the BNPL work mode and brands like Flipkart, Paytm, Simpl, Lazypay, PhonePe, Amazon India, ZestMoney, and ePayLater are brands who have adapted BNPL working mode when it comes to selling the products.
India's BNPL ecosystem has witnessed the growth in multiple products and business models which has emerged as the country's diverse BNPL users and ecosystems.
The BNPL players have been driving very high customer satisfaction rates because of which the customers are inclined towards this mode of shopping. This is certainly a significant way ahead of the traditional payment mode for products, as per the report.
Currently, BNPL model has been used towards e-commerce and consumers primarily use this option majorly for online shopping, bill payments, food delivery, online travel booking, EdTech, eHealth, and commutation.
(Inputs in the story has been taken from IANS)
