India BNPL Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.02 Billion |
| Market Size (2029) | USD 28.39 Billion |
| CAGR (2024 - 2029) | 12.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India BNPL Market Analysis
The India Buy Now Pay Later Services Market size is estimated at USD 16.02 billion in 2024, and is expected to reach USD 28.39 billion by 2029, at a CAGR of 12.12% during the forecast period (2024-2029).
India's Buy Now, Pay Later (BNPL) market is witnessing a surge in growth and popularity. BNPL services empower Indian consumers to make purchases and distribute the cost over instalments, often without interest or with minimal fees. This payment method is becoming increasingly favoured for its convenience and flexibility, particularly in online shopping and more significant transactions. A diverse range of BNPL providers in India cater to varied consumer preferences and needs. Many of these services seamlessly integrate with e-commerce platforms, allowing customers to break their payments into manageable segments. The digitalization of payments and evolving consumer shopping behaviours primarily fuel the rapid expansion of India's BNPL market.
As India's BNPL landscape evolves, consumers must engage with these services judiciously to avoid potential debt traps. In tandem, regulatory bodies are crafting frameworks aimed at safeguarding consumers and promoting equitable practices within the BNPL sector.
India BNPL Market Trends
Surging E-commerce and Digital P2M Payments Boosting the Market
Online shoppers are increasingly favouring Buy Now, Pay Later (BNPL) as their preferred payment method. As e-commerce flourishes, the customer base for BNPL services broadens. Shoppers are increasingly choosing BNPL at checkout, drawn by its convenience and flexibility. The seamless integration of BNPL into online platforms has widened its reach, making it accessible to more consumers. Furthermore, BNPL services have not only elevated the average order value in e-commerce but also empowered consumers to make larger purchases, paying in instalments. This newfound purchasing power enables consumers to acquire pricier items they might have previously deemed unaffordable, leading to boosted sales volumes and revenues for e-commerce platforms.
Rise in Consumer Spending Driving the Market
The Buy Now Pay Later (BNPL) industry has benefited from increased consumer spending. Increased consumer spending creates more opportunities for BNPL services to thrive and grow. The rise in consumer spending has fostered innovation and competition within the BNPL industry. BNPL service providers strive to offer more competitive terms, improved user experiences, and additional features to attract and retain customers. This leads to increased innovation and a better overall experience for consumers. The growth in consumer spending has attracted the attention of financial institutions, retailers, and e-commerce platforms. This has led to increased partnership opportunities for BNPL service providers. Financial institutions may collaborate with BNPL companies to offer their customers flexible payment options. At the same time, retailers and e-commerce platforms may integrate BNPL services into their checkout process to enhance the customer experience and increase sales.
India BNPL Industry Overview
The Buy Now Pay Later (BNPL) industry is semi-consolidated and has become increasingly competitive, with numerous players entering the market to capitalize on its growth potential. Prominent companies involved in the Buy Now Pay Later services sector in India are covered in the study. However, with technological advancement and service innovation, domestic and international companies are increasing their market presence by securing new contracts and tapping new markets. Players who differentiate themselves through competitive interest rates, flexible repayment options, superior customer experiences, strong partnerships, and innovative solutions are expected to thrive in the competitive landscape of the BNPL industry. It has significant players, including Lazypay, Paytm Postpaid, Zest Money, Free Charge, and Simpl.
India BNPL Market Leaders
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Lazypay
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Paytm Postpaid
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Zest money
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Free charge
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Simpl
*Disclaimer: Major Players sorted in no particular order
India BNPL Market News
- August 2024: PayU, a prominent player in India's digital financial services landscape, teamed up with Amazon Pay Later to provide instant digital credit access to a vast number of Indian consumers.
- June 2023: The global leader in payment services, Worldline, partnered with Mswipe Technologies, the top payment aggregator in India, to offer Brand Equated Monthly Instalments (EMI) as a value-added service that lets companies provide No-Cost EMI financing from many top brands on Worldline Android Smart POS devices throughout the nation.
India Buy Now Pay Later Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Surge in E-commerce Adoption
4.2.2 Growing Middle Class and Increasing Disposable Income
4.3 Market Restraints
4.3.1 Insufficient Financial Literacy is Restraining the Market
4.3.2 Market Growth is Hindered by Data Privacy and Security Concerns
4.4 Market Opportunities
4.4.1 Retailer Partnerships are Opening New Avenues
4.4.2 Venturing into Brick-and-Mortar Retail
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Understanding the Regulatory Landscape
4.7 Insights on Technological Innovations Shaping the Market Landscape
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Channel
5.1.1 Online
5.1.2 POS
5.2 By Enterprise
5.2.1 Large Enterprise
5.2.2 Small & medium enterprise
5.3 By End-user
5.3.1 Consmer electronics
5.3.2 Fashion & garments
5.3.3 Healthcare
5.3.4 Leisure & entertainment
5.3.5 Retail
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Zest Money BNPL
6.2.2 Free charge
6.2.3 Paytm postpaid
6.2.4 epayLater
6.2.5 Mobikwik ZIP
6.2.6 Flipkart pay later
6.2.7 Olamoney Postpaid
6.2.8 Money Tap
6.2.9 Simpl
6.2.10 Lazy Pay
6.2.11 Flexmoney
6.2.12 Amazon Pay later
6.2.13 Capital float
6.2.14 Slice
6.2.15 Kreditbee
6.2.16 Postpe*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
India BNPL Industry Segmentation
Buy Now, Pay Later is a type of quick loan. Consumers can purchase the products and pay later with no interest. A complete background analysis of the market is provided, including market size and forecast, market shares, industry trends, growth drivers, and vendors. The research also includes qualitative and quantitative evaluations based on an analysis of data collected from market participants and industry analysts at significant stages. India's buy now pay later services market is segmented by channel, which includes online and POS; by enterprise, including large enterprises and small & medium enterprises; and by end-user, including consumer electronics, fashion & garments, healthcare, leisure and entertainment, and retail. The report offers market size and forecasts for India's buy-now-pay-later services market in value (USD) for all the above segments.
| By Channel | |
| Online | |
| POS |
| By Enterprise | |
| Large Enterprise | |
| Small & medium enterprise |
| By End-user | |
| Consmer electronics | |
| Fashion & garments | |
| Healthcare | |
| Leisure & entertainment | |
| Retail |
India Buy Now Pay Later Services Market Research Faqs
How big is the India Buy Now Pay Later Services Market?
The India Buy Now Pay Later Services Market size is expected to reach USD 16.02 billion in 2024 and grow at a CAGR of 12.12% to reach USD 28.39 billion by 2029.
What is the current India Buy Now Pay Later Services Market size?
In 2024, the India Buy Now Pay Later Services Market size is expected to reach USD 16.02 billion.
Who are the key players in India Buy Now Pay Later Services Market?
Lazypay, Paytm Postpaid, Zest money, Free charge and Simpl are the major companies operating in the India Buy Now Pay Later Services Market.
What years does this India Buy Now Pay Later Services Market cover, and what was the market size in 2023?
In 2023, the India Buy Now Pay Later Services Market size was estimated at USD 14.08 billion. The report covers the India Buy Now Pay Later Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Buy Now Pay Later Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What technological advancements are driving the growth of BNPL Industry in India?
The technological advancements driving the growth of BNPL Industry in India are a) Seamless integration with e-commerce platforms b) AI-driven credit assessments, and user-friendly mobile applications
India Buy Now Pay Later Services Industry Report
The Buy Now Pay Later (BNPL) services market in India is experiencing substantial growth, driven by the expanding e-commerce sector and the increasing adoption of digital payment methods. According to Mordor Intelligence™ Industry Reports, the BNPL market in India is segmented by channel, enterprise size, and various end-user industries such as healthcare, consumer electronics, fashion, and retail. Online channels dominate the BNPL industry in India, facilitating the growth of small and medium-sized enterprises by offering flexible payment solutions that cater to the evolving needs of modern consumers. Large enterprises utilize their financial strength and brand recognition to effectively implement BNPL services, attracting a broader customer base. The healthcare sector, in particular, has seen notable growth in BNPL usage, providing consumers with manageable installment plans for significant medical expenses. This expansion is further supported by strategic partnerships between BNPL providers and e-commerce platforms, enhancing consumer satisfaction and driving market growth. The synergy between the thriving e-commerce landscape and BNPL services creates a dynamic environment for sustained market expansion, making BNPL a popular payment choice across various consumer segments in India. For a detailed market forecast outlook and historical overview of the BNPL market size in India, access a free report PDF download from Mordor Intelligence™.
India Buy Now Pay Later Services Market Report Snapshots
