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India Buy Now Pay Later Services Market Research Report Information By Channel (Online and POS), By Enterprise (Large Enterprise and Small & medium enterprise), By End-user (Consumer Electronics, Fashion & Garments, Healthcare, Leisure & Entertainment, Retail, and Other End-Users), - India Market Forecast Till 2032


ID: MRFR/ICT/20088-HCR | 128 Pages | Author: Snehal Singh| July 2024

India Buy Now Pay Later Services Market Overview


India Buy Now Pay Later Services Market Size was valued at USD 8.2 Billion in 2022. The buy now pay later services market industry is projected to grow from USD 9.04 Billion in 2023 to USD 19.814 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.30% during the forecast period (2024 - 2032). Some of the key market drivers driving the market are the growing need for BNPL services in the retail sector, the growing use of BNPL services in the healthcare sector, significant R&D efforts, and shifting consumer purchasing patterns.


Figure 1: India Buy Now Pay Later Services Market Size, 2024-2032 (USD Billion)


India Buy Now Pay Later Services Market Overview1


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Buy Now Pay Later Services Market Trends




  • Surge in E-commerce Platforms to Boost the Market Growth




The introduction of the Buy Now Pay Later (BNPL) services model in India has generated a great deal of discussion. Presented as a game-changing option for small credit purchases, it's quickly taking the lead as millennials' preferred mode of payment. The microfinance business, which is expected to reach approximately USD 14,000 million by 2024, is especially successful in tier 2 and tier 3 cities and has an impressive annual growth rate of 22.9%. The growing market for Buy Now Pay Later (BNPL) services is stimulated by the robust E-commerce sector in India. Modern consumers' convenience-seeking behavior on internet buying platforms gives this symbiotic relationship impetus. 


Buy Now Pay Later (BNPL) services' flexible and postponed payment alternatives fit in well with this trend and increase consumer satisfaction. Moreover, partnerships between E-commerce companies and Buy Now Pay Later (BNPL) suppliers enhance this mutual benefit and support a vibrant environment of growth. The Buy Now Pay Later (BNPL) services market is anticipated to benefit greatly from this connection as India's E-commerce sector continues to grow with a variety of products and increased consumer interaction. The aforementioned dynamic highlights the mutually beneficial association between the flourishing E-commerce industry in India and the rapidly growing market CAGR of the Buy Now Pay Later (BNPL) services market.


There are several uses for BNPL services in India in the healthcare sector. Patients utilize them frequently to cover the long-term costs of costly medical procedures and treatments. People can now obtain essential healthcare treatments without having to pay large upfront expenses, which increases accessibility and affordability. Additionally, by breaking up the cost into manageable installments, BNPL services let customers buy health and wellness products like supplements, medical equipment, and exercise gear. The industry is expanding as a result of the expanding alliances between BNPL service providers and pharmacies to provide flexible payment options for prescription drugs. In addition, the market expansion is being bolstered by the extensive use of services to obtain subscription-based healthcare features, like wellness memberships, mental health counseling, and telemedicine platforms. Thus, driving the India buy now pay later services market revenue.


Buy Now Pay Later Services Market Segment Insights


Buy Now Pay Later Services Channel Insights


The India Buy Now Pay Later Services market segmentation, based on channel, includes Online and POS. The online segment dominated the market mostly. Several organizations, including business-to-business e-commerce sites, have entered the Buy Now Pay Later (BNPL) market to support the growth aspirations of small and medium-sized businesses (SMEs) in India. BNPL is a growing market category among consumers and business leaders alike. As such, these organizations are aggressively pursuing investment rounds to expand their B2B BNPL offerings to a wider range of Indian businesses. With the internet becoming more widely available and digitalization driving India's e-commerce industry to reach a USD 100 billion milestone, the digital sales landscape has expanded. 


Figure 1: India Buy Now Pay Later Services Market, by Channel, 2023 & 2032 (USD Billion)


india Buy Now Pay Later Services Market, by Channel, 2023 & 2032

 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Buy Now Pay Later Services Enterprise Insights


The India Buy Now Pay Later Services market segmentation, based on enterprise, includes Large Enterprise and Small & medium enterprise. The large enterprise category generated the most income. It is explained by their large financial resources, well-established brand awareness, and larger clientele. Large businesses are frequently able to invest in and successfully execute Buy Now Pay Later (BNPL) services, which draws in a greater number of clients. They are positioned as leaders in utilizing this payment method to improve customer experience and promote sales growth because of their current consumer trust and stable finances, which provide a favorable climate for BNPL adoption.


Buy Now Pay Later Services End-user Insights


The India Buy Now Pay Later Services market segmentation, based on end-user, includes Consumer Electronics, Fashion & Garments, Healthcare, Leisure & Entertainment, Retail, and Other End-Users. The healthcare category generated the most income. Indians spend large amounts of money on medical and health care each year. These expenses are paid for out of personal savings because the majority of people do not have insurance. In response, a growing number of Buy Now Pay Later (BNPL) firms are making inroads into the healthcare industry. QubeHealth has collaborated with companies such as Tavant Technologies and SmartWorks, providing healthcare products with deferred payment options. They help employees with costs not covered by employer-sponsored health insurance with their QubeHealth-Card.


Buy Now Pay Later Services Country Insights


The ease and flexibility of the BNPL market in India have contributed to its growth, particularly with younger consumers and internet shoppers. It has made it possible for customers to spread out payments over time and make costly purchases while also improving their financial management. Approximately 70 million Indians, or 7% of the population, have access to credit. 93% of Indians lack access to credit even now. The pandemic increased the number of people making digital payments and using cheap tax-free loans for driving, as well as online shopping. 


After the pandemic, 71% of consumers had made more internet purchases. The two main items that BNPL service purchases are electronics and clothing. Moreover, in the past two years, Lazy Pay has grown 400%, and 296 merchant partners now accept simply as a form of payment. Consumers enjoy the app's dependability, the minimal late payment penalty, and the prompt resolution of consumer concerns. Adoption has been spurred by the flexibility of onboarding new customers, even among niche players.


Buy Now Pay Later Services Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the buy now pay later services market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the buy now pay later services industry must offer cost-effective items.


Major players in the buy now pay later services market are attempting to increase market demand by investing in research and development operations, including epayLater, Zest Money BNPL, Mobikwik ZIP, Flipkart pay later, Olamoney Postpaid, Simpl, Free charge, Lazy Pay, Flexmoney, Amazon Pay later, Money Tap, Paytm postpaid, Capital float, and Slice.


Key companies in the buy now pay later services market include




  • epayLater




  • Zest Money BNPL




  • Mobikwik ZIP




  • Flipkart pay later




  • Olamoney Postpaid




  • Simpl




  • Free charge




  • Lazy Pay




  • Flexmoney




  • Amazon Pay later




  • Money Tap




  • Paytm postpaid




  • Capital float




  • Slice




Buy Now Pay Later Services Industry Developments


May 2023: In half a year, ZestMoney hopes to turn a profit. Said to be wrapping up a fresh round of funding from its current investors, which include Scarlet Digital, Quona Capital, Zip, Omidyar Network India, and Flourish VC, is the fintech company. In order to maintain business continuity, ZestMoney intends to function as a lending service provider (LSP), writing loans in conjunction with banks and non-bank financial companies (NBFCs) as opposed to lending straight from its balance sheet.


February 2023: India removes the prohibition on several other lending applications and PayU's LazyPay. As per a person acquainted with the matter, the Indian IT Ministry has lifted the prohibition on seven prominent lending apps, such as PayU's LazyPay, Kissht, KreditBee, and Indiabulls' Home Loans. This move has brought some respite to the fintech sector, which has been subjected to intense scrutiny in recent times.


Buy Now Pay Later Services Market Segmentation


Buy Now Pay Later Services Channel Outlook



  • Online

  • POS


Buy Now Pay Later Services Enterprise Outlook



  • Large Enterprise

  • Small & medium enterprise


Buy Now Pay Later Services End-user Outlook



  • Consumer Electronics

  • Fashion & Garments

  • Healthcare

  • Leisure & Entertainment

  • Retail

  • Other End-users

Report Attribute/Metric Details
Market Size 2022 USD 8.2 Billion
Market Size 2023 USD 9.04 Billion
Market Size 2032 USD 19.814 Billion
Compound Annual Growth Rate (CAGR) 10.30% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019-2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Channel, Enterprise, End-user, and Region
Countries Covered India
Key Companies Profiled epayLater, Zest Money BNPL, Mobikwik ZIP, Flipkart pay later, Olamoney Postpaid, Simpl, Free charge, Lazy Pay, Flexmoney, Amazon Pay later, Money Tap, Paytm postpaid, Capital float, and Slice
Key Market Opportunities ·         Increasing artificial intelligence (AI) technology integration with applications
Key Market Dynamics ·         Growing acceptance of e-commerce ·         Increasing middle class and disposable income


Frequently Asked Questions (FAQ) :

The India Buy Now Pay Later Services market size was valued at USD 9.04 Billion in 2023.

The market is projected to grow at a CAGR of 10.30% during the forecast period, 2024-2032.

The key players in the market are epayLater, Zest Money BNPL, Mobikwik ZIP, Flipkart pay later, Olamoney Postpaid, Simpl, Free charge, Lazy Pay, Flexmoney, Amazon Pay later, Money Tap, Paytm postpaid, Capital float, and Slice.

The online category dominated the market in 2023.

The healthcare category had the largest share of the market.

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