Market Trends of India Buy Now Pay Later Services Industry
This section covers the major market trends shaping the India Buy Now Pay Later Services Market according to our research experts:
Surging Ecommerce and Digital P2M Payments Boosting the Market
Ecommerce in India is about to cross USD 100 billion soon. Digitizing the economy and providing cheap internet to the people are a few of the many reasons that boosted digital sales growth in India. Buy now pay later is becoming a preferred mode of payment for e-commerce transactions. It will comprise 14% of the transaction value for e-commerce companies over the next few years.
India is one of the world's largest millennial and Gen-Z populations, and these generations are contributing more and more to the country's exponential use of smartphones and digital payments. Over the last year, there has been a significant rise in online shoppers, particularly in Tier-2 and 3 cities, due to increasing awareness about e-commerce and the adoption of cashless payments.
Rise in Consumer Spending Driving the Market
Consumer spending in India is recovering from the pandemic, and with offices opening, consumer spending is rising. The index of consumer sentiments has risen cumulatively by 36.8% between June 2021 and March 2022 and made a comeback of 56.6% since hitting its lowest point in May 2020.
