Bangalore, February 16 2022: Buy Now, Pay Later (BNPL) has emerged as the preferred option across age groups in 2021, from 18 to 66 finds a survey by ZestMoney, the largest Indian BNPL platform.
‘The India Buy Now, Pay Later Report 2021’ gives an overview of the Indian BNPL ecosystem as well as global best practices.
BNPL transactions on ZestMoney saw a 300% increase in 2021 compared to 2020. Travel, has emerged as a top growth driving category for BNPL along with fashion. There was an increase of 2.3X in the number of transactions on the platform as Indians resorted to BNPL to plan their travel and split their bills at convenience. Bangalore, Mumbai, Ahmedabad, Delhi and Udaipur drove the demand in the travel category.
Travel ,electronics and home and furnishings were top categories for Direct-To-Consumer (D2C) merchants, who enabled BNPL at the checkout.
Says Lizzie Chapman, CEO & Co-founder of ZestMoney: “2021 was an intense year, with the volatility of the pandemic coupled with its impact on the consumer we serve …Customers continued to lap up Pay Later because it gives them the perfect flexibility to spread out costs and plan their finances better.”
ZestMoney has 15 million registered users across the country and the largest network of merchants with over 10,000 online partners including Amazon, Flipkart, Myntra, MakeMyTrip, Nyka and others . It is also present at over 75,000 store partners including brands like Reliance Digital, Sangeetha Mobiles, Pai International, Pa Mobiles, and Poorvika Mobiles .
Read the full report here