India Buy Now Pay Later Market Size, Share, Growth Rate, Trends and Forecast Research Report 2026: Ken Research

Market Overview

Buy Now Pay Later (BNPL) is a payment option that enables the customers to make purchases online and at stores without having to pay the entire amount upfront. Aspects propelling the growth of the market include digitization, augmenting the merchant adoption, the increasing repeat utilization among younger consumers, and the introduction of new players proposing lending through BNPL services. Younger consumers prefer utilizing the BNPL services as it delivers the several benefits, such as buying high-cost laptops and smartphones and making payments for the stationery products.

Report Overview and Analysis

According to the report analysis, 'India Buy Now Pay Later Market Outlook to 2026: Cascading Growth driven by one-click payment ease, unmatched expediency among lending solutions and free of cost deferment of payments, coupled with rising adoption by Merchant Payments due to increase in Customer Conversion and Sales Value' states that Indian Buy Now Pay later market grew at a CAGR of ~321 % by the Gross merchandise value (total value of the loans disbursed to clients), throughout FY'19-FY'21. The Average ticket size has revealed a ~24x growth during the same period as well.

Market Segmentation

E-commerce, and food aggregators deliver the majority GMV with ~38% of market share in the total GMV of BNPL market across India. Online transactions are prevalent associated to offline PoS transactions, and South zone accounts for majority of the requirement for BNPL services.

Trends and Opportunities

Technological innovations coupled with the notable augment in internet penetration globally have enabled financial service providers to propose the novel digital services to customers. The growing popularity of mobile-based apps for making payment transfers also influence the requirement for internet banking. Not only has this, the robust growth of the e-commerce sector has assisted the fintech companies to advance their footprints for BNPL solutions. For instance, the Amazon Pay Later services proposed by Amazon.com, Inc., have more than two million users in India and have already been utilized by more than 10 million times since its launch during April 2020.

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On the basis of market research report of Buy Now Pay Later, the higher smartphone acceptance and the requirement for speedier internet connectivity have influenced the merchants and customers to receive and make payments via the digital platform. In addition, the BNPL platform also assists the QR-code option that enables the customers to scan the code and make respective payments. However, great late fees charged by BNPL service providers are projected to hinder the India Buy Now Pay Later Market Growth Rate over the forecast period. Moreover, credit providers and banks that propose the BNPL services place charges on both the merchant and the client.

India Buy Now Pay Later Market Major Players

The market is ascetically fragmented. BNPL is a beneficial service for both customers and merchants. Prominent providers, making their manner toward the e-commerce ecosystem by enlarging their footprints and gaining new customers. BNPL is becoming a progressively popular method for customers to make buy in-stores and online. A high number of retailers are aiming on accepting these point-of-sale and online installment loans as payment approaches, thereby generating the growth opportunities for the BNPL solution providers. The increasing e-commerce industry is further projected to provide the market over the forecast duration. Some of the prominent players in the India buy now pay later market are:

Lazypay
Simpl
Zest Money
Kreditbee
Cashe
ePayLater
Platform based (e-commerce, online travel aggregators)

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Capital Float (Amazon Pay Later service provider)
Flipkart Paylater
Ola Money postpaid
Card based Players

Slice
Postpe
Dhani Onefreedom Card
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M-wallets offering BNPL Services

Freecharge Pay Later
Paytm Postpaid
ZipPay later by Mobikwik
Banks offering BNPL Services

Pay Later by ICICI
Covid-19 Impact India Buy Now Pay Later Market

The COVID-19 pandemic has had an optimistic impact on the India market. With the crisis limiting household incomes across the India, the search for liquidity has been preeminent. The pandemic has propelled a new normal in online shopping where customers are confident in buying the products with several online payment gateways. In addition, banks are often deterred from delivering the credit in challenging economic environments. In such cases, BNPL solutions assist the customers in paying their bills in installments. As a result, BNPL transactions have meaningfully increased throughout the COVID-19 pandemic.

India Buy Now Pay Later Market Future Outlook

The Used Buy Now Pay later Market in India is projected to augment with the increasing adoption of smart phones and internet penetration, credit requirement unfulfilled by credit cards, and convenience proposed by BNPL platforms. Over the review period FY'22-FY'26, the India Buy Now Pay Later Market is further predicted to showcase an upward trend in terms of Gross Merchandise Value ("GMV") and average ticket size, much quicker than the earlier years, with the market consistently enlarging. Predicted RBI regulations are projected to make the market more secure for clients as well.

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