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Buy Now Pay Later (BNPL)

Facts​

  • BNPL users will surpass 900 million globally by 2027, increasing from 360 million in 2022
  • In APAC, BNPL awareness is highest in India at 98% of banked consumers
  • India (together with China) has the highest usage rate in Asia
  • Spending through BNPL is set to go beyond retail shopping and expand in categories like household bills, petrol, travel, and more
  • The top reasons for BNPL usage in India are convenience, good deals, and referral by others

Indian banks are in a strong position to leverage consumers' trust and push their influence in the BNPL market

  • BNPL is becoming the first credit experience for millennials and younger - your future customers - who will now whave a different perspective on credit cards
  • Its rise will give banks some tough competition for market share if they don't move rapidly to meet demand
  • BNPL is the window to acquiring younger banking customers, who can be nurtured to become higher value banking customers in the long run
  • Consumers are more likely to trust banks over other BNPL solution providers if banks were to offer their own BNPL solutions