In the latest update from the e-commerce payments, The Buy Now pay Later (BNPL) industry, has been predicted to increase from 3% to 8.6% of the present e-commerce market by 2025; reports from the 2022 Global Payments by Worldpay suggests.
Upcoming years will witness the BNPL industry rise, especially in tier II and tier III locations, with the rise of smartphone users in these areas. As per RazorPay’s data, the COVID-19 era saw a rise in the BNPL market of India, at a staggering 637 percent in 2021 from the 569 percent registered in 2020.
Redseer consultancy forecasted the Indian BPNL market to rise to $ 45-50 billion, from $3.5 billion by 2026.
“This is exactly why people buy Slice, LazyCard and Uni Cards. It gives them loyalty points, cashback rewards and they have lots of options to play with the accumulated points, although the catch here is to pay the outstanding immediately,” says the Managing Director of the tech firm Location Bank India, Dhaval Doshi.
