India Buy Now Pay Later Market Size, Growth & Research Report (2025-2033) | UnivDatos

According to the UnivDatos, are rising e-commerce penetration, increasing digital payment adoption via UPI & wallets, millennial and Gen Z preference for instant credit, lack of access to traditional credit instruments (e.g., credit cards), rapid smartphone and internet penetration in Tier II & III cities, growing demand for contactless and flexible payment options drive the India Buy Now Pay Later market. As per their “India Buy Now Pay Later Market” report, the Indian market was valued at USD ~16,200 million in 2024, growing at a CAGR of about 11.90% during the forecast period from 2025 - 2033 to reach USD million by 2033.

​The growth of the modern Indian financial ecosystem is currently boosted by the BNPL industry’s fast-growing trend. This means of direct purchase of goods and services with the ability to repay in installments without incurring extra charges on interest has gained popularity within the country. The influence of technology advancement, new consumer behavior, and government policies has placed BNPL at the center stage as a critical player in the ongoing transitioning digital economy in India.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/india-buy-now-pay-later-market?popup=report-enquiry

Increasing Digital Payment Adoption via UPI & Wallets

Factors like UPI and digital wallets have grown quite fast in India, and this has laid the right platform for BNPL. Consumer, on the other hand, have increased using UPI for their daily payments and transactions since more than 10 billion transactions are done every month until early 2025. This is particularly in line with BNPL, which is in harmony with digital checkouts and makes processes easier and faster. This is so because more and more users are familiar with other payment applications such as PhonePe, Paytm, and Google Pay, which increases the acceptance of BNPL.

UPI’s Continued Success: Ministry of Finance, in September 2024

UPI remains the cornerstone of India's digital payment ecosystem. UPI has revolutionized digital payments in the country. UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. Furthermore, during the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crores.

The value of transactions has grown from ₹1,962 lakh crore to ₹3,659 lakh crore at CAGR of 11%. Additionally, in the last 5 months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive ₹1,669 lakh crore.

Thus, UPI and wallets also give BNPL useful information about the financial transactions of a user, which can be used to determine credit score, especially for those who have no credit score. This means that in the same way, a completely delinked underwriting paradigm underpins the prospects of low-risk onboarding of new-to-credit customers from Tier II and III towns and cities. They include an increasingly faster, convenient, and more trusted digital payment method that fuels the growth of BNPL in e-commerce, retailing, and service industries. Consequently, BNPL will experience a high growth rate as more individuals participate in digital payments.

UPI’s Continued Success: Ministry of Finance, in September 2024

UPI remains the cornerstone of India's digital payment ecosystem. UPI has revolutionized digital payments in the country. UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. Furthermore, during the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crores.

The value of transactions has grown from ₹1,962 lakh crore to ₹3,659 lakh crore at CAGR of 11%. Additionally, in the last 5 months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive ₹1,669 lakh crore.

Adoption of Buy Now Pay Later in India

The factors that may have influenced the increase of BNPL in India include the following.

·        Digital Payment Ecosystem: With the availability of various digital payment structures, especially the UPI, the environment governing BNPL services is friendly. The easy usage of UPI through applications and the high degree of its acceptance have made the use of digital transactions possible, hence allowing the integration of BNPL.

·        Consumer profile: It is a fact that India has a large population of young millennials and Gen Z customers who are tech-savvy and looking for convenience and flexibility in payments. BNPLs meet this need by providing credit immediately, given that they eliminate the complications related to the credit rating systems.

·        E-commerce Growth: The continuous growth of online markets has decisively contributed to the population of BNPL. It is common to note that many online stores are collaborating with BNPL service providers to make payment more flexible and attractive for buyers, thus increasing sales.

·        Access to Credit: Third, and most importantly, BNPL services have become a convenient way to offer credit to credit-invisible consumers. This has the most effect in the rural and semi-urban areas since formal banking services may not be adequately available.

Click here to view the Report Description & TOC https://univdatos.com/reports/india-buy-now-pay-later-market

Implementation Strategies

The elements of the business model that would ensure the successful execution of BNPL services in India are as follows:

·        In terms of technology integration, BNPL providers are increasingly leveraging technology to enhance the consumers’ experience. This involves the incorporation of services right into the merchant ecosystem, thus helping consumers have a smooth mode of checkout.

·        Risk Management: To minimize the risks that accrue from the possibility of defaults on the part of the BNPL companies, they have adopted advanced credit rating solutions. These tools capture a consumer’s behavior and his or her previous transactions to decide on a loan offering.

·        Regulatory Requirements: It becomes mandatory for BNPL services to stick to the existing rules and regulations to stay sustainable. The providers have engaged the government and other bodies tasked with the responsibility of overseeing the finance laws and consumer protection agencies.

·        Consumer Awareness: It is also important to raise the awareness of consumers on the advantages and liabilities of using BNPL services. Clear information on how and when to repay the loan and the necessary penalties produces confidence in the users and makes them more careful.

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