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BNPL Market expected to grow 10x
March 28, 2022
The Indian BNPL market could turn into the largest in size universally and is supposed to grow by 10x throughout the next five years to reach $35-40 billion by 2026, as indicated by a market research report by Benori Knowledge, a provider of custom research and analytic solution. The market was at a nascent stage of $3.5-4 billion every 2021.
“One of the most interesting trends to work out against the backdrop of the sped-up accelerated adoption of e-commerce platforms in India, is the ascent of the BNPL payment option,” according to the report.
In terms of e-commerce, BNPL is supposed to comprise 14% of trade value by 2026, becoming almost 5x from 3% in 2021.
“India’s huge youth demographic, rising customer spending, growing preference for online channels and electronic payment techniques, remarkable e-commerce growth, transparency with costs and benefits, and frictionless payment experience are supposed to add to the market development over the forecast period,” the report said.
Further, the low entrance of charge cards at 5% isn’t to the point of addressing consumer credit demand, it added.
India as of now has around 22-25 million BNPL clients, which are assessed to arrive at 90-100 million by 2026.
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