Fintech
4 Emerging FinTechs in India’s Expanding BNPL Ecosystem
By Gloria Mathias
Today
- BNP-Paribas
- Buy Now, Pay Later
- Credit card
The Buy Now, Pay Later (BNPL) sector in India is expanding rapidly, driven by the increasing use of digital payment methods and the rising popularity of eCommerce platforms. The convenience and flexibility offered by BNPL services, especially among younger consumers, have contributed to their widespread acceptance. Major players in the BNPL market are forming partnerships with eCommerce platforms, retailers, and payment gateways to improve their reach and accessibility. The sector is also attracting the attention of FinTech startups and established financial institutions, leading to increased competition and innovation. Regulatory oversight by the Reserve Bank of India (RBI) ensures consumer protection and economic stability, which is crucial as the market expands.
India’s young, tech-savvy demographic is further fueling the demand for BNPL solutions, preferring digital payment options that offer convenience and financial flexibility. However, challenges such as ensuring responsible lending practices and educating consumers to prevent over-indebtedness remain key as the BNPL sector continues to evolve.
Second IBS Intelligence DataBNPL-triggered payments are expected to grow at an annual rate of 80% from 2021 to 2025, growing nearly 11-fold. Over the same period, the share of BNPL in the eCommerce and mobile POS space is expected to reach over 20% from 3-4% in 2021. The growing consumer market and the availability of physical cards from BNPL lenders will also enable the proliferation of brick-and-mortar POS.
Below are 5 emerging FinTech platforms in the growing BNPL ecosystem in India:
Aspire FinTech is an online platform that provides customers with financial products and services such as credit cards and personal loans. It connects borrowers with lenders to help them get the best deal possible. It is currently working with partners including banks such as Yes Bank and Kotak Bank and NBFCs such as InCred.
Kissht specializes in providing instant credit for eCommerce purchases, both online and offline. With a focus on consumer electronics and lifestyle products, Kissht has built a significant presence in the Indian BNPL landscape through its competitive financing options and extensive merchant network.
BharatX is a BNPL (Buy Now, Pay Later) platform. It offers consumers the ability to make purchases and pay for them in installments, aiming to provide a convenient and flexible payment solution. BharatX is part of the growing BNPL ecosystem in India, catering to the growing demand for such financial products among consumers and merchants.
Uni Cards is a new-age fintech company with a mission to change the way people interact with credit. Uni Cards operates as a BNPL platform. Uni offers a BNPL solution through its Uni Card, which allows users to make purchases and pay for them in flexible, interest-free installments. This model is in line with the growing trend of BNPL services in India, offering consumers an alternative to traditional credit cards and loans.
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