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In India, the use of Buy Now, Pay Later (BNPL) platforms is expected to grow significantly in the coming years. According to a report by IBS Intelligence, BNPL payments in India are projected to grow by 89.5% annually, reaching $6,927.4 million. This growth is driven by a large credit-averse population and a growing number of consumers. As the BNPL market expands, more global firms are expected to enter the Indian market and form strategic partnerships.
Here are five FinTech platforms offering BNPL options in India:
- axio: Formerly known as Capital Float, axio is a consumer finance company that offers pay-later, credit, and personal finance management services. The company aims to make credit more accessible to underserved consumers.
- ePayLater: ePayLater is a zero-cost credit solution for small and medium-sized enterprises (SMEs) in India. It allows SMEs to purchase inventory without being constrained by credit limitations.
- Freo: Freo Pay is a BNPL app that offers users credit to shop and pay later. It is part of Freo, a digital banking platform and neobank in India.
- Flexmoney: Flexmoney provides a digital credit infrastructure that enables banks and non-banking financial companies (NBFCs) to offer instant point-of-sale credit to their customers. The company aims to expand its network and launch additional products.
- slice: Slice is a digital credit and BNPL infrastructure platform that targets millennials and young professionals. It aims to expand its network and offer more products to its customers.
The growth of BNPL platforms in India reflects the changing financial landscape in the country. With a large population and increasing adoption of digital payments, BNPL platforms have the potential to disrupt the traditional payments sector and provide more flexibility and convenience to consumers.
