India Buy Now Pay Later Business and Investment Opportunities Databook Q1 2024 Update: BNPL Gross Merchandise Value to Reach US$28.47 Billion by 2029
DUBLIN, Feb. 12, 2024 /PRNewswire/ -- The "India Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
BNPL payments in India are expected to grow by 16.5% on an annual basis to reach US$17.15 billion in 2024. The medium to long-term growth story of the BNPL industry in India remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 10.7% during 2024-2029.
The BNPL gross merchandise value in India will increase from US$14.71 billion in 2023 to reach US$28.47 billion by 2029.The BNPL industry is expected to grow at a steady pace over the medium term in India. The higher credit demand, among underbanked and underserved consumers, is supporting the uptake of BNPL products. This trend is projected to continue further in India in 2024. The booming e-commerce sector will also provide growth support to the Indian BNPL market over the medium term.
BNPL startups are raising funding rounds to ramp up technology and drive adoption in India
In 2024, more venture capital and private equity funding is expected to enter the BNPL sector in India. This will support innovation and a competitive landscape in the BNPL market over the next three to four years.
While the macroeconomic environment is projected to improve over the medium term, theoutlook for the sector remains bleak in the short term. Consequently, the publisher expects providers to remain under pressure in Q1 2024.
BNPL platforms are looking to onboard an increasing number of merchants to drive growth
The meet the demands of consumers, BNPL firms are targeting more merchant partnerships in the Indian market. Simpl, for instance, announced that the firm is planning to onboard 10,000 merchants from the Delhi-NCR region over the next three to four years. The firm, as of June 2023, had over 26,000 merchants and more than 10 million customers registered on the BNPL platform. In 2024, the publisher expects this trend to further continue across India. This will subsequently support the growth of the industry, while also driving the competitive landscape over the medium term.
The BNPL payment industry in India has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.
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