Dhanasekar, E and Sangeetha, R (2023) IMPACT AND USAGE OF BUY NOW PAY LATER APPLICATION AMONG ONLINE CONSUMER BEHAVIOUR. In: MPACT OF CHANGING BANKING PRACTICES ON THE INDIAN ECONOMY. 1 ed. UNSPECIFIED, pp. 456-461. ISBN 978-93-94428-56-0

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Abstract

Buy Now Pay Later (BNPL) is a micro-credit model where customers pay little or no interest
for purchases over online or offline channels. The Indian BNPL market is expected to grow
to $50 billion by 2026, compared to $3-3.5 billion today. This is primarily driven by a large
population of youth who may find BNPL convenient as it offers microlending in an informal
way, without the cumbersome paperwork that traditional banks demand. Since its
introduction in the market, BNPL has garnered popularity among financial institutions,
merchants, and consumers alike. Today, BNPL providers have tied up with not just consumer
durables chains but even with food delivery companies, travel booking players, and even
grocery delivery platforms. The pandemic-induced economic changes led consumers to shop
online. People took to the internet to order groceries, clothes and other essential items. Buy
Now Pay Later emerged as more than just a simple payment mechanism; it essentially reduced
borrowers‘ financial stress by delivering no-cost EMIs. Furthermore, the symbiotic link
between e-commerce and BNPL has a bright future. According to Goldman Sachs, the Indian
e-commerce business is set to become a $99 billion market by 2024, driven by consumer
demand. At the same time, BNPL will become the fastest-growing online payment method,
increasing from 3% in 2020 to 9% in 2024.

Item Type: Book Section
Uncontrolled Keywords: Banks, Financial institutions, Merchants, Consumers, Internet,etc
Divisions: PSG College of Arts and Science > Department of Commerce
Depositing User: Mr Team Mosys
Date Deposited: 12 Jul 2023 10:35
Last Modified: 12 Jul 2023 10:35
URI: http://ir.psgcas.ac.in/id/eprint/1973

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