India is the most likely country in the world to use 'Buy Now Pay Later' services in the future
- IBEF
- April 1, 2022
According to data from YouGov's recent survey, "The Future of Financial Services report," India tops the world in its intention to use "Buy Now Pay Later" services in the future. According to the whitepaper, followed by Indonesia (27%) and Mexico (24%), Indian consumers made the biggest proportion of purchases using a BNPL plan (22%) in the last three months. Many more urban Indians (28%) indicate they expect to use BNPL plans to make purchases in the coming 12 months. India has the largest intention to utilise these services globally, much above the global average of 17%, indicating the growing popularity of BNPL services among Indian consumers.
"BNPL is often seen as a route for customers to make purchases they can’t buy instantly. Our research reveals that a third (32%) of respondents in India claim buy now pay later schemes to be their most preferred way of buying items they cannot outrightly afford. Of these, those between 35-54 years and the ones working full time are more likely to say this," said the report.
Consumers in India (54%) and the United Arab Emirates (56%) are the most likely to say they trust BNPL schemes out of all the markets surveyed. Buy Now Pay Later (BNPL) popularity increased by 600% in 2021.
In an investigation of digital payment transactions on its network, payments company RazorPay discovered a 637% increase in transaction volumes with the Pay-later option from 2020 to 2021.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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