印度先買後付（BNPL）市場評估：依管道、依公司、依用戶細分、依最終用途、依地區、機會、預測（2018 財年-2032 財年）

印度先買後付（BNPL）市場規模預計將從2024 財年的227.5億美元增至2032 財年的962.7億美元，2025 財年至2032 財年的年複合成長率為19.76%。隨著電子商務的出現，消費者群體顯著成長。隨著網路購物的興起，許多消費者尋找靈活的支付方式，而 BNPL 讓他們感到樂觀。這種趨勢在千禧世代和 Z 世代中尤其明顯，他們重視無縫的隨選體驗。 BNPL 市場的成長是由數位錢包和行動支付的激增所推動的。這種整合可以提供更好的用戶體驗和更大的採用率，以回應當今消費者以技術為導向的本質。網路購物已成為一種趨勢，增加了對 BNPL 解決方案的需求，這些解決方案可以在金融困難時期注入靈活性。 BNPL 提供者與主要零售商之間的策略合作夥伴關係將進一步促進市場成長並增加獲得服務和互惠互利的機會。

BNPL 是一種融資選擇，允許買家購買產品並先買後付，通常是無息分期付款。 BNPL 服務可在線上和店內結帳處使用，提供靈活的付款方式並吸引了許多買家。 BNPL 的做法迎合了消費者對便利性和財務靈活性的偏好，提供了一種先買後付的方式來立即獲取產品。2024年，LazyPay 與 Blinkit 合作，實現無摩擦結帳並使其產品組合多樣化。此次合作將使 Zomato 支援的Blinkit 用戶能夠獲得信用額度，而無需向商家支付額外費用。

電子商務與數位支付的激增推動市場成長

經濟的數位化和人們使用網路的價格降低推動印度數位銷售的成長。先買後付（BNPL）成為電商平台購物時最受歡迎的支付方式之一。電子商務的發展為 BNPL 服務的新客戶打開了大門。線上購物者在結帳時使用 BNPL 選項，以方便和靈活地支付購物費用。根據 TRAI 的資料，截至2023年 12月底，網路使用者數量達到 9,616萬，而 9月底為 9.1819億。印度在2023年最後三個月的季成長率為 1.96%。 BNPL 服務與此類線上平台的整合變得更加易於管理，因此，可存取性優勢已傳遞給了巨大的消費者群體。 BNPL 服務有助於提高電子商務交易的平均購買價值。 BNPL 服務為那些高價商品成為其電子商務購物車的一部分並且可能有能力支付全價的消費者提供支援。這因而又會導致銷售額和利潤的增加。

消費者支出的增加是市場擴張的驅動因素

消費者支出不斷增加，為 BNPL 提供者創造了成長機會。根據經濟分析局的資料，2023年 12月消費者支出增加至 1,339億美元。支出增加意味著由於消費者行為的變化，市場向上發展。如果 BNPL 公司目的是促進創新和獲取新用戶，則必須透過改善客戶條件和用戶體驗來增強其服務產品。金融機構、零售商和電子商務平台並沒有忽視這一點，為 BNPL 提供者提供了寶貴的合作機會。透過與 BNPL 公司合作，金融機構可以為其客戶提供更大的支付彈性，零售商和電子商務平台可以在結帳時添加 BNPL 選項。

本報告研究和分析了印度先買後付（BNPL）市場，提供市場規模和預測、市場動態、主要參與者的現狀和前景等。

目錄

第1章 專案範圍與定義

第2章 研究方法

第3章 執行摘要

第4章 顧客回饋

• 產品與市場訊息
• 品牌識別方法
• 購買決策時考慮的因素
• 客戶支持
• 隱私和監管考慮因素

第5章 印度BNPL市場展望（2018財年-2032財年）

• 市場規模分析與預測
  • 金額
• 市佔率分析與預測
  • 依管道
  • 依公司
  • 依用戶層
  • 依最終用途
  • 依地區
  • 市佔率分析：依公司（價值）（前 5名公司及其他 -2024 財年）
• 市場地圖分析（2024年）
  • 依管道
  • 依公司
  • 依用戶層
  • 依最終用途
  • 依地區

第6章 供需分析

第7章 價值鏈分析

第8章 波特五力分析

第9章 PESTLE分析

第10章 利率分析

第11章 市場動態

• 市場驅動因素
• 市場挑戰

第12章 市場趨勢與發展

第13章 案例研究

第14章 競爭態勢

• 前 5名市場領導者的競爭矩陣
• 前 5名的公司的SWOT 分析
• 前10名主要企業狀況
  • Payu Payments Private Limited (Lazypay)
  • One97 Communications (Paytm)
  • Camden Town Technologies Private Limited (Zest Money)
  • Arthashastra Fintech Private Limited (ePayLater)
  • One Sigma Technologies Private Limited (Simpl)
  • Capfloat Financial Services Private Limited
  • Ola Financial Services Private Limited
  • GaragePreneurs Internet Private Limited (Slice)
  • Flexmoney Technologies Private Limited
  • MWYN Tech Private Limited (Money Tap)

第15章 策略建議

第16章 關於本公司，免責聲明

India buy now pay later market is projected to witness a CAGR of 19.76% during the forecast period FY2025-FY2032, growing from USD 22.75 billion in FY2024 to USD 96.27 billion in FY2032. The consumer base has grown much with the advent of e-commerce. As online shopping is becoming pervasive, most consumers are looking for flexible payment arrangements, and BNPL makes them optimistic. This trend is strong amongst millennials and Gen-Z, who care about seamless and on-demand experiences. BNPL market growth is accelerated by the surge of digital wallets and mobile payments, whose integration will allow for better user experience and increased adoption, appealing to today's consumer tech-savviness. Online shopping became a trend, with BNPL solutions in high demand to inject flexibility during tough financial times. Strategic partnerships between BNPL providers and significant retailers further boost market growth, increasing access to services and mutual benefits.

BNPL is a financing option allowing purchasers to buy items and pay for them later, mostly in installments, often interest-free. Available at online and in-store checkouts, the BNPL service offers payment flexibility, attracting many buyers. The mode of BNPL resonates with the consumers' preference for convenience and flexibility in their finances, giving them instant access to products with deferred payments. In 2024, LazyPay partnered with Blinkit to enable smooth checkout and diversify its portfolio. Under this partnership, Zomato-backed Blinkit's users would be able to receive a credit line at no extra cost to the merchant.

Surge in E-commerce and Digital Payments Drives the Market Growth

Digitization of the economy and making the internet cheaper for people are some of the reasons driving the growth of digital sales in India. Buy Now Pay Later is becoming one of the most favored modes of payment while shopping on an e-commerce platform. E-commerce growth opened the doors to new customers for BNPL services. Online shoppers are using BNPL options during checkout as they invoke convenience and flexibility in the way they pay for their purchases. According to TRAI, Internet subscribers reached 96.16 million at the end of December 2023, against 918.19 million at the end of September. India registered a quarterly growth rate of 1.96% during the last three months of 2023. Integrating such online platforms with BNPL services has become more manageable, due to which the accessibility benefit has been passed on to huge consumer segments. BNPL services add up to the increase in the average value of a purchase in e-commerce transactions. BNPL services have empowered its consumers as expensive products become a part of their shopping basket in e-commerce, where they probably could afford to pay the full payment altogether. This further leads to higher sales volume and revenues.

Rising Consumer Spending to Fuel Market Expansion

Consumer spending is on an upward trajectory, and BNPL providers can gain growth opportunities. According to the Bureau of Economic Analysis, consumer spending increased to USD 133.9 billion in December 2023. Higher levels of spending would mean that changes in consumer behaviors set the market moving upwards. BNPL companies have to enhance their offerings by improving customer terms and user experiences if the objective is to foster innovation and draw new users. This has not gone unnoticed by financial institutions, retailers, and e-commerce platforms, which have opened valuable partnership opportunities for BNPL providers. Financial institutions could partner with BNPL companies to extend further flexibility in payment to their clients, while retailers and e-commerce platforms can add BNPL choices at checkout.

Online Segment to Dominate Market Share

The online segment has dominated the market share during the forecast period. A slate of organizations has entered the Buy Now Pay Later market to support the growth aspirations of SMEs in India, from business-to-business e-commerce sites. BNPL itself is an emerging market category for consumers and business leaders alike. Hence, these organizations are avidly pursuing investment rounds to grow their B2B BNPL offerings to a broader range of Indian businesses. In April 2024, BNPL mobile-first platform Simpl announced that it had extended its one-tap checkout convenience on quick commerce startup Zepto to the latter's membership program Zepto Pass. With this, it aims to increase its checkouts on Zepto to 100 million by 2026. This move is aimed at offering fast deliveries along with the convenience of instant checkout and rewards for customers.

North Dominates the Market Share

BNPL has gained popularity in the northern region, especially in the Delhi-NCR, driven by its high population density, robust economic activity, and strong inclination toward digital forms of payment. With a very high affluence level in the region, besides the high rate of technological adoption and consumer preference, it is like a prime market for BNPL services that have witnessed immense leverage and are expected to keep growing.

South is emerging as the fastest region, driven by its vivid start-up ecosystem and increasing e-commerce activity. In 2023, ZestMoney is eyeing profits within six months. The fintech firm is reportedly closing an additional round of funding from existing investors that include Scarlet Digital, Quona Capital, Zip, Omidyar Network India, and Flourish VC. But to drive business continuity, ZestMoney seeks to be a lending service provider (LSP), originating loans in conjunction with banks and NBFCs rather than lending directly from its balance sheet.

Future Market Scenario (FY2025 - FY2032F)

An increasing trend for paying later will bring a positive outlook in the market, especially with an accelerated push into online sales, thereby increasing the share of these solutions from BNPL as consumers seek increased credit for financial flexibility in such uncertain times.

Leveraging AI and machine learning will help to expand India's BNPL market to new heights.

BNPL has been a solid testament to the adaptability of the consumer market, offering a modern solution that matches the preferences and lifestyles of modern shoppers.

Key Players Landscape and Outlook

The leading market players are investing a significant amount in research and development, which includes expanding product lines and thereby growing the buy now pay later services market. These market participants are involved in various strategic activities to increase their footprint, wherein major developments of the market players include new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. For thriving and growing in an increasingly competitive and emerging market environment, buy now pay later services must provide cost-effective products.

Recently in 2024, The National Company Law Tribunal (NCLT) has gone ahead and approved a merger in which Bengaluru-based Slice will amalgamate with Guwahati-headquartered North East Small Finance Bank. After this amalgamation, Slice, with its suite of offerings in prepaid wallets and UPI-based products, would now reach out to offer technology-enabled financial services to the last mile of North East Small Finance Bank's consumers.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Mode of Brand Awareness
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Ease of use and accessibility
  • 4.3.2. Interest rates and Fees
  • 4.3.3. Payment Flexibility
  • 4.3.4. Security
• 4.4. Customer Support
• 4.5. Consideration of Privacy and Regulations

5. India Buy Now Pay Later Market Outlook, FY2018-FY2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Channel
    • 5.2.1.1. Online
    • 5.2.1.2. POS
  • 5.2.2. By Enterprise
    • 5.2.2.1. Large Enterprises
    • 5.2.2.2. Small and Medium Enterprises
  • 5.2.3. By Demographic
    • 5.2.3.1. Generation X
    • 5.2.3.2. Generation Z
    • 5.2.3.3. Baby Boomers
  • 5.2.4. By End-use
    • 5.2.4.1. BFSI
    • 5.2.4.2. Retail
    • 5.2.4.3. Healthcare
    • 5.2.4.4. Leisure and Entertainment
    • 5.2.4.5. Travel and Tourism
    • 5.2.4.6. Others
  • 5.2.5. By Region
    • 5.2.5.1. North
    • 5.2.5.2. South
    • 5.2.5.3. East
    • 5.2.5.4. West and Central
  • 5.2.6. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Channel
  • 5.3.2. By Enterprise
  • 5.3.3. By Demographic
  • 5.3.4. By End-use
  • 5.3.5. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Interest Rate Analysis

11. Market Dynamics

• 11.1. Market Drivers
• 11.2. Market Challenges

12. Market Trends and Developments

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. Payu Payments Private Limited (Lazypay)
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. One97 Communications (Paytm)
  • 14.3.3. Camden Town Technologies Private Limited (Zest Money)
  • 14.3.4. Arthashastra Fintech Private Limited (ePayLater)
  • 14.3.5. One Sigma Technologies Private Limited (Simpl)
  • 14.3.6. Capfloat Financial Services Private Limited
  • 14.3.7. Ola Financial Services Private Limited
  • 14.3.8. GaragePreneurs Internet Private Limited (Slice)
  • 14.3.9. Flexmoney Technologies Private Limited
  • 14.3.10. MWYN Tech Private Limited (Money Tap)

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Buy Now Pay Later Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2. India Buy Now Pay Later Market Share (%), By Channel, FY2018-FY2032F
• Figure 3. India Buy Now Pay Later Market Share (%), By Enterprise, FY2018-FY2032F
• Figure 4. India Buy Now Pay Later Market Share (%), By Demographic, FY2018-FY2032F
• Figure 5. India Buy Now Pay Later Market Share (%), By End-use, FY2018-FY2032F
• Figure 6. India Buy Now Pay Later Market Share (%), By Region, FY2018-FY2032F
• Figure 7. By Channel Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 8. By Enterprise Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 9. By Demographic Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 10. By End-use Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 11. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024