{"id":5899,"date":"2022-02-23T15:34:21","date_gmt":"2022-02-23T10:04:21","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=5899"},"modified":"2025-01-07T14:57:40","modified_gmt":"2025-01-07T09:27:40","slug":"the-rise-of-bnpl-in-india-razorpay-capital","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/the-rise-of-bnpl-in-india-razorpay-capital\/","title":{"rendered":"The Rise of Buy Now Pay Later (BNPL) in India"},"content":{"rendered":"

The pandemic has forced consumers to consider numerous measures so that they can operate from the safety of their homes, and this has proved to be one of the major driving factors for the accelerated adoption of digital payments.\u00a0<\/span><\/p>\n

In 2021, <\/span>online payment transactions<\/span><\/a> in India more than doubled compared to 2020, crossing a billion in number, and digital payments become truly mainstream. The growth has further bolstered by the increasing smartphone and internet penetration in Tier-2 and 3 cities.<\/span><\/p>\n

According to the report titled \u2018<\/span>The (Covid) Era of Rising Fintech<\/span><\/a>\u2019 by <\/span>Razorpay<\/span>, digital payments witnessed a spectacular spurt of 104% in 2021 compared to 2020.\u00a0<\/span><\/p>\n

Can you guess which digital payment platform registered the highest growth? BNPL is increasingly becoming the preferred credit channel for millions of Indians. This sector grew by a whopping 637% in 2021 to reach an estimated market size of USD 3.7 billion.<\/span><\/p>\n

While shopping online during the festive sale, you may have noticed at the check-out page that many e-commerce websites and apps are now giving an option to buy now, pay later. It can also be seen on travel booking, food delivery and grocery delivery platforms.<\/span><\/p>\n

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