Home / Sunday-mid-day / / Article /
Credit purchase set to become the fastest-growing online payment trend in India
Updated On: 08 January, 2023 08:09 AM IST | Mumbai | Shreya Jachak
Ever noticed the ‘pay later’ option on apps for amounts as less at R200? It heralds the end of credit cards, and the beginning of an era of micro-lending apps. But are they truly helping you?
Listen to this article :
Pic/iStock
Would you buy food and daily items on credit, except if it were your local kirana store? If the GenZs spending habits are anything to go by, taking credit is now fashionable.
According to the report, The Future of Financial Services, by the market research and data analytics firm YouGov, buy now, pay later (BNPL) is set to become the fastest-growing online payment method in India, increasing from three per cent in 2020 to nine per cent in 2024. “Indians are gravitating towards digital credit services to fulfil their aspirational purchases and daily life transactions. A case in point are people in the 18-25 age group whose digital credit use has grown nearly 45x in the past year for uses such as electricity bill payments, online shopping, travel, education, food delivery and even health, vehicle and job loss insurance,” said Upasana Taku, co-founder and chief operating officer, MobiKwik.
Trending Stories
Latest Photos
Latest Videos
Latest Web Stories
ADVERTISEMENT
Mid-Day Fast
ADVERTISEMENT
ADVERTISEMENT