1. Indian population is becoming more tech-savvy by the day, and Indian e-commerce customers are ready to try new shopping behaviors; which is an ideal scenario for BNPL services.

Other Challenges in India Buy Now And Pay Later Market

Deposits in banks and Cash savings have increased, and with continued rise of Digital payments, every single consumer oriented sector is enabling multiple online payment options

Indians are considered avid users of e-commerce services, with many trying out new payment methods offered to them via e-commerce platform

• Increasing Smartphone penetration
• Increasing Internet Penetration and Digital Lending Demand In Tier 2 and 3 cities
• Vertical Search Engines (more customers via search engines)
• Application Programming Interface

2. Integrated shopping apps business model in the BNPL space that have seen high adoption rates across the globe.

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• Quick business scaling by offering BNPL options integrated to shopping platforms. Larger players such as TMall or Ant Group, have already been monetizing on customer engagement through other offerings such as cross-selling and affiliate marketing, and it has turned as an advantage in BNPL segment
• Similar development has quickly gained paced in India, such as Flipkart pay later and Amazon pay later, where the players have seen a dramatic rise in loan demands. Also many app-based BNPL players are now focusing on integration with shopping apps.

3. Recent Investments in Healthcare BNPL Sector

Fintech startup SaveIN raises $4 million in funding led by Y Combinator and others
The Gurugram-based firm is present in Delhi NCR and is eyeing expansion across other major Indian cities in the next few months.

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SaveIN platform was among the first to roll out ‘buy now pay later’ (BNPL) product on healthcare for Delhi-NCR providers. SaveIN’s healthcare finance solution ‘Care now, Pay Later’ covers healthcare procedures including dental, optical and diagnostics, cosmetic, physiotherapy and veterinary through a partner network facilitating timely care with affordable repayment plans.

This presents a $20 bn market, comprising of outpatient medical products and services that are typically not covered by insurance,” the company said in a statement. The fintech start-up aims to disrupt the consumer credit market with its innovative products and solutions.. SaveIN had secured funding, in May and September last year from leading angel investors from India and abroad.

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