Let us talk about the most sought means of digital lending called BNPL or Buy Now and Pay Later.

BNPL has seen a paradigm shift in how e-commerce consumers have changed their perspectives on purchasing a credit-aided product. The system is a welcome relief for people, who do not have the luxury of using credit cards but need to purchase a product via EMIs.

What differentiates a BNPL from conventional credit cards includes faster processing, limited paperwork and affordable interest rates. In the end, consumers now have the freedom of increasing their purchases.

To back this up, the Indian BNPL market has racked up INR 28,000 crores worth of purchases in 2022. A study from TOI mentions that the figure is set to increase to INR 4 lakh crores by 2026.

With BNPL, e-commerce sites benefit, as people make purchases without having to worry about paying a lump sum of money in one go. This increases their individual purchase volumes and e-commerce companies would offer lucrative interest rates.

The biggest takeaway of BNPL is how GenZ consumers increasingly love the concept.

Let me know what you think would be the future of BNPL and GenZ being their biggest beneficiaries. Leave your comments.

#bnpl #manispeaksmoney #genz #marketing #fintech #ecommerce #shopping #credit

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