4 FinTech platforms emerging in India’s expanding BNPL ecosystem

By Gloria Mathias

The Buy Now, Pay Later (BNPL) sector in India is expanding rapidly, owing to the increased use of digital payment methods and the growing popularity of eCommerce platforms. The convenience and flexibility offered by BNPL services, particularly among younger consumers, have contributed to their widespread acceptance. Key players in the BNPL market are forming partnerships with eCommerce platforms, retailers, and payment gateways to enhance their reach and accessibility. The sector is also attracting attention from FinTech startups and established financial institutions, leading to heightened competition and innovation. Regulatory oversight by the Reserve Bank of India (RBI) ensures consumer protection and economic stability, which is crucial as the market expands.

The young, tech-savvy demographic of India further fuels the demand for BNPL solutions, preferring digital payment options that provide convenience and financial flexibility. However, challenges such as ensuring responsible lending practices and educating consumers to prevent over-indebtedness remain pivotal as the BNPL sector continues to evolve.

According to IBS Intelligence data, BNPL-triggered payments are expected to increase at an annual rate of 80% from 2021 to 2025, growing nearly 11 times. In the same period, the share of BNPL in the eCommerce and mobile POS space is expected to reach over 20% from 3-4% in 2021. The growing consumer market and availability of physical cards from BNPL lenders will enable the proliferation of even traditional points of sale.

Listed are 5 FinTech platforms emerging in India’s expanding BNPL ecosystem:

• Aspire Fintech

Aspire FinTech is an online platform that provides customers with financial products and services such as credit cards and personal loans. It connects borrowers with lenders to help them get the best deal possible. It is currently working with partners, which include banks like Yes Bank and Kotak Bank and NBFCs such as InCred.

• Kissht

Kissht specializes in offering instant credit for eCommerce purchases, both online and offline. With a focus on consumer electronics and lifestyle products, Kissht has built a significant presence in India’s BNPL landscape through its competitive financing options and extensive merchant network.

• BharatX

BharatX is a BNPL (Buy Now, Pay Later) platform. It offers consumers the option to make purchases and pay for them in installments, aiming to provide a convenient and flexible payment solution. BharatX is part of the growing BNPL ecosystem in India, catering to the increasing demand for such financial products among consumers and merchants.

• UNI Cards

Uni Cards is a new-age fintech company with a mission to change the way people interact with credit. Uni cards operate as a BNPL  platform. Uni offers a BNPL solution through its Uni Card, which allows users to make purchases and pay for them in flexible, interest-free installments. This model aligns with the growing trend of BNPL services in India, providing consumers with an alternative to traditional credit cards and loans.