India's top 10 'buy now, pay later' playerswww.deekpay.com

According to GlobalData.IndiaBuy Now Pay Later (BNPL) adoption is rising rapidly, with its share of Asia Pacific (APAC) e-commerce sales surging from 0.1% in 2019 to 5.8% in 2023.

The significant growth of BNPL in India has been fuelled by its low credit card penetration and limited access to formal credit, coupled with a booming e-commerce market that is driving demand for BNPL services.

However.Reserve Bank of India The stringent regulations initiated by the RBI (RBI) have had a significant impact on the industry, leading many fintech companies to re-evaluate their BNPL strategies.

For example, ZestMoney, a BNPL fintech company backed by Goldman Sachs and other prominent investors, is set to close in 2024 due to high default rates and operational inefficiencies. Similarly, according to its website, Freecharge Pay Later is no longer available, signalling further changes in the BNPL landscape.

Other companies are adapting their business models. For example.Paytm is moving away from its BNPL postpaid product to focus on higher-priced personal and merchant loans. Similarly, Slice, originally a BNPL company, has transitioned to offering prepaid credit cards and is currently in the process of merging with North East Small Finance Bank.

Top 10 BNPL Players in India

OlaMoney Postpaid

OlaMoney Postpaid is a payment service launched by Bangalore-based taxi aggregator Ola in 2019. It is designed as a convenient 'pay-as-you-go' option that allows users to pay for Ola rides and other online services without having to recharge their wallets frequently.

Instead, users can accrue charges over a 15 or 30 day billing cycle (depending on their plan) and receive a full bill at the end of the period.

Ola is an Indian transport company known for its ride hailing service and its expansion into various other businesses such as financial services and cloud kitchens.

Through its financial subsidiary, Ola Financial Services, the company is focused on building a mobile-centric financial services sector. Currently, the company offers a wide range of financial products, including OlaMoney, a digital wallet service; OlaMoney Postpaid, a post-paid credit service developed in partnership with IDFC and Aditya Birla Finance; a microinsurance product; and a partnership withState Bank of IndiaOlaMoney credit card issued in partnership.

Flipkart Pay Later

Indian e-commerce giant Flipkart is offering a BNPL service called Flipkart Pay Later, which aims to simplify and enhance the online shopping experience.

With Flipkart Pay Later, customers can bypass the common hurdles of payment methods such as cash on delivery or the delays associated with debit and credit card transactions.

The service offers an instant credit limit of up to INR 100,000 (USD 1,200), making it easy for users to make purchases.

Customers can choose to pay the entire balance the following month or opt for monthly instalments, all through a 30-second application process that requires only a government-issued ID number and bank account identification.

Flipkart Pay Later also extends its convenience to utility bill payments, covering charges such as gas, electricity and post-paid bills.

Amazon Pay Later

Amazon Pay Later is a convenient credit service offered by Amazon.in that allows customers to shop on the platform and pay for their purchases at a later date, either in the next month or through instalments ranging from 3 to 12 months.

The entire process of using Amazon Pay Later is digital and can be completed in less than two minutes without the need to provide credit card details. Once set up in one go, users can simplify the purchase process by selecting Amazon Pay Later as their payment method at checkout.

The service is offered by Amazon Finance India in collaboration with third-party lending partners such as Axio and IDFC FIRST Bank.Amazon Pay Later offers several advantages including instant determination of credit limit, no processing or cancellation fees, and no charges for early repayment.

In addition, users can monitor their expenses, repayments and credit limits through a dedicated dashboard.

To qualify for Amazon Pay Later, customers must have an Amazon.in account that contains a verified mobile phone number, a valid tax card, a bank account with a selected bank, and official, valid proof of address, such as a driver's licence, voter ID card, recent utility bill, or passport.

Users must also be at least 21 years old. Eligibility and credit limits are determined based on information already available to Amazon, as well as the customer's credit bureau history and other factors assessed by the lending partner.

ePayLater

ePayLater is a BNPL operator in India offering retailers instant credit up to INR 2.5 lakhs (USD 30,000) at 0% for terms of 14 to 30 days with no processing fees.

The service allows businesses to purchase products at competitive prices and pay the full amount over an interest-free period, enabling them to manage their cash flow effectively. The credit line can be reused after each repayment, providing ongoing financial flexibility.

To access ePayLater, retailers simply download the app, submit the necessary details and get instant credit approval ranging from INR 25,000 ($300) to INR 2.5 million ($30,000).

Approved credit may be used to purchase products at any time during the year. Retailers can repay the amount used in a minimum of 0 days and a maximum of 30 days, but repayment periods may vary from merchant to merchant.

ePayLater also offers a purchase financing plan that allows buyers to pay invoices using their line of credit and then repay them at an annual percentage rate (APR) of 28%. The scheme offers repayment periods of between 7 and 90 days, depending on the terms of invoice discounting.

ZIP Paylater

ZIP Paylater is MobiKwik A credit service that provides users with an instant credit line of up to INR 60,000 (US$715), enabling them to shop and pay bills with the flexibility to settle the amount later.

The service can be used for a variety of expenses including buying clothes, groceries, electronics, ordering food, paying bills and more from over 100,000 brands in India such as Swiggy, Zomato, Flipkart, Myntra and Pharmeasy.

ZIP Pay Later offers an interest-free credit line with no additional fees if the bill is paid within a specified billing cycle, which can be 15 or 30 days.

The initial credit limit is based on the user's credit history, but it increases over time as payments are consistently made on time. This feature not only provides financial flexibility, but also helps users improve their credit score by ensuring timely repayments.

Axio

Formerly known as Capital Float, Axio is a fintech company based in Bangalore, India, with aNon-Banking Financial Companies (NBFC) licence. The company specialises in providing credit solutions, including loans, through its own resources and joint lending partnerships with banks and other NBFCs.

Recommended Reading:Non-Banking Financial Corporation of India NBFC

With Axio, shoppers can choose flexible payment terms from three to twelve months, making online shopping more convenient and manageable. The company supports more than 3,000 merchants, enabling them to embed credit facilities and money management tools directly at checkout.

Axio has successfully reached approximately 10 million credit customers with over $1 billion in annualised spend.

The startup received a $20 million equity investment in August 2024 to expand its lending operations, enhance its closing financing options, and broaden its range of credit products. Since its inception in 2013, the company has raised $671 million in debt funding and $137 million in equity funding from notable investors such as Creation, Elevation, Ribbit Capital, Sequoia and Lightrock.

Simpl

Founded in 2016, Simpl is a leading fintech company specialising in BNPL. The platform allows customers to access the credit line on the checkout page of online storefronts and delivery apps, providing a convenient and interest-free repayment window.

Simpl's innovative BNPL solution enables users to shop online and pay back their money in a matter of days, without having to pay any additional fees.

This ease of use has attracted more than 8 million users, and the platform has successfully processed more than 49 million transactions. In addition, Simpl offers the BillBox product, which provides users with a seamless bill payment service.

Simpl has grown rapidly in the Indian market, working with over 26,000 merchants, including well-known brands such as Zepto, BigBasket and Nykaa.

In FY2023, the startup's revenue grew by INR1,76% to INR873 million ($10.4 million), up from INR316 million ($3.8 million) in the previous year. The company hopes to achieve profitability by the first quarter of fiscal 2026.

LazyPay

LazyPay is a digital credit solution in India, known for its fast and seamless credit solutions.LazyPay was founded by PayU Launched in 2017, it offers a one-click digital checkout process for more than 250 popular apps, including Swiggy, Zomato, Book My Show, Make My Trip, Vodafone and TataSky, enabling users to easily access instant credit with fast shopping and flexible repayments.

The platform offers a variety of flexible repayment options, including 15-day interest-free credit, revolving balances and low-cost monthly instalment plans. Additionally, LazyPay offers instant personal loans through its app, catering for a wide range of financial needs from everyday purchases to emergencies.

The platform is not limited to online shopping. Through its app, users canUPIPayment systems to access digital credit, which can be used at any time by scanning a QR code at a local shop or paying online using the unique LazyPay handle. This innovative approach makes LazyPay the best way to access digital credit through theUnified Payment Interface of India (UPI) pioneered the provision of credit for the first time in India.

Recommended Reading:What is UPI?

In June 2024, LazyPay partnered with Blinkit, a quick commerce app, to expand its reach and provide users with a one-click checkout experience with credits at no additional cost to merchants.

The partnership adds Blinkit to LazyPay's growing portfolio of quick commerce partners, which includes Zepto, Instamart and Big Basket.

Flexmoney

Flexmoney is a pioneering fintech company on a mission to simplify and popularise consumer credit in India. The company's flagship product, InstaCred, is a digital credit infrastructure that enables banks and NBFC The ability to seamlessly offer branded, instant, cardless point-of-sale (POS) credit across Flexmoney's extensive network of partner merchants. The platform is designed to provide a frictionless and secure purchase financing option that allows lenders and merchants to extend instant credit directly to consumers at checkout without the need for a physical credit card.

Flexmoney has made substantial progress towards realising its vision with over 25 million pre-approved cardless BNPL credit lines on its platform from six trusted banks and NBFC. Its strategic objectives include expanding its credit network by taking on more lenders and merchants and launching additional products to strengthen its market position.

Fibe

Formerly known as EarlySalary, Fibe is India's leading consumer lending app. The company focuses on meeting the financial needs of young professionals, a group that is often not adequately catered to by traditional lenders.Fibe's core mission is to simplify financial services for the middle-income group, helping them achieve their goals and improve their lifestyles.

The platform offers a wide range of financial products, including short-term instant cash loans, long-term personal loans and BNPL schemes. It caters to sectors such as healthcare, edtech and consumer technology, ensuring that users can find financial solutions to meet a variety of needs.

One of the key features of Fibe is its instant personal loan service. Users can apply for loans of up to INR 500,000 (USD 6,000) through the Fibe app. The entire process is streamlined and user-friendly: it takes just two minutes for users to deposit funds directly into their bank account. Repayment options are flexible, and users can choose a repayment period from 3 to 36 months.

Fibe has served more than 2.5 million customers and has disbursed more than 6.5 million loans totalling more than INR 225 million (USD 2.7 million).

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