In India, Gen Z shoppers are influencing e-commerce trends thanks to their high use of buy-now-pay-later (BNPL) schemes. BNPL use among Gen Z went up 232 per cent in 2021, according to a report by Zest Money.
GenZ and millennial consumers form a large part of the BNPL market thanks mostly to the convenience and speed on offer.
In India, Gen Z shoppers are influencing e-commerce trends thanks to their high use of buy-now-pay-later (BNPL) schemes. BNPL use among Gen Z went up 232 per cent in 2021, according to a report by Zest Money.
Several companies have either changed their business model to cater to this new trend or have come up with alternative arrangements to be able to cater to the demand of BNPL by young consumers. In fact, by 2025, e-commerce is expected to account for 12 per cent of global consumer spending, with 59 per cent of that being transacted via mobile devices, states a global payments report by FIS. So, e-commerce payment preferences are shifting away from cash and credit cards toward digital wallets and BNPL. But what makes BNPL such an attractive option? Here are five reasons behind its popularity.
BNPL schemes are very attractive, but they too have risks attached like any financial product. The two main risks are falling into the trap of overspending and defaulting on the payments.
So, to make the best use of all the attractive features of BNPL schemes, understand the terms and conditions before you swipe.