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EXCLUSIVE


DIWALI SHOPPING WITH BNPL, MILLENNIALS LIVE ON YOLO MOTTO

Millennials, who are often short on cash, have resorted to buy now, pay later
(BNPL) for all their festival shopping this season. While they're moving high on
credit, lenders are also pouring in various offers along with e-commerce giants
to tune in to the market sentiment.

 * Anushka Sengupta
 * ETBFSI
 * October 19, 2022, 08:00 IST

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With the oncoming Diwali festival, people have started using BNPL and credit
cards aggressively for their shopping. There has been an uptick in BNPL volumes
in the first half of 2022, where there's been a recorded growth of approximately
17 per cent.

Millennials, who seem to be the main market for these lenders, have started to
prefer BNPL over other credit instruments this festive season.



Millennials now live on the YOLO motto (You only live once!) ETBFSI spoke to few
millennials who say that not only do they use BNPL for all their purchases, from
dream vacation to I-phone 14 but also used BNPL aggressively for their Diwali
shopping.

Swarnali Ghosh, a first-year MBA student said how she used BNPL for all her
festival shopping and efficiently managed her expenses.

"Diwali is end of October, and we millennials run short of cash end of the
month. However, like last year, I was not confused about managing my expenses as
I took BNPL credit for all my Diwali shopping. From fire-crackers to ethnic
wear, I have used BNPL credit to pay for all," said Swarnali.

Swarnali went on to add how she planned her repayment in a three-month cycle to
not burden herself up with the amount end moment. "The good thing is we get to
choose the repayment cycles and for students who have very little source of
money, they can wisely divide their repayment amount in 3-6 months," she added.



Millennials are now also planning travel, hotel booking, etc with their BNPL
credit line.

"I had been planning for a trip to Kolkata during Durga Puja, for the past 5-6
months. I was worried about hotel bookings at this time as it's the peak
festival hours and one doesn't get bookings so easily. The flight and hotel
costs were also quite high and out of my reach at that moment. However, I took a
BNPL loan and not only managed the travel and hotel booking, but also got good
discounts for my flight," said Sharad Ghoshal, a 29-year old MNC employee.



Sharad said how getting BNPL credit has become so seamless and easier now unlike
2-3 years back. "Earlier there were many processes of verification, approval,
etc which not only consumed time but was a hassle for consumers. Now availing
credit has become so easier that whenever I am short on cash, I use bnpl for
payments," he added.

Not just millennials using bnpl, but boomers using BNPL for their GenZ kids. "My
17-year old daughter has been demanding the latest I-phone 14 phone and I had
planned to gift it to her this Diwali. However, in such a short span I haven't
been able to save much and I had to surprise her with the i-phone. I immediately
purchased it during the festive offers availing a bnpl loan," said Abhijit
Poddar, a senior software engineer at TCS.

Abhijit said how e-commerce giants have now ventured into BNPL lending and with
lucrative offers during festive season upped their sales. He said that he is
happy to avail the loan and has a three-months time to repay it interest-free
and how easy and smooth the process was to avail the credit.

Apart from BNPL players, lenders in the BFSI space have geared up for the
festive season too, offering reduced interest rates on home and vehicle loans,
and other discounts to customers.

To boost in the festive cheer, Punjab National Bank, State Bank of India and
Kotak Mahindra Bank are among the banks who have provided lucrative festive
offers, while Mahindra Finance is among the non-bank lenders offering discounts
on its loan products.


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FINTECH

 * 3 hrs ago
   
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 * 4 hrs ago
   
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 * 23 hrs ago
   
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 * 1 day ago
   
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EDITOR'S PICK

 * 3 hrs ago
   
   ARE MILLENNIALS IN A DEBT-TRAP BY ADVANCE SALARY APPS?

 * 4 hrs ago
   
   SBI CONTINUES TO DOMINATE DEBIT CARDS MARKET WITH 30% SHARE

 * 1 day ago
   
   BANKS RAISE RS 2.4 LAKH CRORE DEPOSITS AS CREDIT GROWTH NEARS 18%

 * 2 days ago
   
   YES BANK’S NET PROFIT DIPS BY 32%, NEXT TWO QUARTERS CHALLENGING FOR BANKS:
   PRASHANT KUMAR, MD & CEO

 * 3 days ago
   
   UDAY KOTAK LOOKS AHEAD WITH CAUTION BUT NOT NEGATIVITY IN HIS DIWALI MESSAGE


BFSI VIDEOS


 * NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH
   
   Synopsis: While we are talking about the digital and emerging technologies it
   is pertinent to understand what is the importance of digitisation in reviving
   the legacy financial services organisations? How useful AI insights are for
   Future-Ready Neobanking industry? How Fintech industry are reinventing
   themselves and building the digital way forward? On the sidelines at the
   ETBFSI CXO Conclave this special session will explore various features on the
   future.Moderator: Sneha Jha, Deputy Editor, ETCIO; Nirav Choksi, CEO,
   CredAble; Gaurav Jalan, Founder and CEO, mPokket; Yashoraj Tyagi, CTO & CBO,
   CASHeNatraj Choudhury, Head of Engineering, Zolve; Adarsh Prabhu, Associate
   Director, Niveus Solutions.

 * 6 days ago
   
   FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA

 * 7 days ago
   
   CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER
   ATTACKS

 * 8 days ago
   
   BFSI CHROS : MANAGING THE FUTURE WORKFORCE

View More




EXCLUSIVE


INDIAN FINTECH MARKET TO RECORD ‘10 TIMES’ GROWTH; ACHIEVE $1TN IN AUM, $200BN
IN REVENUE BY 2030

India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022.

 * ETBFSI

Click Here to Read This Story
 * 
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Indian Fintech market is expected to record a 10 times growth to achieve $1Tn in
Assets Under Management (AUM) and $200Bn in revenue, said the report titled ‘$1
Tn India FinTech Opportunity'.

The report released by Chiratae Ventures in collaboration with Ernest and Young
(EY), highlighted that much of the growth will be driven by the digital lending
market, which is expected to grow to $515 Bn in book size by 2030.

The market is expected to reach $1Tn in AUM with contribution from lending to be
highest at 50%+, while from a revenue standpoint payments and lending make 75%+
of the pool, the report highlighted.



India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022. An organic and collaborative
ecosystem is driving this growth, which is being supported by key government
initiatives, such as Digital India, Smart City, the development of UPI, and
other initiatives.

Payments, Digital Lending, WealthTech, InsurTech, and Neo-banking will all be
contributing to growth in the FinTech space with Agri+FinTech and Prop+FinTech
considered to be big bets.

Tailwinds due to favorable demographics, growing technology adoption, higher
disposable incomes, and aware customer are further fuelling this growth.
Fintechs have been innovating in product and delivery to cater to the evolving
needs of the customers.

The report also highlights that Buy Now Pay Later has become mainstream and is
on an accelerated growth trajectory, emerging strong not only in B2C but also in
the B2B payments space.

On the launch of the report Sudhir Sethi, Founder, and Chairperson, Chiratae
Ventures said, “The Indian Fintech market has been a formidable global force,
contributing to the largest share of unicorns in India. We have been a
technology-first investor believing in the power of both data and technology and
hence have backed companies such as EarlySalary, Kristal.ai, PB Fintech, ShopSe,
and Vayana amongst others”



Co-lending to emerge as a preferred model that supports lending partners in
mitigating their risk exposure. New asset classes, Crypto & NFT will also
continue to attract investor interest as fintech continues to solve for
traditionally underserved customers.

Technology-based Innovation on the underwriting side of the insurance value
chain will help deliver solutions for the highly unpenetrated market at
affordable rates.

“FinTechs have innovated for the underserved financial markets through a strong
and supportive ecosystem, which will continue to keep accelerating growth and
penetration of Fintech in India. These include fast-growing digital adoption and
mobile penetration on the back of the cheapest data rates in the world offered
by private telecom players, to enabling regulatory environment coupled with
world-leading digital infrastructure (Aadhar, UPI, BBPS etc.), and structural
reforms and initiatives (GST, TReDSetc.),” said TC Meenakshi Sundaram,
Co-Founder and Vice Chairperson, Chiratae Ventures.

“We also expect FinTechs to continue solving for the substantial and growing
sub-markets with novel solutions,” he added.

With 5X growth in the digital tech talent, India has the opportunity to address
the global digital skill gap and establish itself as the destination of digital
and tech talent.

“India is recognized as a strong FinTech hub globally and is increasingly
becoming a talent destination for fintech businesses. We are glad to partner
with Chiratae Ventures and delve into the emerging trends in regulatory
innovation, technology advancements, new business models, industry convergence,
and inclusive digital financial services in the Indian fintech space,” said
Rajiv Memani, Chairman and Managing Partner, EY India.

The report also highlighted that the regulatory support will enable the industry
further as already established models go international through collaborations.

The actively encouraging innovation through regulatory sandboxes, new
distribution models, and the launch of innovative products has provided a good
regulatory environment.



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