Indian customers take Buy-Now-Pay-Later (BNPL) loans to buy everything from washing machines to vacations online, its country’s most extended festive season. Popularity is increasing for these small-sized loans, which are less than Rs 5,000. These payments have been growing by almost 20 to 30 per cent in the last three months. They are expected to rise by about 66 per cent on an annual basis in India to $11.6 billion this year.
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“Two things support BNPL, the first is the festive season, and second is Covid as people are buying online,” said Yogi Sadana, CEO of fintech lender CASHe. “We are increasing about 30 per cent to 35 per cent every month, in terms of the number of loans we give every month. The lift is phenomenal,” he added.