India’s RazorPay Sees 611% Growth In BNPL Business Last Year

India’s RazorPay Sees 611% Growth In BNPL Business Last Year
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A new launch has been made by RazorPay, one of the country’s most prestigious payment service providers. This launch also highlights the firm’s success in its operations during the challenging phase of Covid.

According to the reports shared and analyzed by the company, the most surprising elements were the percentage that it was able to record in growing and expanding its services. Their Buy Now Pay Later (BNPL) business model was able to profit approximately 600% in 2021 and 500% in 2020. The past two years remarked their presence over the industry.

In countries like India, where mostly all the credit and loan services carry heavy interest rates. This new Buy Now Pay Later method gives a beautiful opportunity to the citizens by increasing their purchasing power.

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Another Buy again confirmed this fact. Now Pay Later firm named MobiKwik. The firm remarked that it could generate about 50% of its total revenue simply from its BNPL services. Also, they observed that the customer base for these services was twice what it used to be two years back. Upasana Taku told Reuters that only 10% of Indians currently benefit from the credit services. But on analyzing the performance of BNPL for the past two years, they are expecting a higher rate of growth in the Indian markets.

Internet consulting firms like RedSeer predicted that there would be a 90% rise in BNPL users by the end of 2026. It is also expected to have a market share of $50 billion. These changes are consequences of the economy shifting towards a digital era. Within the past two years, just a massive number of users were found adapting to online transactions. BNPL and other online payment platforms like UPI also encountered an enormous growth in their user base. As a result, both small and large businesses are actively adopting online payment services.

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These platforms use individual identities like aadhaar cards, e-signature, etc., for accessing and providing services. It is also helping the government to actively enforce its The India Stack, which was undertaken almost a decade before to promote Digitalization in India.

In the Union Budget 2022, as a step towards the advancement of Digitalization in the country, the Indian government has announced to launch CBCD and ICT before 2023 to promote the growth of technology and Digitalization within the country. The government also laid stress on introducing passports specialized based on high technology.

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