Indian consumers are ratcheting up buy-now-pay-later installment plans to purchase everything from washing machines to vacations online as the country’s longest festive season gets underway.
Popularity is swelling for these small-sized loans that typically amount to less than 5,000 rupees ($67) as the labor market recovers from the pandemic shock. Those payments have been growing at least 20%-30% over the past three months, according to fintech-firm executives. They are expected to increase by about 66% on an annual basis in India to $11.6 billion this year, a survey by Research and Markets showed.
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October 11, 2021 at 09:03AM
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Buy-Now, Pay-Later Loans Help Fuel India's Festive Recovery - Bloomberg
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