The ‘BuyNowPayLater’ (BNPL) trend, which has primarily been popular in purchase of smartphones, has made inroads in newer categories with the EMI economy finding relevance in products such as garments, musical instruments, mechanisation of kitchen to even hair treatment products in a stay at home, work from home scenario.
According to the findings, people in Chandigarh are availing BNPL to beautify their kitchen in a work from home economy. Mswipe merchants saw growing dependence on BNPL for the purchase of Chimney, Cooktops, Hobs, Built in Oven, Cooking Range among others with an average ticket size of INR 20, 000.
These insights have emerged during an assessment of Buy Now Pay Later (BNPL) transactions across different merchant categories of MswipeIndia’s leading end-to-end digital enabler of SMEs and the largest POS acquirer in the country. Mswipe offers BNPL or checkout finance through its Brand EMI offerings to SMEs across Mobiles, Consumer Durables, Education, Health, Furniture, Wellness and Luxury segments.
Manish Patel, Founder and CEO, Mswipe said, “The insights reveal a fundamental shift in the behaviour of consumer both in terms of their lifestyle choices and their financing preferences. The growing EMI economy creates opportunities for small businesses that have not been using checkout finance as an incentive for their customers up until now. Mswipe’s Brand EMI empowers retailers to offer the freedom to choose payment terms, thereby giving a fulfilling shopping experience to their customers.”
Modernization of kitchen is a category that was availed by people not just in Chandigarh but across the country. Right from southern cities of Chennai and Coimbatore to western cities of Ahmedabad, Surat and Vadodara, along with northern and eastern belt running acrossDelhi, Uttar Pradesh, West Bengal and Assam.