AN ANALYSIS OF THE BNPL (BUY NOW PAY LATER) TREND IN MODERN INDIA WITH INSIGHTS FROM MUMBAI

Abstract

The idea of Buy Now Pay Later (BNPL) ages back in time; the period when small retail stores also called as ‘Kirana’ stores were the lifeline of each and every household. Maintaining an account book for each customer and tallying the same at the end of the month was the normal norm in those days. This gave a higher spending power or it gave them the liberty to spend over their capacity is a question worth researching. The same concept is now opted by the ‘online retail store’ and also ‘online payment applications’ likeAmazon, Freecharge, Paytmetc. The objective of this paper is to understand the awareness level among consumers regarding the brands offering BNPL trend. Further, the researchers are also trying to comprehend the impact of BNPL on the economy of India. Additionally, they are also trying to gauge the future of BNPL in a Tier I city. The researchers will be performing a convenience sampling with a sample size of approximately 100 consumers. According to the research findings majority of the people are aware about the concept of BNPL in Mumbai. Further, it is majorly used on e-commerce websites like Amazon and Flipkart. Further, the current status of the BNPL is not that significant and can prove to be a negative impact on the economy. This feature has proved to be a benefit; in order to increase the spending capacity of the consumer to a large extent. They are optimistic about the future of the same and that it will be a boost for the economy in the near future; if applied in the correct manner.