PhonePe pulls the plug on acquisition deal with ZestMoney in India
The buy now pay later segment has been growing at a rapid rate across India. Consumers from Tier I, II, and III cities have flocked increasingly toward BNPL schemes to fund their purchases at a time when access to traditional credit is becoming expensive. This has resulted in high a high-growth environment for BNPL providers in India. According to PayNXT360, BNPL payments in the country are expected to grow by 22.9% on an annual basis to reach US$14,289.4 million in 2023. Medium to long-term growth story of the BNPL industry in India remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 12.2% during 2023-2028. The BNPL Gross Merchandise Value in the country will increase from US$11,628.8 million in 2022 to reach US$25,387.2 million by 2028. Amid the growing adoption of the flexible payment method, which is expected to further rise in H2 2023, non-BNPL-focused fintech firms are also mulling to create their presence in the segmen...