Buy now pay later option hit among women: Survey

NEW DELHI: As survey has revealed that a majority of women prefer buy-now-pay-later option to credit cards for financing purchases.

The survey conducted by ZestMoney, an artificial intelligence-driven EMI financing and “Buy Now Pay Later” (BNPL) platform, revealed that 60% of the women surveyed opted for buy now pay later in 2020. The survey was conducted across key metros and Tier II/III cities in India, with a sample size of 1,600 women.

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Buy now pay later allows you to make purchases, with a repayment option of a later date.

The survey also revealed that borrowers used funds to make purchases in edtech courses, consumer durables, and fashion.

"It’s heartening that a large number of women surveyed feel that BNPL helps them get access to a safe and transparent form of credit...We saw a 20% uptick in women transacting on our platform last year, a trend we feel will play out strongly this year too," said Lizzie Chapman, chief executive and co-founder at ZestMoney.

About 51% women surveyed said they prefer BNPL over credit cards. Bangalore, Hyderabad, Chennai emerged as the top three metros with highest such transactions by women.

About 45% women customers are in the age group of 26-35, while 27% are below 25 years of age.

ZestMoney said 65% of their women customers are based outside of tier I cities, signalling rising demand from tier II and III markets. Among these cities, Lucknow, Vijayawada, Nagpur, and Kochi have witnessed the highest BNPL transactions among women.