Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Money / Personal Finance/  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.

Also Read | How citizen data led India’s covid battle

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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 04 Mar 2021, 02:53 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App