According to the UnivDatos, are rising e-commerce penetration, increasing digital payment adoption via UPI & wallets, millennial and Gen Z preference for instant credit, lack of access to traditional credit instruments (e.g., credit cards), rapid smartphone and internet penetration in Tier II & III cities, growing demand for contactless and flexible payment options drive the India Buy Now Pay Later market. As per their “India Buy Now Pay Later Market” report, the Indian market was valued at USD ~16,200 million in 2024, growing at a CAGR of about 11.90% during the forecast period from 2025 - 2033 to reach USD million by 2033.

The BNPL market in India is in the process of transformation of the digital lending sector, which allows consumers to buy products and services and pay interest-free later. Given that it is experiencing exponential growth due to the e-commerce and fintech revolution, several strategic players are also entering the arena in the process. Currently, pay later schemes are being offered by firms such as LazyPay, Paytm, Amazon, Flipkart, and Freecharge, among others, and are aimed at improving and deepening their penetration in both online and offline segments. They are not only offering credit to new credit score users but also changing how Indians shop and spend. In this context, this article outlines their position, services, and influence in the growth of BNPL sectors in India. The five important players involved are as follows:

Lazypay

Lazypay Private Limited provides lending financial services through software. It offers credit balance and online loans with instant approval and zero collateral. The company provides products related to such as shopping, personal loans, and credit scores. The company was incorporated in 2018 and is based in Gurugram, India.

Paytm (One97 Communications Limited)

One97 Communications Limited provides payment, commerce and cloud, and financial services to consumers and merchants in India, the United Arab Emirates, Saudi Arabia, and Singapore. The company provides payment and financial services, which primarily includes payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management, etc. It also offers commerce and cloud services, including aggregator for digital products; ticketing services for travel and entertainment; and providing voice and messaging platforms to the telecom operators, enterprise customers, and other businesses, etc. In addition, the company provides digital recharge, utility bills, education and money transfers, and online payment gateways, as well as offline payment modes through QR codes, soundbox, and card machines; digital distribution of credit, insurance, mutual funds distribution, and equity broking; and distribution of credit cards. Further, it offers mobile credit, lending, insurance, and wealth management for consumers and merchants; marketing services including the sale of tickets, deals, and gift vouchers to customers; advertising; and loyalty solutions, as well as operates a technology platform for origination, loan management, and collection for credit access. One97 Communications Limited was incorporated in 2000 and is headquartered in Noida, India.

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Amazon.com, Inc.

Amazon.com, Inc. engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, fire tablets, fire TVs, echo, ring, blink, and eero, and develops and produces media content. In addition, the company offers programs that enable sellers to sell their products in its stores; and programs that allow authors, independent publishers, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, it provides compute, storage, database, analytics, machine learning, and other services, as well as advertising services through programs, such as sponsored ads, display, and video advertising. Additionally, the company offers Amazon Prime, a membership program. The company’s products offered through its stores include merchandise and content purchased for resale and products offered by third-party sellers. It serves consumers, sellers, developers, enterprises, content creators, advertisers, and employees. Amazon.com, Inc. was incorporated in 1994 and is headquartered in Seattle, Washington.

Flipkart Internet Private Limited

Flipkart Internet Private Limited owns and operates an online shopping portal in India. The company retails products in various categories, such as electronics, footwear, clothing, watches, accessories, bags, belts and wallets, fragrances and perfumes, grooming and wellness products, beauty and personal care products, jewelry, spectacle frames and contact lenses, sunglasses, toys, baby care products, home products and furniture, books and media products, and auto and sports products online. It serves women, men, babies, and kids. Flipkart Internet Private Limited was formerly known as Flipkart Marketplace Private Limited and changed its name to Flipkart Internet Private Limited in November 2012. The company was founded in 2007 and is based in Bengaluru, India. As of April 22, 2022, Flipkart Internet Private Limited operates as a subsidiary of Flipkart Private Limited.

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India Fintech Market: Current Analysis and Forecast (2024-2032)

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Freecharge Payment Technologies Pvt. Ltd.

Freecharge Payment Technologies Private Limited provides online recharge and bill payment services. The company was formerly known as Klickpay Payment Services Private Limited and changed its name in February 2016 to Freecharge Payment Technologies Private Limited. Freecharge Payment Technologies Private Limited was incorporated in 2015 and is based in New Delhi, India. Freecharge Payment Technologies Private Limited operates as a subsidiary of Axis Bank Limited.

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