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Women are increasingly adopting Pay Later/ EMI solutions for financing their purchases, according to a survey conducted by ZestMoney.
As per the survey, Buy Now, Pay Later has gained significant traction among women customers over the past year.
Around 46.5 per cent of respondents adopted BNPL solutions for the first time during the Covid-19 pandemic for managing their purchases.
The survey further found that edtech courses, consumer durables and fashion emerged are the most sought-after categories among women consumers.
Apart from this, BNPL solutions have also helped gain access to credit. 66 per cent of women respondents said that BNPL helped them get access to credit which otherwise would have been difficult, as per the report.
Lizzie Chapman, CEO & Co-founder at ZestMoney said, “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 have always believed that contextual credit solutions play a very important role in democratising inclusive financing options.”
The survey also found that nearly 51 per cent of women preferred BNPL over credit cards for financing purchases.
“In India, the trend is fast catching up as an increasing number of women choose BNPL for financial independence,” added Chapman.
The survey also focused on the moratorium pattern. As per the report, nearly 62.1 per cent of women did not avail moratorium on their EMI payments in 2020.
ZestMoney further observed that women in the age group of 18-35 have shown the least inclination towards opting for the moratorium and had the highest repayment rate.
“Customers in Bangalore, Mumbai and Kolkata saw higher moratorium opt-out compared to the national average,” as per the report.
Bangalore, Hyderabad, Chennai further emerged as the top three metros with the highest BNPL transactions by women customers.
“Demand in these cities was driven by edtech courses, marketplaces, and in-store purchases,” it said.
The trend is poised to grow further, with nearly 62 per cent of respondents indicating that they would continue to opt for BNPL over the next 6-12 months for financing purchases of electronics, apparel/fashion accessories or educational courses.
According to the company, 45 per cent of women customers are in the age group 26-35, while 27 per cent are below 25 years of age.
For ZestMoney, 65 per cent of their women customers are based outside Tier I cities. Among these cities, Lucknow, Vijayawada, Nagpur and Kochi have witnessed the highest BNPL transactions among women, it said.
The survey included 1,600 respondents across key metros and Tier II/III cities in India.
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