Credit Cards and BNPL: Now Essential for India's Low-Income Earners
A study by Think360.ai highlights that 93% of salaried individuals earning below Rs 50,000 per month in India rely on credit cards. It also notes 85% of self-employed people use them, with BNPL services growing in popularity. Fintechs dominate India's digital lending, disbursing Rs 92,000 crore in FY23.
- Country:
- India
The growing dependence on credit cards among India's low-income earners is evident, as revealed by a study conducted by Think360.ai. The study shows that 93% of salaried respondents earning less than Rs 50,000 monthly rely on these plastic instruments for their financial transactions.
Furthermore, the research highlights that 85% of self-employed individuals also find it necessary to depend on credit cards as part of their financial management strategy. The onset of Buy Now Pay Later (BNPL) services is notable, with 18% of self-employed and 15% of salaried individuals using such financial products.
Think360.ai's report underscores the prominence of fintechs in revolutionizing India's digital lending landscape, having disbursed over Rs 92,000 crore in personal loans in FY23, which accounted for a staggering 76% of all new loan originations by volume.
(With inputs from agencies.)
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