Most companies saw their BNPL transactions peak in the festive season, that is during October-November.
"The strongest uptick we saw was during the festive season with new customer applications going up by 10X. Our GMV in October alone exceeded what we did in the entire festive season last year," Chapman said.
Lazypay saw its highest BNPL adoption rate in November, up 300% on year. "Adoption of BNPL spurred during the festive season as Lazypay witnessed an increased demand, up over 300% in November since the same time last year," said Agrawal.
Meanwhile, Uni said it crossed its peak disbursals in November with approximately Rs 120 crore.
Flipkart, which launched its ‘Flipkart Pay Later EMI’ facility ahead of the festive season, saw an early positive response during its The Big Billion Days festive event. The construct saw near a 4x jump in the number of transacting customers since the launch, said Dheeraj Aneja, senior vice president and head – fintech and payments group, Flipkart. The e-commerce company has seen a 2x year on year growth in customers using Flipkart Pay Later, he added.
Paytm said that it witnessed a 414 percent year-on-year growth in the number of loans disbursed in October and November. "As many as 27 lakh loans were disbursed in the first two months of the third quarter of FY22, as compared to five lakh during the last fiscal year. In October, 13 lakh loans were disbursed, while 14 lakh loans were disbursed in November 2021.The value of loans disbursed November this year stood at Rs 690 crore, while that of October stood at Rs 630 crore," the spokesperson said.