Payments start-up Pine Labs, which has roped in 90 banks into its payments platform, is looking at strong growth in Buy Now Pay Later (BNPL) transactions, The Times of India reported quoting company’s chief business officer, Kush Mehra.
Expecting October to be a big period for business, he said that the company is looking at processing BNPL transactions worth Rs 5,000 crore. This is 80 per cent to 85 per cent higher than last year.
“The volume we did in April was Rs 3,000 crore. In my 10 years of BNPL, we never have seen such volumes, even during Diwali. That was an early sign of getting back to normal," Mehra stated.
"Earlier, the India playbook for BNPL used to be the top 20 cities, top thre-four brands with credit coming from top three-four banks. Wow we are seeing demand from 150 cities, 50 credit providers and nearly 200 brands," Mehra added.