MUMBAI, India, Jan. 11, 2023 /PRNewswire/ — In the midst of the growing popularity, reports show that 22% of Indian women are likely planning to adopt instalment payments for their personal finances in the next 12 months. This rapid adoption can be confirmed by Snapmint that has seen about a 487% increase in women customers buying on instalments this year. Snapmint is an Indian Fintech startup that is aiming to give credit to people with thin credit, Gen Zs and Tier 2-5 city audiences. Their easy split payment model allows women to make purchases on EMI. The RBI licensed NBFC makes it possible with an easy 2-step process without the hassle of physical documentation. Women seem to buy more in the categories of fashion, beauty and kitchen appliances on the app. Reebok shoes, Noise Smartwatches, Liberty shoes, Street Style Store boots and FCL SKINCARE remain some of the top brands.
New year's is especially a lucrative time to denote numbers as most apps have sales going on. Snapmint's women adoption has seen a 60% spike in its AoV in December 2022 when compared to last year. However, the real game changer numbers can be seen during the new year season. The numbers saw a massive 487% increase when compared to 2021 with a GTV increase of 163%. Most of the orders were from tier 2-5 cities like Ranchi, Sangrur, Prakasam, Bhilwara etc. A large number of the women segment also searched and bought gift cards from popular ecommerce stores indicating that they needed an EMI option to purchase on these platforms. What's interesting is that the numbers also break the stereotype of what EMI payments can be availed for. Traditionally, EMIs were associated with purchases like bikes, furniture and large appliances. However, Snapmint's numbers are a clear indication of the need for splinter payments in lower price points categories such as fashion and beauty.
“Out of the 550 Mn PAN holders in India, only the affluent 50 Mn have access to credit. We give credit to such customers. These include people with thin credit, entering in the workforce, Gen Z's and tier 2-5 city audiences. Snapmint is changing who has credit and how. We are empowering Gen Z and tier 2-5 customers to avail splinter payments. Our technology is enabling Gen Z customers to make fashion/lifestyle and electronics purchases. And most importantly, we are doing all of this with full transparency, no hidden costs for customers without asking for too much documentation. Our aim is to make EMI payments as available and prevalent as UPI,” says Abhineet Sawa, co-founder of Snapmint.
According to a recent survey, only 19.23% of Indian women make the total Indian workforce. This indicates that most of the purchasing power still lies with the male population. Snapmint is working to increase the purchasing power of non-salaried and Gen Z women who are currently entering the workforce.
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