Tag: Lizzie Chapman

Business World, News

Buy Now, Pay Later sees massive traction among Women customers reveals ZestMoney Survey

Mar 4, 2021 by Rekha Nair 0 Comments #CEO & Co-founder at ZestMoney, #Lizzie Chapman

Bengaluru: ZestMoney, India’s leading AI-driven EMI financing and “Buy Now Pay Later” (“Pay Later”) platform, today revealed the findings from a customer survey conducted to understand how women are adopting Pay Later/ EMI solutions for financing their purchases. The survey was conducted with a sample of 1600 respondents across key metros and Tier II/III cities in India.

The survey reveals that edtech courses, consumer durables and fashion emerged as the most sought-after categories among women consumers. In fact, ~46.5% respondents adopted BNPL solutions for the first time during the pandemic for managing their purchases.

Access to formal credit is a challenge for many first-time borrowers and credit penetration continues to remain low for a large section of customers, especially women who then rely on unorganised players for loans. 66% women respondents reaffirmed that BNPL helped them get access to credit which otherwise would have been difficult.

Commenting on the trend, 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. We saw a 20% uptick in women transacting on our platform last year, a trend we feel will play out strongly this year too.”

The survey also found that ~51% women prefer BNPL over credit cards for financing purchases, indicating that there is a large base of smart, digitally savvy customers wanting to avail new-age contextual credit solutions.

“Globally we are seeing a trend of women choosing BNPL over credit cards as they prefer the transparency and simplicity of pricing. In India, the trend is fast catching up as an increasing number of women choose BNPL for financial independence. Our own data shows that women are more likely to pay on time and make more repeat purchases than men. They are truly making the best of BNPL”, Lizzie added.

Examining the moratorium pattern, the survey analyses that ~62.1% women did not avail moratorium on their EMI payments last year. Interestingly, ZestMoney has observed that women in the age group of 18-35 have shown least inclination towards opting for moratorium and had the highest repayment rate. Customers in Bangalore, Mumbai and Kolkata saw higher moratorium opt-out compared to the national average.

Bangalore, Hyderabad, Chennai emerged as the top 3 metros with highest BNPL transactions by women customers. Demand in these cities was driven by Edtech courses, marketplaces, and in-store purchases. This trend poised to grow further, with ~62% 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% women customers are in the age group 26-35, while 27% are below 25 years of age.

ZestMoney said 65% of their women customers are based outside Tier I cities signalling the rising demand from tier II and III markets. Among these cities, Lucknow, Vijayawada, Nagpur and Kochi have witnessed the highest BNPL transactions among women.

News

57% Indians have planned their next vacation for early 2021: ZestMoney Survey

Dec 24, 2020 by Rekha Nair 0 Comments #CEO & Co-founder at ZestMoney, #Lizzie Chapman

Bengaluru: ZestMoney, India’s leading AI-driven EMI financing and “Buy Now Pay Later” (“Pay Later”) platform, released the findings from a customer survey conducted to understand how Indians are shaping up their travel plans for the coming year. The survey was conducted with a sample of 4600 respondents across key metros and Tier II/III cities in India.

The survey reveals that while over 75% respondents did not take a vacation in the last three months, over 57% are planning their next leisure travel in early 2021. Interestingly, an increasing number of people want to opt for domestic travel. Within India, Goa (53.1%), followed by Kerala (32.9%) and Shimla (31.4%) ranked high on the travel bucket-list. Ladakh, Kashmir, Jaipur, Agra and Mysore were the other popular destinations.

With the pandemic taking a hit on finances, travellers have slashed their discretionary spends, including those on leisure activities. Over 44% believed that their holiday and travel budgets have been impacted.
Interestingly, Pay Later solutions are becoming popular as a financing option, with 55% respondents saying they would opt for EMIs or Buy Now, Pay Later option to fund their next personal trip.

Commenting on the trend, Lizzie Chapman, CEO & Co-founder at ZestMoney said, “The pandemic had halted leisure travel for many travel enthusiasts over the past year as they restrained their discretionary spends and focussed on savings. With the phased reopening across cities, consumers are gradually planning their vacations for the coming year. It’s heartening to see that Buy Now, Pay Later is emerging as one of the preferred options to fund travel plans. The solution not only offers greater flexibility and convenience in managing expenses but is financially efficient too.”

“At ZestMoney, we have seen a gradual uptick for the category with staycations, tour packages and domestic air travel driving the demand. We are witnessing a 50% month-on-month growth in customers opting for the Pay Later solution for the travel vertical on the platform,” added Chapman.
Some of the other findings of the survey were as follows:

• Over 45% respondents said they would prefer local travel destinations and staycations over international travel in 2021; while ~ 60% respondents preferred interstate, travel compared to travelling within the state or internationally

• ~42% respondents said that they would prefer travelling by their personal car, over flights or trains

• ~60% said that they would opt for a hotel over a homestay while picking an accommodation for their next trip

• Safety & hygiene ranked as a top criterion (~74%) while selecting a travel destination

Business World

ZestMoney Paylater solution now available for Apple customers across India

Oct 23, 2020 by Gouri Achary 0 Comments #Apple customers, #Lizzie Chapman, #ZestMoney, #ZestMoney Paylater solution

ZestMoney, India’s leading AI-driven EMI financing and “Buy Now Pay Later” (“Pay Later”) platform, is now available as a payment solution to drive affordability for Apple product lovers across the country. As part of the partnership, customers can purchase their favourite Apple products by availing the flexibility of ZestMoney’s Pay Later option.

Customers can avail a credit limit from ZestMoney by completing digital KYC (online or in-store) and choose a repayment plan of their convenience at the time of purchase. The process to avail the service is completely paperless and digital, end-to-end, and can be done with no manual intervention required.

ZestMoney and Apple have designed various “Zero-cost” EMI schemes that customers can avail for the newly launched iPhone 12 and other Apple products.

The best part is that even people with limited or no credit history can avail this service from ZestMoney.

ZestMoney has a presence in over 5,000 stores, including exclusive Apple authorised reseller stores across the country. Customers can avail several exciting offers like Zero Cost EMIs, Zero processing fees and cardless credit approval in a matter of minutes.

Commenting on the development, Lizzie Chapman, CEO & Co-founder at ZestMoney said, “We are so excited that ZestMoney can power the dreams of Apple customers to afford their favourite Apple products. We are seeing a huge demand for iPhones, iPads, MacBooks and smartwatches at this time.

The popularity of Buy Now, Pay Later is playing out strongly for this premium category as people plan their finances better to make the most of their income in these difficult and uncertain times. Excitingly, we are seeing significant demand coming from Tier II and III cities, where we expect to drive significant growth in Apple ownership. We expect the demand to double during the festive season.”

While iPhones have long been popular and the demand for iPhone 11 continues to be high, work from home has led to an increase in demand for Macbooks and iPads too. Apple recently unveiled several new products like Apple Watch SE, Apple Watch Series 6, iPad Air, and the iPad 8th generation, among others. The new range is expected to further drive the demand in the category.

Interestingly, the demand for EMI and Pay Later solutions for Apple products is also increasing from Tier II and III markets. ZestMoney has already disbursed loans for customers in cities like Rajkot, Karim Nagar, Mehabub Nagar, Jalpaiguri and Chittoor, as well as others. Bangalore, Mumbai, Delhi, and Hyderabad continue to be the top Tier I market for Apple products, as expected.

ZestMoney’s Buy Now, Pay Later service will help several new-to-credit customers that dream of owning an Apple product but couldn’t due to issues of access to formal lending options.

Business World

EeVe India Partners with ZestMoney to Provide EMI Solutions to Customers

Sep 12, 2020 by Gouri Achary 0 Comments #: EeVe India, #Lizzie Chapman, #Mr Harshvardhan Didwani, #ZestMoney

Bangalore, 11th September 2020: EeVe India, a leading Electric Two-Wheeler manufacturing company in India has announced its partnership with ZestMoney, an AI-driven EMI financing platform to take ownership of electric vehicles affordable for people. With this collaboration, customers can buy EeVe India scooters through transparent EMI solutions.

With ZestMoney, even customers with no previous CIBIL score can get access to financing. The Buy Now Pay Later facility is available on all models of EeVe scooters like Xeniaa, 4U, Your and Wind. They are priced between Rs. 51,900-73,900.

The process to avail the service is paperless can be done remotely and will ensure instant approval of loans. Customers can complete KYC formalities online and choose EMI tenure of 3, 6 or 12 months for repayments.

Headquartered out of Bhubaneswar, EeVe is the first automobile player in Eastern India, currently has a network of 63 dealers and plans to have a presence in 200 different locations in this year.

Speaking on the new partnership, EeVe India Director and Co-founder Mr Harshvardhan Didwani said, “We are excited that our customers can now avail EMI options with EeVe India. At EeVe India, high-end technology and sustainability is our topmost priority. Our collaboration with ZestMoney will also stress upon contactless documentation during the COVID-19 situation.”

“Anyone and everyone can now book and enjoy a ride in our electric scooter through the available easy EMI options with ZestMoney.” he further added.

Commenting on the development, Lizzie Chapman, CEO & Co-founder of ZestMoney said, “We are seeing a massive demand for Electric vehicles on our platform. Apart from the convenience of digital credit, the partnership with EeVe will make electric scooters affordable for a large number of people. Our fully automated Buy Now, Pay Later solution is solving for a critical need in the testing times of COVID-19. We have always maintained that financing options will play a crucial role in reviving demand. With the festive season approaching, we expect consumer interest to further pick up.”