30 lakh customers settled their credit during the festive season: OkCredit

People are shopping more on credit and they are paying back too nowadays. India’s oldest form of BNPL, of buying at local stores without paying upfront, saw customers rushing in to make repayments this Diwali. OkCredit, a digital bookkeeping app that helps retail SMBs keep a track of their credit and receivables organised data.

Most of these shops usually struggle to get their dues back in time, but this festive season more than 30 lakh customers came to settle their credit. These and several other stats about the festive shopping season in unorganised retail are part of a data report by OkCredit.

The data is compiled on OkCredit’s active install base of 5.2 million merchants. According to OkCredit’s data, the number of credit lines settled digitally have gone up by 100 per cent since 2020, which shows a rise in digital bookkeeping.

The increased repayments and growth in retail Server Message Block (SMBs) also points to a healthy recovery in the economy, especially tier-2 and tier-3 towns, as these towns account for a significant chunk of OkCredit’s merchant base.

The merchant category on OkCredit has witnessed an increase in customers. The most significant growth has been witnessed by retailers in the given categories:

Gaurav Kunwar, Co-founder & CPO at OkCredit says,, “SMBs were among the worst affected during both first and second wave of Covid. While the festive season brought cheer to several sections of the economy, we wanted to measure the category-wise impact of the Diwali shopping season among retail SMBs. It was heartening to see credit recovery being high, in fact, in places such as Kerala, Tamil Nadu, Manipur, it was 30% higher than the rest of the country.”

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