Youth Propel 2.5x Surge In ‘Travel Now, Pay Later’ Demand

According to media sources, a recent survey done by Fibe, India’s biggest fintech business, in cooperation with travel fintech startup SanKash, found a stunning 2.5-fold growth in demand for the ‘Travel Now, Pay Later’ (TNPL) option over the previous year. The survey reveals a strong preference among Indians for short-haul overseas destinations and pilgrimage sites, as well as an increase in domestic travel.

Short-Haul International Destinations and Domestic Travel Demand

• UAE, Thailand, Singapore, Indonesia, Maldives, Nepal, and Vietnam see 33% increase in demand.
• Pilgrimage sites like Ayodhya, Tirupati, and Shirdi see 11% increase in bookings.
• Domestic travel sees 13% rise, with Goa, Rajasthan, Varanasi, Kerala, Manali, Ooty, Darjeeling, Coorg, Visakhapatnam, Pondicherry, Srinagar, Amritsar, Gangtok, and Rishikesh attracting more travelers.
• Lakshadweep queries increase by 15%, while Maldives remains popular among beach enthusiasts.

For those planning to travel, it’s a great time to apply for personal loan to finance your dream destinations and make the most of the growing TNPL options available.

Surge in Demand for TNPL Driven by Young Urban Solo Travellers

The surge in demand for TNPL is predominantly driven by individuals aged 26-45 from cities like Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Lucknow, Mumbai, and Pune. Notably, solo travellers have shown a marked preference for TNPL, emphasising its flexibility and convenience.

Thomas Cook & SOTC have surpassed last year’s total domestic travel numbers within just the first six months of this year.

Recent insights in the travel industry have highlighted key trends reflecting the preferences and behaviours of contemporary travellers. Among the top destinations in demand, Kashmir leads with 30 per cent, followed closely by the North East at 26 per cent, Andaman at 22 per cent, and both Kerala and Goa at 20 per cent. This data reveals a growing interest among travellers using small loan app to finance their trips to these popular locations.

Growth in Average Ticket Size

Over the past year, the average ticket size for TNPL has risen by 60 per cent. Most individuals choosing TNPL prefer to repay the full amount within six months, reflecting a trend toward responsible borrowing and financial planning.

Balakrishnan Narayanan, Fibe’s Head of Product & Analytics, pointed out, “We are witnessing an increased demand for TNPL, especially among the youth and tech-savvy individuals. At Fibe, we provide financial solutions for every need of customers and with TNPL, we want to add flexibility to their travel plans. Besides, it also adds convenience and affordability to the travel plans of individuals, allowing them to explore their dream destinations without any financial worries.”

Akash Dahiya, Co-founder & CEO, SanKash, mentioned, “We’re thrilled to see the surge in demand for travel this year, especially with the increasing popularity of TNPL. SanKash is committed to providing seamless and affordable travel financing solutions, and we’re proud to partner with Fibe to make travel dreams a reality for more people.”