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July 13, 2024
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Demand for ‘Travel Now, Pay Later’ Witnesses 2.5X Increase Over One Year: Fibe-SanKash Study

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Indians prefer short-haul international destinations and pilgrimage sites

Domestic travel sees a 13% uptick compared to last year

Fibe, India’s leading Fintech in association with travel Fintech firm SanKash, witnessed a 2.5X increase in demand for ‘Travel Now, Pay Later’ (TNPL) offering over a period of one year. Short-haul destinations such as the UAE, Thailand, Singapore, Indonesia, Maldives, Nepal, and Vietnam were some of the most preferred among millennials and Gen Z and saw a 33% increase in demand versus last year. Besides, pilgrimage sites like Ayodhya, Tirupati and Shirdi picked up pace, witnessing an additional 11% of bookings as compared to last year.

The increase in demand for travel to domestic and international destinations underscores the growing popularity of travel financing solutions among the youth as they seek greater control of their finances, yet don’t want to defer their travel due to a shortage of funds. 

The study further indicates that the demand for TNPL was largely seen from individuals in the age group of 26-45 years across Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Lucknow, Mumbai, and Pune. Another interesting trend that the study reveals is that the demand for TNPL was largely driven by solo travellers. This showcases how TNPL meets the evolving demand of customers and adds convenience as well as flexibility to their travel plans.

In the last 12 months, the Average Ticket size for TNPL has gone up by 60%. The study further indicates that most individuals opting for TNPL prefer to repay the total amount within six months.

Balakrishnan Narayanan, Head, Product & Analytics, Fibe

Balakrishnan Narayanan, Fibe’s Head of Product & Analytics said, “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 destination without any financial worries.” 

kash Dahiya, Co-Founder and CEO, SanKash
Akash Dahiya, Co-Founder and CEO, SanKash

SanKash Co-founder & CEO Akash Dahiya said, “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.”

The study also reveals interesting trends regarding domestic travel. The rise in domestic travel was largely for destinations such as  Goa, Rajasthan, Varanasi, Kerala, Manali, Ooty, Darjeeling, Coorg, Visakhapatnam, Pondicherry, Srinagar, Amritsar, Gangtok, and Rishikesh.  

While queries for Lakshadweep saw an increase in demand by 15%, Maldives continues to be a favourite short haul destination among beach enthusiasts.

Akshay Mehrotra, Co-Founder and CEO, Fibe

Akshay Mehrotra, Co-Founder and CEO, Fibe

Akshay is the Co-Founder and CEO of Fibe, India’s leading consumer lending apps focused on young working professionals. He is responsible for devising Fibe’s product strategy, in pursuing his mission of turning his Fintech venture into India’s next unicorn.

Akshay has mastered the art of providing simple marketing solutions for complicated problems. In recognition of his business acumen, he was featured in the list of BW BusinessWorld 40 under 40, 2019. He was also honored with the ‘Most Talented CMO of the Year’ award in 2013-2014, by CMO Asia.

Passionate about developing innovative product strategies and business models in the customercentric space. He holds a master’s degree in business administration from Symbiosis Institute of Management Studies, Pune. Owing to his extensive hands-on experience, he is often invited as a guest speaker by various industry forums to share his valuable experiences and perspectives.

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