‘Travel Now, Pay Later’ Sees 11% Rise In Bookings To Indian Pilgrimage Sites; Bookings For Short-Haul Destinations Increase By 33%

Indians are packing their bags and hitting the road (or sky) in ever-increasing numbers, with a growing appetite for short international trips and domestic pilgrimage tours. This travel boom is being fuelled by the rising popularity of financial solutions like Fibe’s TNPL(Travel now, pay later), according to a new study by Fibe in collaboration with travel fintech firm SanKash.

Travel Now, Pay Later

The report unveils a staggering 2.5-fold increase in demand for TNPL services over the past year. This surge is being driven by millennials and Gen Z travellers, particularly interested in exploring popular short-haul destinations like the UAE, Thailand, Singapore, and the Maldives. Bookings for these idyllic escapes have soared by a significant 33% compared to last year.

But wanderlust isn’t limited to exotic beaches. The study also highlights a growing interest in religious destinations within India. Pilgrimage sites like Ayodhya, Tirupati, and Shirdi witnessed an 11% rise in bookings facilitated by TNPL. This showcases the diverse travel preferences of Indian consumers.

Travel Financing Solutions

This surge in travel demand underlines the growing importance of travel financing solutions for young Indians. TNPL empowers them to manage their finances effectively while fulfilling their travel dreams without postponing trips due to a lack of immediate funds.

The study further reveals that individuals aged 26-45 across major cities like Ahmedabad, Bengaluru, and Delhi are the primary users of TNPL. Interestingly, solo travellers are a significant segment driving the demand for this service, highlighting how TNPL caters to evolving customer needs and provides flexibility for personalised travel plans.

The average booking amount for TNPL has grown by a substantial 60% in the last year. The study also indicates that most users prefer to repay the total amount within a timeframe of six months, demonstrating a preference for short-term financing solutions.

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The study also delves into domestic travel trends. It reveals a surge in bookings for popular destinations like Goa, Rajasthan, and Kerala. Locations like Manali, Ooty, and Darjeeling are also witnessing increased interest among travellers seeking breathtaking landscapes and cultural experiences.  Lakshadweep saw a 15% rise in enquiries. The Maldives remains the undisputed favourite for beach lovers seeking a luxurious domestic escape.

Cover Image Courtesy: Canva (Representative Image)