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Here’s Why Bharat Makes A Strong Market For BFSI Industry Players

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Bharat - internet users who prefer to consume online content in Indic languages - is increasingly becoming a critical segment for BFSI industry’s growth. Contributing to 49% of the total urban active internet user base, Bharat can wield strong influence on the growth trajectory of businesses in this industry.

It’s critical to understand who Bharat is and how it behaves, to fully tap into the potential of Bharat,

A few myths about Bharat are that it is less affluent, not as educated or digitally savvy and does not have the propensity to spend.

ShareChat’s Bharat - The Neo India dispels these myths and gives a unique insight into Bharat.


1. Bharat is digitally savvy and has the propensity to spend

Bharat, or internet users* who consume online content in Indic languages is over-indexed on higher affluence and education segments. It’s representation in NCCS A and B segment is 33% and 34%, which is higher than the overall urban active internet users’ representation at 30% and 33% respectively*.

Bharat loves spending on key categories such as gadgets, travel bookings, food, beauty & skincare, clothing & accessories and electronic goods. Gadgets is one of the relevant categories for banks and financial services firms as their purchases involve easy financing options such as EMI payments. Gadgets are a particular favourite within Bharat – their online purchase witnessed significant annual growth, from 46% of Bharat buying gadgets in 2021 compared to 37% in 2020*.

Bharat’s love for shopping is being powered by UPI, with it being the preferred method for online shopping, ahead of cash and debit cards.

2. Bharat embraces electronic payment methods

Electronic payment methods have already become a way of life for Bharat. Mobile wallets along with UPI are among Bharat’s top three payment methods used multiple times in a week.


In fact, Bharat outranks India in using net banking and credit cards for making payments.

3. A modern, diversified investment portfolio

Bharat no longer invests in only traditional assets like fixed deposits. Its investments in mutual funds (47%) and insurance (41%) have grown beyond those in fixed deposits (41%).

Today, 1 in 5 from Bharat invests in cryptocurrency, highlighting the role of low barriers of usage, increased digital penetration, and ease of investing.


Bharat exhibits a better appetite than India in long-term investment options such as e-gold, NPS/NSC, ULIP, and Bonds*.


Building a strong Bharat account

Bharat displays a continually growing online presence, appetite for shopping online and affinity towards electronic payment methods and investments. BFSI and Fintech brands must make meaningful connections with Bharat to address its financial needs and tap into its potential. Its language-heavy internet consumption necessitates brands to devise their marketing strategies around Indic languages. Social media platforms, with their Indic language environments and relevant local content, keep Bharat captivated and have emerged as top engagement channels.


Download Bharat - The Neo India report to learn more about who Bharat is, how it behaves and debunk some of the common myths.

Data Source:

Kantar NICS 2021

Urban active internet users

YouGov Study for ShareChat, Dec 2021

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