Mumbai, 07 November, 2026: Festive spending on Kiwi, India’s fastest-growing Credit-on-UPI platform, rose 12.1%, but growth varied across categories. Spending on electronics and appliances increased 20.8% during the period. In contrast, grocery and quick-commerce spending declined by 1%, while food delivery and restaurant spending fell by 5.4%. The data suggests that the increase in festive spending was driven primarily by consumers making larger, planned purchases, rather than by a broad-based increase in everyday spending. 

EMI purchases followed a similar pattern. Compared with the same period last year, the value of purchases converted into EMIs rose 25.2% to about 5 crore, while EMI conversions rose 21.6%.  Electronics EMI purchase value more than doubled, rising 116.6%, while e-commerce EMI value nearly tripled. Together, these figures indicate that EMI activity grew alongside spending on higher-value festive purchases, particularly electronics and online shopping.. Merchant payment value increased by 10% while transaction volumes rose by 7%This suggests the average merchant payment value increased slightly during the period. 

Commenting on the findings, Siddharth Mehta, Co-founder & COO, Kiwi, said, “The festive data shows that consumers were not spending more across the board. They were using credit more selectively, particularly for larger and planned purchases such as electronics and appliances. The sharp rise in EMI usage reflects this shift ; consumers are looking for ways to manage higher-value purchases without making the entire payment upfront. 

“At Kiwi, our focus is to make credit available in the payment experiences consumers already use, while keeping the cost and repayment journey clear. As Credit on UPI grows, the opportunity is not just to enable more transactions, but to help consumers use credit in a way that is convenient, transparent and easy to manage.”