Buy Now Pay Later (BNPL) Market Size is anticipated to reach at a CAGR of 49.7% during the forecast period

 

The estimated value of the global buy now pay later market is USD 129.7 billion in 2022, and the market is anticipated to increase rapidly at a CAGR of 49.7% during the anticipated period.

A short-term financing option called "buy now, pay later" enables customers to purchase products for home improvement and other daily requirements like clothing and electronics. It is a point-of-sale (POS) installment lending system that permits clients to make purchases while managing their repayment. Shops now provide "buy now, pay later" options that let customers purchase basics by choosing a reasonable financing option and paying over time rather than all at once. Company owners from all over the world have conveniently choose to use the buy now pay later payment platform to finance large pieces of equipment, buy raw materials, and pay staff salaries, which appears to have a favorable impact on the buy now pay later market.

                               

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The youth are also increasingly adopting buy now pay later payment technology because it offers numerous advantages including buying an expensive smartphone and laptop, paying for one's schooling and other costs, and paying other expenses. This boosts the market for buy now pay later.

GROWTH DRIVERS

The usage of purchase now pay later systems has many advantages, including simple and affordable payment options, quick credit card fund transfers at the point of sale (POS) platform, and improved personal information security, all of which support the market's expansion. The advantages of the purchase now platform for both consumers and retailers will drive the market's global expansion over the projection period.

The rise of the global point of sale instalment loans industry has been spurred by the increasing adoption of online payments in sectors including banking, health insurance, retail & consumer goods, and others. The United Nations Conference on Trade and Development (UNCTAD) estimates that by 2020, more than 80% of consumers worldwide will have utilised digital payment methods to shop online.

Increased consumer awareness of consumer electronics devices and health insurance services also helps the economy flourish. The Reserve Bank of Australia estimates that buy now, pay later service transactions for goods purchases in Australia and New Zealand totaled about USD 10.0 billion in 2020. As demand for consumer electronics devices and health insurance services rises, the value of BNPL service transactions is also rising quickly.

 

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BUY NOW PAY LATER MARKET SEGMENTATION

By Channel

·        Point of Sale (POS)

·        Online

By Application

·        BFSI

·        Consumer Electronics

·        Fashion & Garment

·        Healthcare

·        Home Improvement

·        Retail

·        Media & Entertainment

·        Others

By End User

·        Generation X

·        Generation Z

·        Baby Boomers

By Region

·        North America

·        Europe

·        Asia Pacific (APAC)

·        Latin America

·        Middle East & Africa

 

KEY COMPANIES IN BUY NOW PAY LATER MARKET

The research report offers a competitive analysis of prominent companies operating in the global buy now pay later market. Some of the leading players profiled in the market research report include:

·        Affirm Holdings Inc.

·        Afterpay

·        Klarna Bank AB

·        Laybuy Group Holdings Limited

·        PayPal Holdings Inc.

·        Payl8r (Social Money Ltd.)

·        Perpay Inc.

·        Quadpay

·        Billie

·        Sezzle

·        Splitit

·        Other Players

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                       

                            

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