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

 

The global value of buy now pay later market is estimated to USD 129.7 billion in 2022 and the respective market is expected to grow enormously at a CAGR of 49.7% over the forecasted period.

Short-term financing options like "buy now, pay later" let consumers purchase everyday essentials like gadgets, clothing, and home improvement supplies. It's a point-of-sale (POS) installment loan system that lets users make purchases and manages payments. Retailers increasingly provide buy now, pay later options that let customers buy needs by choosing a low-cost financing plan and paying for the item(s) in installments rather than all at once.

 

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In addition, a growing number of young people are using buy now pay later payment technology because it offers multiple advantages, including the ability to buy expensive smartphones and laptops, pay for education and other goods, and settle other bills. All of these factors contribute to the growth of the buy now pay later market.

GROWTH DRIVERS

Using buy now pay later systems has many advantages, such as quick credit card fund transfers at the point of sale (POS) platform, more affordable and practical payment services, and enhanced personal information security, all of which support the market's expansion. The advantages that the buy now platform offers to both consumers and retailers will drive the market's worldwide growth throughout the forecast period.

The global point of sale instalment loan market has grown as a result of 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) projects that by 2020, over 80% of consumers worldwide will have made digital payments and shopped online.

One of the main things impeding the worldwide buy now pay later market growth is the rise in consumer spending. Those who wish to buy goods and services without having to pay in full can do so by using buy now pay later platforms. The ability to pay later is driving the market. Nonetheless, this component can affect companies who operate in the buy now, pay later sector. Businesses that choose the buy-now, pay-later option may suffer financial losses. This factor is therefore restricting the growth of the global buy now pay later sector.

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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