Buy Now Pay Later Market, Likely to Grow at CAGR of 18.5% & Valued at USD 7.2 Billion (2022)

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Buy Now Pay Later Market

The latest research report issued by MarkNtel Advisors states that the Global Buy Now Pay Later Market size was valued at USD 7.2 Billion in 2022 and is estimated to grow at a CAGR of about 18.5% during the forecast period, i.e., 2024-30. Buy now pay later (BNPL), also known as a point-of-sale loan, allows the consumers to buy any product and pay its price in installments sans interest, making it effortless & convenient.

Buy now pay later is being widely adopted by everyone globally, especially the young generation, due to the lack of disposable income and the consumer’s ever-increasing urge to buy discretionary and affluent products such as electronics, automotive, furniture, houses, etc. BNPL has recorded decent revenue growth in contemporary times because of the implementation of its payment alternatives integrated into websites & retail stores by merchants & businesses. Advantages such as ease of availability compared to credit cards, lower interest rates, easy payback arrangements, and the availability of reward points, which can be used when needed to avail of a discount, make it highly preferable.

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Moreover, the research report further states that financial service providers such as Visa, MasterCard, and American Express are taking initiatives to make the availability of e-credit easy for customers by incorporating the buy now pay later (BNPL) services, which is anticipated to enhance the market size of buy now pay later services in the approaching years.

Analyzing the Fragmentation of the Buy Now Pay Later Market

As per the research study, the market divided into various segmentations & their further classification. Let us know about them:

  • By Sales Channel (Online and Point of Sales)
  • By Application (Healthcare, Clothing & Accessories, Media & Entertainment, Travel & Leisure, Consumer Electronics, and Others)
  • By End User Age Group (18-34 years, 35-54 years, and Above 54 years)
  • By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)

Online Sales to Hold a Prominent Share of the Global Buy Now Pay Later Market. The rise in the number of Internet users and inactive lifestyle, the global demand for online doorstep delivery has been heightened for several commodities such as food, electronics, clothes, groceries etc., but due to the consumer’s lower disposable income and unappealing discounts merchants such as Klarna, Stripe, and Swappa are among others, to expand their payment alternatives by integrating buy now pay later services, further attracting millions of customers.

With the highest share, North America is set to influence the Global Buy Now Pay Later Market in the forecast period 2024-30. The surging demand for electronic gadgets like play stations, gaming consoles, monitors, etc. on online shopping platforms such as Amazon and eBay due to the inclining interest of the population in the region towards gaming & entertainment activities is a prominent reason for the extensive usage of BNPL services in the region. Moreover, the penetration of buy now pay later services has increased also because the individuals in the region are highly aware of the financial offerings and are intensely involved in the financial markets. Several lucrative offers and discounts are also being offered by the buy now pay later players & entertainment service providers to further boost the market.

Leading Companies in the BNPL Market

The leading contenders in the Global Buy Now Pay Later Market are Klarna, Afterpay, Affirm Inc., Laybuy Group Holdings Limited, PayPal Holding Inc., Kredivo, Zip Co. Ltd., Splitit, Sezzel, Amazon, Flipkart, Scalapay S.R.L., Perpay Inc., Paytm, PayI8r, and Others (MasterCard, American Express, Visa, etc.,) as per the research report published by MarkNtel Advisors.

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