The latest report by IMARC Group, titled “Buy Now Pay Later Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global Buy Now Pay Later market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global buy now pay later market size reached US$ 6,150 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 24,653 Million by 2028, exhibiting a growth rate (CAGR) of 26.10% during 2023-2028.
Buy Now Pay Later (BNPL) is a popular financial service where consumers can buy items upfront and defer payment for a later time. It serves as an alternative to traditional credit cards and instalment loans. Characteristics include deferred payment, no or low-interest rates, and a convenient online application process. The working mechanism involves merchant integration for checkout, instant approval, and automatic deductions from the linked account. Consumers receive the product immediately and repay in instalments over a specific period. BNPL offers flexibility, speed, and ease of use, thereby making it a digital-first payment choice.
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Buy Now Pay Later Market Trends/Drivers:
The global market is primarily driven by the augmenting demand for convenience and flexibility in instalment payments on purchases. In line with this, the rising need for transparent pricing and terms as well as repayment schedules among the consumers is providing an impetus to the market. Moreover, considerable rise in e-commerce transactions and mobile shopping is also creating lucrative opportunities in the market.
In addition to this, the augmenting demand for trustworthy alternatives to traditional credit cards, particularly among individuals with low income and low credit score is fueling the adoption of BNPL services. Some of the other factors contributing to the market include rapid urbanization, rapid product utilization among younger population, such as and Gen Z and millennials, aggressive promotional campaigns, and strategic partnerships among key players.
Some of the Top Key Players Operating in the Market are Given Below:
- Affirm Inc.
- Afterpay Pty Ltd (Block Inc.)
- Billie GmbH
- Klarna Bank AB
- LatitudePay Australia Pty Ltd
- Laybuy Holdings Limited
- LazyPay Private Limited (PayU)
- Openpay Group
- Paypal Holdings Inc.
- Splitit Payments Ltd.
- Zip Co Limited
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/buy-now-pay-later-market
Key Market Segmentation:
Breakup by Channel:
- Point of Sale (POS)
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by End Use:
- Consumer Electronics
- Fashion and Garment
- Leisure and Entertainment
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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