The Business Research Company’s report on the Buy Now Pay Later Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the buy now pay later market in recent years?
An increase in the adoption of online payment methods is expected to propel the growth of the buy-now-pay-later market going forward. Online payments refer to payments that are made for goods or services that have been purchased online or offline. With the buy now, pay later option, customers can make small-ticket purchases both offline and online and make fast payments. For instance, in September 2023, UK Finance, a UK-based financial services company In 2022, remote banking continued to be widely embraced in the UK, with 86% of adults utilizing at least one method of remote banking. This included online banking through a computer, mobile banking via an app on a smartphone or tablet, and telephone banking services. Therefore, the increase in the adoption of online payment methods is driving the buy-now-pay-later market growth
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What is the projected market size of the buy now pay later industry, and how is it expected to grow?
The buy now pay later market size has grown exponentially in recent years. It will grow from $231.51 billion in 2024 to $343.52 billion in 2025 at a compound annual growth rate (CAGR) of 48.4%. The growth in the historic period can be attributed to e-commerce growth and online shopping trends, consumer demand for flexible payment options, rise of digital wallets and mobile payments, increase in millennial and gen z consumer base, competition among payment service providers.
The buy now pay later market size is expected to see exponential growth in the next few years. It will grow to $1438.64 billion in 2029 at a compound annual growth rate (CAGR) of 43.1%. The growth in the forecast period can be attributed to expansion of BNPL services to physical retail, growth in cross-border e-commerce, adoption by traditional retailers, emphasis on responsible lending and consumer protection, rise of embedded finance and BNPL as a service. Major trends in the forecast period include integration with point-of-sale systems, personalization of BNPL offers, collaboration between BNPL providers and merchants, integration with loyalty programs, regulatory developments in the BNPL space.
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Who are the key players driving competition in the buy now pay later market?
Major companies operating in the buy now pay later market include Paytm Postpaid, PayPal Holdings Inc., Affirm Inc., Klarna Inc., Splitit Ltd., Sezzle Inc., Perpay Inc., Openpay, Quadpay Inc., LatitudePay, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd. ), ePayLater, Zest Money, Lazypay, Afterpay Ltd., Zip Co Ltd., FuturePay Inc., Bread Finance, PayBright, Zebit Inc., Uplift, ViaBill, Sunbit, Katapult, Credova, Acima Credit, Progressive Leasing, Flexiti Financial, LendCare, PayTomorrow, Payzer, QuickFee, SmartPay Leasing, SplitPay, Zibby
What key trends are expected to drive the butane gas cartridges market during the forecast period?
Technological advancement is a key trend gaining popularity in the buy-now-pay-later market. Major market players are concentrating on offering customers cutting-edge digital services to sustain their position in the buy-now-pay-later market. For instance, in January 2022, Temenos, a Switzerland-based software and apps company, launched Temenos Banking Cloud, the first AI-driven buy-now-pay-later banking service in the market. Through alternative credit products, this offering is expected to give banks and fintechs additional revenue options, assist them in expanding into new areas, and strengthen their connections with customers and business partners. By offering transparency into automated judgments and pairing BNPL customers with suitable loan offers based on their past, Temenos BNPL assists banks in developing lending programs that are driven by patented, explainable AI technology. Therefore, technological advancement is boosting the growth of the buy-now-pay-later market.
Which key geographies are driving the growth of the buy now pay later market?
North America was the largest region in the buy now, pay later market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the buy now pay later market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the buy now pay later market?
The buy now pay later market covered in this report is segmented –
1) By Channel: Online, POS
2) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
3) By End Use: Consumer Electronics, Fashion and Garment, Healthcare, Leisure and Entertainment, Retail, Others End-User
Subsegments:
1) By Online: E-commerce Platforms, Mobile Apps, Online marketplaces
2) By Point of Sale (POS): In-store Retail, Restaurant And Hospitality, Service-Based Businesses
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What defines the structure and scope of the buy now pay later market?
Buy now, pay later refers to a type of short-term financing that allows consumers to make purchases and pay for them at a future date, often interest-free. Buy now pay later is used as a type of instalment loan.
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