DUBLIN–(BUSINESS WIRE)–The “Buy Now Pay Later (BNPL) Services Market – Growth, Trends, Covid-19 Impact and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The Buy Now Pay Later market is expected to register a CAGR of 22.4% during the forecast period 2022-2027.
Buy Now Pay Later (BNPL) solutions, which allow consumers to pay in interest-free installments, a fixed payment schedule, zero interest and quick approval options for customers who wish to make purchases. This allows customers to spend more than they can with other payment methods.
Buy Now Pay Later (BNPL) offers a payment option allowing customers to make purchases online and in stores without having to pay the full amount all at once. BNPL solutions offer monthly or bi-weekly payments to facilitate purchases. The growing awareness of digital payment has fueled the growth of installment payment methods.
BNPL Solution has grown among Millennials and Gen Z customers as they seek a convenient budgeting tool. The popularity of the Buy Now Pay Later (BNPL) service has increased following the global pandemic as the need to split the price over a period for online purchases has increased. Various platforms like Klarna, PayPal, Afterpay have declared to offer BNPL services.
Main market trends
Increased adoption of online payment methods
Increasing adoption of online payment methods among people across the globe is accelerating the growth of Buy Now Pay Later payments market. Availability of high-speed internet connectivity, high penetration of smartphones, and increased awareness of digital payment services are some of the important factors driving people’s adoption of online payment technology. The high number of internet users in the region is further expected to create growth opportunities for the market.
Many businesses, including small and medium businesses around the world, are expected to focus on adopting the fastest growing online payment methods. Thus, the increase in digital payment transactions in developing countries such as China, Japan, and India is driving the digital transaction and Buy Now Pay Later market.
Asia-Pacific will dominate the BNPL market
BNPL’s services in Sweden and Germany are larger than their market in the United States. North West Europe is a predominant market for BNPL services. Australia and New Zealand also have BNPL services which hold a considerable market share in online shopping payments. The BNPL payment industry in Asia Pacific has witnessed strong growth over the past year driven by increased e-commerce penetration.
Asia is home to the world’s leading BNPL companies. Countries such as Australia, India, China, Singapore, Indonesia and Malaysia saw strong demand for BNPL payment options during this period.
The BNPL trend is becoming popular across the region as it allows customers to access credit and defer payments. Growing mobile internet penetration in the region is further expected to create growth opportunities for the regional market over the forecast period.
The market is moderately fragmented. Buy Now Pay Later is a useful service for customers and merchants. BNPL is becoming an increasingly popular payment method for customers to make purchases in-store and online.
Many retailers are focusing on accepting these point-of-sale and online installment loans as payment methods, creating growth opportunities for BNPL solution providers. The growing e-commerce industry is further expected to drive the market growth over the forecast period.
The major players covered in the Buy Now Pay Later market report are Afterpay, Affirm, Inc., Klarna Inc., PayPal, Sezzle, etc.
PayPal Holdings, Inc.
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