New York, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The Global Buy Now Pay Later Market Size is to Grow from USD 25.4 Billion in 2022 to USD 160.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 20.2% during the projected period.
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Buy now and pay later in the major regions, PayPal offers four interest-free payments through an online payment system. Travel and tourism, consumer electronics, e-commerce and retail, healthcare insurance, and banking and financial services are among the services offered by industry leaders. The sector's largest companies offer buy now pay later electronics and buy now pay later travel for use in this industry. Customers can use buy now pay later services to purchase goods and services without making an immediate payment, enhancing their financial flexibility and relieving them of the expense of up-front charges. Furthermore, due to the global expansion of e-commerce, there is a high demand for buy now pay later services. With the increased usage of online payment methods globally, the buying now pay later payment market is rapidly Growing. The availability of high-speed internet connections, a rise in smartphone use, and the increasing awareness of digital payment services are all promoting people's use of online payment technology. However, a lack of service awareness and the enormous availability of alternative payment options are expected to limit the market's Growth. There are several payment options available, such as credit and debit card loans, postdated cheques, and others. Furthermore, as the popularity of buy now pay later services Grows, there is concern that buyers may be tempted to overspend, resulting in an unsustainable Growing amount of debt.
COVID-19 Impact
The COVID-19 pandemic has had positive effects on the buy now pay later market. During the pandemic, many people encountered financial issues and concerns, prompting them to seek flexible payment solutions to manage their bills. Buy now pay later services provide an appealing alternative by allowing consumers to extend their payments over time, alleviating financial stress. Furthermore, with the closing of physical stores and limits on in-person shopping, e-commerce activity increased exponentially. Consumers went online shopping for both required and non-essential purchases, and buy now pay later services blended easily into these digital transactions, giving a convenient and hassle-free payment solution.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Buy Now Pay Later Market Size, Share, and COVID-19 Impact Analysis, By Channel (Point of Sale (POS), Online), By End-user (BFSI, Consumer Electronics, Fashion & Garment, Healthcare, Retail, Media & Entertainment, Others), By Enterprise Type (SMEs, Large Enterprises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The point of sale (POS) segment is witnessing significant CAGR Growth over the forecast period.
The point of sale (POS) and internet sectors constitute the global buy now pay later business. The adoption of e-commerce applications and the rise in online payment, the point of sale sector is leading the market with the greatest revenue share of more than 38.6% over the projection period. The point of sale (POS) sector is expanding significantly as a result of its seamless integration with the shopping experience. As more consumers choose to shop in physical stores and online, the convenience of using buy now pay later services right at the point of sale (POS) improves the attraction of this payment option. Consumers can make decisions about purchases immediately with the use of point of sale (POS), facilitating quick and simple transactions without the need for preapproval or a credit check.
The healthcare segment dominates the market with the largest revenue share over the forecast period.
Based on end users, the global buy now pay later market is segmented into BFSI, consumer electronics, fashion & apparel, healthcare, retail, media & entertainment, etc. Among these, the healthcare segment is witnessing significant CAGR Growth during the forecast period. The use of buy now pay later payment methods, which offer a low-friction alternative to credit cards, is Growing in the healthcare industry. Additionally, people choose BNPL payment solutions over credit cards in order to avoid costly compounding interest and hidden expenses. Furthermore, increased treatment costs for diseases such as cancer, chronic heart disease, and cardiovascular disease are expected to drive demand for buy now pay later services over the projected period. The industry is seeing Growth in the use of buy now pay later solutions, as they allow customers to simply spread the cost of purchases over defined interest-free installments before.
The enterprise-type segment is expected to hold the largest share of the global buy now pay later market during the forecast period.
Based on enterprise, the global buy now pay later market is divided into small and medium enterprises and large enterprises. Among these, the large enterprise segment is expected to hold the largest share of the buy now, pay later market during the forecast period. These aspects can be attributed to the Growth of the large enterprise segment, including the widespread adoption of buy now, pay later solutions. Providing customers with flexible and inexpensive payment methods to purchase high-value products.
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North America dominates the market with the largest market share over the forecast period.
With a market share of more than 38.7% over the anticipated period, North America is the industry leader, due to high investment in R&D activities and a thriving startup ecosystem. More people using this service to make purchases enable the market to Grow. Demand for buy now pay later services has been fueled in part by the Growing number of Fintech service providers with competitive portfolio offerings in North America. The demand for buy now pay later services is also projected to increase in the upcoming years due to Growing partnerships among buy now pay later and entertainment service providers in the region that provide customers with alluring discounts, rewards, and loyalty programs. However, during the predicted period, Europe is anticipated to Grow the fastest. Due to a surge in service use among online shoppers, Europe is rapidly Growing. The buy now pay later fintech companies in the UK, including Afterpay, Klarna, Affirm, and others, are Growing at a rate of more than 38.6% annually due to a rise in e-commerce sales, according to the World Pay research. Additionally, a several leading firms are expanding their service offerings in nations throughout Europe, including Germany, the United Kingdom, France, and others. The Asia-Pacific market is anticipated to increase at a significant CAGR over the anticipated period. This is primarily a result of more people using digital payment methods like PayPal, Amazon Pay, and Google Pay. The service's popularity has Grown as a result of these online payment options. Additionally, the increased use of Internet e-commerce apps has opened up hitherto untapped market opportunities for significant businesses.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Buy Now Pay Later Market include Affirm Holdings Inc., Quadpay, Sezzle, Splitit, Paypal, Perpay Inc., Klarna Bank AB (publ), Laybuy Group, Holdings Limited, Payl8r, Billie, and among others.
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Recent Developments
- On February 2022: CRED launched the CRED Flash application to enter the buy now, pay later market. CRED Flash would allow users to make payments using the app and over 500 partner retailers such as Urban Company, Zpto, and Swiggy. It allows consumers to pay their bills in 30 days for free.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global buy now pay later Market based on the below-mentioned segments:
Buy Now Pay Later Market, Channel Analysis
- Point of Sale (POS)
- Online
Buy Now Pay Later Market, End User Analysis
- BFSI
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media & Entertainment
- Others
Buy Now Pay Later Market, Enterprise Type Analysis
- SMEs
- Large Enterprises
Buy Now Pay Later Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- The Rest of the Middle East & Africa
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