Pune, India, June 19, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Buy Now Pay Later Market Size was valued at USD 23.22 billion in 2022 and is projected to grow from USD 30.38 billion in 2023 to USD 122.19 billion by 2030, exhibiting a CAGR of 22.0% during the forecast period.
Increasing number of e-commerce platforms and rising adoption of these services are expected to drive the market growth. Integration of artificial intelligence technology and machine learning is helping with enhanced decision making. Fortune Business Insights™ shares this information in its report titled Buy Now Pay Later Market, 2023-2030.
Key Industry Development-
February 2023 - CRED launched CRED Flash, an application that allows users to make payments on the application across 500 partner merchants, including Urban Company, Zpto, and Swiggy. It allows users to clear the bill in 30 days with zero charge.
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Key Takeaways
- Buy Now Pay Later Market is expected to flourish & reach USD 122.19 Billion in 2030
- The global market will be driven by the growing use of AI technology to enhance the real-time consumer base.
- The expansion of online payment platforms for e-commerce is accelerating market growth.
- Lack of Service Awareness and the High Availability of Numerous Payment Options to Stagnate Growth
- Buy Now Pay Later Market Size in North America was USD 23.22 Billion 2022
Discover the Leading Players Featured in the Report-
“Affirm Holdings Inc. (U.S.), Paypal (U.S.), Klarna Bank AB (publ) (Sweden), Laybuy Group Holdings Limited (New Zealand), Perpay Inc. (Philadelphia), Quadpay (U.S.), Sezzle (U.S.), Payl8r (U.K.), Splitit (U.S.), Billie (Germany)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.0% |
| 2030 Value Projection | USD 122.19 Billion |
| Base Year | 2022 |
| Buy Now Pay Later Market Size in 2022 | USD 23.22 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Channel, Enterprise, Category, Regional |
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Drivers and Restraints
Rising Number of E-Commerce Platforms to Drive Market Trajectory
Rising number of e-commerce platforms is anticipated to drive the buy now pay later market growth. Increasing rate of adoption of online payment methods in various industries such as banking, health insurance, retail & consumer goods, and others has propelled the market growth for the service. In addition, rising awareness regarding the consumer electronics and health insurance services is also supporting the market growth.
However, lack of awareness of service and high availability of multiple payment options are anticipated to hinder market development.
Leading Segments Covered in this Report
By Channel
- Point of Sale (POS)
- Online
By Enterprise Type
- SMEs
- Large Enterprises
By Category
- Banking, Financial Services and Insurance (BFSI)
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media and Entertainment
- Others (Travel and Transportation, Education, Logistics)
Regional Insights
North America to Lead the Market with Rising Number of Investments in Research & Development Activities
North America is projected to lead the buy now pay later market share due to rising number of investments in research & development activities and start-ups. The market stood at USD 14.40 billion in 2022 due to the presence of key players such as Affirm Holdings, Inc., PayPal, Quadpay, Sezzle, and others.
Asia Pacific is anticipated to grow at the highest CAGR due to increasing emergence of digital payments such as Amazon Pay, Google Pay, PayPal, and others. Increasing adoption rate of e-commerce online applications has created an unprecedented market opportunity for key players.
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Competitive Landscape
Market Players have been Getting Involved in Various Strategies such as Mergers, Acquisitions, Collaborations, and Partnerships
Key players of the market have been investing in various technologies such as A.I., cloud, and machine learning. Market players have been getting involved in various strategies such as mergers, acquisitions, collaborations, and partnerships. In August 2021, Affirm Holdings, Inc. and Apple, Inc. collaborated to launch a “buy now, pay later” program called PayBright for Apple devices in Canada. The program allows people to use the point of sale installment loans service for Mac, iPhone, and iPads for 12 to 24 months.
FAQs
How big is the Buy Now Pay Later Market?
Buy Now Pay Later Market size was USD 23.22 Billion in 2022. It is expected to reach USD 122.19 Billion by 2030.
How fast is the Buy Now Pay Later Market growing?
The Buy Now Pay Later Market will exhibit a CAGR of 22.0% during the forecast period, 2023-2030
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