Global Buy Now Pay Later (BNPL) Markets Report 2022: A $2,341.1 Billion Industry by 2028 - End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics

DUBLIN, Nov. 21, 2022 /PRNewswire/ -- The "Global Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q3 2022 Update" report has been added to  ResearchAndMarkets.com's offering.

Global BNPL payments are expected to grow by 44.2% on an annual basis to reach US$614.6 billion in 2022.

Global BNPL Payment industry has recorded strong growth over the last four quarters, supported by increased ecommerce penetration along with the impact of economic slowdown due to disruption caused by Covid-19 outbreak.

Medium to long term growth story of global BNPL industry remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 25.0% during 2022-2028. Global BNPL Gross Merchandise Value will increase from US$426.2 billion in 2021 to reach US$2,341.1 billion by 2028.

Over the past four to eight quarters, the use of buy now, pay later (BNPL) goods and services has steadily increased in the Africa & Middle East region. The e-commerce sector's explosive rise in the Middle East and North Africa will also help the BNPL market expand. Over the next three to four years, more businesses are anticipated to increase investment and expand their presence throughout the MENA area as the market expands and competition continues to heat up.

BNPL providers are targeting the B2B segment to drive the next growth phase in South Africa

Globally, BNPL providers are targeting the B2B segment to drive the next growth phase after gaining widespread popularity among consumers over the last two years. Similar trends are visible in South Africa, where BNPL providers target the B2B segment in 2022. 

In March 2022, Payflex and Merchant Capital, the two South African Fintech firms, announced the launch of a cash advance solution that aims to offer credit services to small and medium-sized retailers in the country. Under the collaboration, the firms have launched FlexiAdvance, the service which will offer SMEs access to funding within 24 hours of application.

In South Africa, Payflex merchants have achieved 30% higher average order values by offering the BNPL service to customers. The new value-added service, FlexiAdvance, is projected to further assist SMEs in accelerating their business growth by accessing funding through the Payflex platform.

As the credit demand among SMEs grows in South Africa in times of global economic uncertainties, the publisher expects more firms to enter into the B2B BNPL segment in South Africa in short to medium-term.

The global pandemic-induced lockdowns and social distancing measures accelerated the consumer shift to online payment and other digital financial services. Following the worldwide pandemic epidemic, markets like Saudi Arabia also have experienced a rapid increase in short-term credit options, such as buy now pay later (BNPL).

While Gen Z and millennials have been the early adopters of the BNPL payment method in Saudi Arabia, the trend is expected to accelerate among consumers across different age groups over the next three to four years.

Domestic BNPL firms are considering regional expansion to drive market share and growth

In 2022, the adoption of deferred payment services is expected to grow significantly, especially in the United Arab Emirates. Consequently, domestic BNPL firms are considering regional expansion to capitalize on the high growth potential of the Middle Eastern BNPL industry. 

In June 2022, Tamara, one of the leading BNPL platforms based in Saudi Arabia, announced that the firm is set to expand its operations in the United Arab Emirates. Notably, the expansion comes after a February 2022 report from Checkout.com, one of the lead investors in Tamara, stated that BNPL usage is expected to grow by 31% in the next 12 months in the United Arab Emirates.

UAE-based BNPL startups are raising funding rounds to support the expansion of their firm across the region

The BNPL market is expected to record accelerated growth amid growing consumer demand in the Middle East and North Africa region. Consequently, firms are raising funding rounds to capitalize on the trend and expand their market share by extending their presence in more Middle Eastern countries. 

In March 2022, tabby, one of the leading BNPL players in the UAE, announced that the firm had raised US$54 million in an extended Series B round, which was led by Sequoia Capital India and STV. The GCC region's sector is still in its early phases, but adoption has greatly increased over the past year, and this trend is anticipated to continue.Consequently, tabby is planning to use the funding round to expand its presence in more Middle Eastern countries.

In May 2022, Cashew announced that the firm had raised US$10 million from Mashreq Bank. As part of the investment, the BNPL payment platform of Cashew will be integrated with Neopay, the payments subsidiary of Mashreq. Notably, like tabby, the firm is expected to strengthen its presence in the MENA region from the short to medium-term perspective. Mashreq is expected to support Cashew in launching services in Egypt in Q4 2022.

This title is a bundled offering, combining the following 22 reports:

• Global Buy Now Pay Later Insight Brief
• Global Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Argentina Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Australia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Brazil Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Canada Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• China Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• France Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Germany Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• India Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Indonesia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Italy Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Kenya Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Mexico Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Nigeria Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Philippines Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Russia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• South Africa Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Thailand Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United Arab Emirates Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United Kingdom Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United States Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook

Reasons to buy

• In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.
• Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.
• Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.

Scope

BNPL Market Size and Spending Pattern

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Buy Now Pay Later Operational KPIs

• Buy Now Pay Later Revenues, 2019 - 2028
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Merchant Commission, 2019 - 2028
• Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
• Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
• Buy Now Pay Later Accounts, 2019 - 2028

Buy Now Pay Later Market Share Analysis by Key Players (20+Players)

Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast

• Online Channel
• POS Channel

Buy Now Pay Later in Retail Shopping: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Buy Now Pay Later in Home Improvement: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Buy Now Pay Later in Other: Market Size and Forecast

• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis

Companies Mentioned

• Wipei
• PagoMisCuentas
• Uala
• Afterpay
• Zippay
• Humm
• OpenPay
• Payright
• Affirm
• After Pay
• Klarna
• Sezzle
• Paypal
• Alipay
• Tencent
• JD Baitio
• Meituan
• Alma
• Cofidis
• RatePay
• Afterpay
• Simpl
• PineLabs
• Zest Money
• Paytm
• Lazypay
• Akulaku
• Kredivo
• Atome
• Splitit
• GoJek Paylater
• Klarna
• ScalePay
• Mash and Domec JV
• SplittyPay
• Aspira
• Lipa Later
• Miti
• Flexpay Technologies
• Julla
• Nelo
• Kueski
• finvero
• Aplazo
• Atrato
• PayQart
• CD Care
• Buynowpaylater.com
• Jumia Flex
• Carnon
• TendoPay
• Cashalo
• BillEase
• Plentina
• Zip
• Mokka
• Halva
• Tinkoff
• Zoodpay
• Mobicred
• More Tyme
• Payflex
• Pay Just Now
• PayUp
• Shopee PayLater
• Zilingo
• PowerBuy
• Pacepay
• Tabby
• Postpay
• Tamara
• Spotii
• Clearpay
• Paypal Credit
• Laybuy
• Paypal
• Affirm
• Futurepay
• Addi
• Cleo
• DiniePay
• Truepay

For more information about this report visit https://www.researchandmarkets.com/r/cnl48c

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