Global Buy Now Pay Later Market Report 2021: Market to Surpass $20 Billion by 2028 - BNPL Platforms are Becoming Increasingly Popular as the Preferred Payment Option when Shopping Online
DUBLIN, Sept. 29, 2021 /PRNewswire/ -- The "Global Buy Now Pay Later Market Size, Share & Trends Analysis Report by Channel (Online, POS), by Enterprise Size, by End Use (Fashion & Garment, Consumer Electronics, Healthcare), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global buy now pay later market size is expected to reach USD 20.40 billion by 2028, registering a CAGR of 22.4% from 2021 to 2028.
The market growth can be attributed to the large number of benefits offered by Buy Now Pay Later (BNPL) platforms, such as convenient and interest-free payments. These platforms are becoming increasingly popular as the preferred payment option when shopping online.
BNPL is short-term financing that allows customers to make purchases and pay for them at a future date. Moreover, buy now pay later plans don't charge interest on payments and are often easier to get approved compared to lines of credit or traditional credit cards. Various factors, such as the easy registration process on BNPL platforms and instantaneous approval for bills, are expected to contribute to the market growth over the forecast period.
Shoppers prefer buying products that allow customers to make payments in installments without charging any interest. As a result, merchants can increase their conversion rates with BNPL services. These services also offer other benefits to merchants, such as full and upfront payments, higher average transaction value, larger customer base, and repeat purchases, among others. These factors are expected to create growth opportunities for the market over the forecast period.
The COVID-19 pandemic is expected to have a positive impact on the market. BNPL is considered a convenient payment method for smaller purchases when shopping online. The increasing popularity of BNPL platforms during the COVID-19 pandemic, coupled with the growth of the e-commerce industry, is expected to create growth opportunities for the market over the forecast period.
Buy Now Pay Later Market Report Highlights
- In terms of channel, the online segment is anticipated to register the highest growth over the forecast period. Numerous e-commerce companies are partnering with BNPL platforms. As a result, customers are shifting their preference toward online payment channels
- Small and medium enterprises are widely adopting the buy now pay later services to maximize their tax deductions. These services help enterprises in managing their expenses with flexible repayment options and transparent fees
- In terms of end use, the fashion and garment segment is expected to register the highest growth over the forecast period. Millennials are widely adopting BNPL services for paying for clothing in installments
- The presence of a large number of buy now pay later service providers in the North American region is expected to create growth opportunities for the regional market growth over the forecast period.
Buy Now Pay Later Industry Outlook
Buy Now Pay Later Market-Value Chain Analysis
- Vendor landscape
Market driver analysis
- Increasing number of internet users
- Numerous benefits offered by BNPL platforms
Market challenge analysis
- High late fee charges
Penetration and Growth Prospect Mapping
Buy Now Pay Later Market-Porter's Five Forces Analysis
Buy Now Pay Later Market-Key Company Ranking/Company Market Share Analysis, 2020
Buy Now Pay Later Market-PESTEL Analysis
Companies Mentioned
- Afterpay
- PayPal Holdings, Inc.
- Affirm, Inc.
- Klarna Inc.
- Splitit
- Sezzle
- Perpay Inc.
- Openpay
- Quadpay, Inc.
- LatitudePay
For more information about this report visit https://www.researchandmarkets.com/r/2g36gq
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SOURCE Research and Markets
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