Mexico Buy Now Pay Later (BNPL) Market Report 2021: Payments to Reach $1993.3 Million in 2021 - Opportunity Forecast to 2028

DUBLIN, Sept. 23, 2021 /PRNewswire/ -- The "Mexico Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering.

BNPL payment in the country is expected to grow by 132.3% on annual basis to reach US$ 1993.3 million in 2021.

The buy now, pay later (BNPL) segment has been gaining its market quite rapidly across the world. However, the BNPL service has not yet taken off in the Mexican market. While the BNPL lending model is still in its early stages of development in the country, the publisher expects that access to consumer information has been a significant obstacle to the growth of the Mexican BNPL sector. The lack of access to consumer information is largely attributed to the fact that more than half of the population in Mexico is unbanked. 

In recent years, the significant growth in the e-commerce industry has created an impressive growth opportunity for the fintech companies and BNPL segment in Mexico. Notably, Mexico is the second-largest Latin American country in terms of population, wherein a substantial chunk of the population is already shopping online.

Mexican startups are disrupting the BNPL space by analyzing potential risks. For instance, Nelo, the Mexican BNPL startup, has already proven that offering financial products to analyze better the risk of potential borrowers works for launching a successful BNPL product. In January 2020, the BNPL provider launched their first financial product for consumers in Mexico. The product was quite similar to a debit card offered by a neobank.

Rising in-store partnerships are also driving the BNPL market growth. Atrato, Mexico City-based BNPL service, has partnered with both online as well as brick-and-mortar retailers in the region to offer its BNPL service to consumers. From bicycle stores to dental aligners, Atrato has partnered with different offline retailers to grow its user base and expand its market share in the country. With the popularity of flexible payment services growing in Mexico, the publisher expects more BNPL firms to strengthen their in-store network to attract new borrowers.

Medium to long term growth story of BNPL industry in Mexico remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 38.7% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 858.0 million in 2020 to reach US$ 19,707.0 million by 2028.

Scope

Mexico BNPL Market Size and Spending Pattern

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

Mexico Buy Now Pay Later Market Share Analysis by Key Players

• Nelo
• Kueski Pay
• Circulo de Credito
• Atrato
• Graviti
• Aplazo
• wenance

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

• Online Channel
• POS Channel

Mexico 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

Mexico 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

Mexico 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

Mexico 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

Mexico Buy Now Pay Later in Education: Market Size and Forecast

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

Mexico Buy Now Pay Later in Automotive: Market Size and Forecast

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

Mexico Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

• Buy Now Pay Later Sales Uplift by Product Category
• Buy Now Pay Later Spend Share by Age Group
• Buy Now Pay Later Gross Merchandise Share by Income
• Buy Now Pay Later Gross Merchandise Value Share by Gender
• Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

For more information about this report visit https://www.researchandmarkets.com/r/cld0ji

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