Burlingame, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, " Buy Now Pay Later Platforms Market, By End-use Industry (Fashion & Garment Industry, Consumer Electronics, Cosmetic Industry, Healthcare, and Others), By Enterprise Size (SMEs and Large Enterprises), : Size, Share, Outlook, and Opportunity Analysis, 2022–2030.” According to the report, the global buy now pay later platforms market is estimated to be valued at $10.42 billion in 2022 and is expected to exhibit a CAGR of 21.5% during the forecast period.
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Analysts’ Views on Global Buy Now Pay Later Platforms Market
Buy now pay later (BNPL) is a type of short-term financing that allows people to make purchases and pay for them over time, usually with no interest. It is an alternative payment method that allows people to purchase products and services without having to commit to the full payment amount up front. Buy now pay later platforms are used by a wide variety of businesses, especially e-commerce retailers, to reach new consumers, to increase conversion, and to increase average order value. Buy now, pay later has grown in popularity in recent years, especially among the younger generation. Buy now pay later platforms/solutions emerged in the early 2010s to address the pain points around financing, and thus, the use of such platforms has increased worldwide.
Key Trends and Analysis of the Global Buy Now Pay Later Platforms Market:
Increasing adoption of digital payment methods is one of the key trends expected to propel growth of the global buy now pay later platforms market. For instance, with the growing adoption of online payment methods among people, the use of buy now pay later platforms is also increasing or has increased worldwide. Increase in smartphone penetration, availability of high-speed Internet, and increasing awareness among people about online/digital payment methods or services has also led to an increase in adoption of digital payment services across the world. For instance, India's digital payment system has transformed drastically over the years. Currently, 40 per cent of payments are digital, driving the buy now pay later platforms market growth.
Global Buy Now Pay Later Platforms Market – Drivers
Increasing adoption of BNPL platforms to drive market growth
Increasing penetration of smartphones and availability of high-speed Internet has led to an increase in adoption of buy now pay later worldwide. In February 2023, CRED rolled out the buy now and pay later service and a tap to pay feature to boost engagement and monetization on the platform. Cred flash will allow people to make seamless payment on CRED app and across more than 500 partner merchants and clear the bill at no charge in 30 days. The app also allows customers to earn rewards for each transaction they made to merchants and also protect their identity by using aliases. This in turn is expected to augment the growth of the market.
Buy Now Pay Later Platforms Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 10.42 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 21.5% | 2030 Value Projection: | US$ 59.11 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Increasing number of internet users to propel market growth
Increasing penetration of smartphones and availability of high-speed Internet has increased the use of digital or online payment services or methods. According to the data provided by MyGovIndia, the citizen engagement platform of Government of India, over 46% of all real-time payments made worldwide in 2022 were made in India. India has topped the list for digital payments and recorded 89.5 million transactions in 2022. According to Internet and Mobile Association of India (IMAI), more than half of Indians, over 759 million citizens, are active Internet users and access the internet at least once a month; driving the growth of the market.
Global Buy Now Pay Later Platforms Market – Restrain
High late fee charges to hamper the market growth
One of the key factors expected to hinder growth of the global buy now pay later platforms market is the high late fee charges. While many buy now pay later (BNPL) platforms don't charge interest, most do charge late fees for missed payments. Some platforms even charge a penalty fee on a per-day basis. However, a late fees on the BNPL platform varies on the basis of the price of the product. According to Freecharge, a late fee of INR. 10 per day will be charged if Freecharge pay later dues are not repaid on the Due Date, which is the 5th of the month. Each BNPL lender has different fees and policies, so it’s important to carefully review BNPL terms and conditions to understand these fees and what can be done to avoid them.
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Global Buy Now Pay Later Platforms Market – Opportunities
Increasing adoption of novel or customized BNPL platforms is expected to offer significant growth opportunities for players in the global buy now pay later platforms market. BNPL is becoming an increasingly popular method for customers to make purchases in-stores and online. A high number of retailers are focusing on accepting these point-of-sale and online installment loans as payment methods, creating growth opportunities for the providers. In December 2022, Galileo Financial Technologies announced a buy now, pay later (BNPL) solution with issuance of single-use virtual cards and complete loan servicing. The users will have access to the Galileo’s Customizable Buy Now Pay Later Solution, offering them easy entry into the in-demand BNPL market and enabling greater spending power for their customers.
Global Buy Now Pay Later Platforms Market - Key Developments
In March 2023, Apple Inc. launched its buy now, pay later (BNPL) service in the U.S. The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said.
In October 2021, BharatPe announced its entry into the Buy Now Pay Later (BNPL) category with the launch of ‘Postpe’. The new platform provides credit to customers to buy now, but pay later from anywhere, making it the first of its kind.
Key Market Takeaways:
Global buy now pay later platforms market is expected to exhibit a CAGR of 21.5% over the forecast period. The global buy now pay later platforms market is growing rapidly in response to the increasing adoption of BNPL payments and increasing awareness among people.
On the basis of End-use Industry: Fashion & Garment Industry Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of BNPL solutions as they allow customers to easily distribute the cost of the purchase over a time of pre-determined and interest-free payments.
On the basis of Enterprise Size: SMEs and Large Enterprises Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of novel or customized BNPL solutions across the globe.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due to increasing adoption of buy now pay later platforms increasing awareness among people, and increasing number of Smartphone and Internet users in the region.
Competitive Landscape:
Key players operating in the global buy now pay later platforms market include Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay, among others.
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Detailed Segmentation
- Global Buy Now Pay Later Platforms Market, By End-use Industry:
- Fashion & Garment Industry
- Consumer Electronics
- Cosmetic Industry
- Healthcare
- Others
- Global Buy Now Pay Later Platforms Market, By Enterprise Size:
- SMEs
- Large Enterprises
- Global Buy Now Pay Later Platforms Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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