New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Buy Now Pay Later Global Market Report 2023" - https://www.reportlinker.com/p06443910/?utm_source=GNW
), ePayLater, Zest Money, and Lazypay
The global buy now pay later market grew from $105.15 billion in 2022 to $155.79 billion in 2023 at a compound annual growth rate (CAGR) of 48.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The buy now pay later market is expected to grow to $744.06 billion in 2027 at a CAGR of 47.8%.
The buy now pay later market consists of revenues earned by entities by providing buy now pay later to pay installments without interest.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Buy now, pay later refers to a type of short-term financing that allows consumers to make purchases and pay for them at a future date, often interest-free. Buy now pay later is used as a type of instalment loan.
In 2022, North America was the largest region in the buy now pay later market.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this buy now pay later market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The two main types of buy now pay later channels are online and pos.Online is referred to as a convenience option that consumers employ so they can take advantage of experiences and stay away from inconveniences.
The various enterprise sizes are large enterprises; small and medium enterprises. These are used in consumer electronics, fashion, and garments, healthcare, leisure and entertainment, retail, and other end-users.
An increase in the adoption of online payment methods is expected to propel the growth of the buy-now-pay-later market going forward.Online payments refer to payments that are made for goods or services that have been purchased online or offline.
With the buy now, pay later option, customers can make small-ticket purchases both offline and online and make fast payments.For instance, in April 2021, according to Razorpay, an India-based financial services company, the rate of digital payment transactions in India during January, February, and March 2021 increased by 76% compared to the same period in 2020, whereas Buy Now Pay Later (BNPL) experienced a staggering growth of 569%.
Therefore, the increase in the adoption of online payment methods is driving the growth of the buy-now-pay-later market.
Technological advancement is a key trend gaining popularity in the buy-now-pay-later market.Major market players are concentrating on offering customers cutting-edge digital services to sustain their position in the buy-now-pay-later market.
For instance, in January 2022, Temenos, a Switzerland-based software and apps company, launched Temenos Banking Cloud, the first AI-driven buy-now-pay-later banking service in the market.Through alternative credit products, this offering is expected to give banks and fintechs additional revenue options, assist them in expanding into new areas, and strengthen their connections with customers and business partners.
By offering transparency into automated judgments and pairing BNPL customers with suitable loan offers based on their past, Temenos BNPL assists banks in developing lending programs that are driven by patented, explainable AI technology. Therefore, technological advancement is boosting the growth of the buy-now-pay-later market.
In August 2021, Square, a US-based company engaged in Buy Now, Pay Later (BNPL), mobile payment, financial services, and digital payments, acquired Afterpay for an amount of $29 billion.With this acquisition, the two businesses are expected to come together to form an unmatched payment giant to improve the fairness, accessibility, and inclusivity of the financial system.
Afterpay is an Australia-based company engaged in Buy Now, Pay Later (BNPL) services.
The countries covered in the buy now pay later market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The buy now pay later market research report is one of a series of new reports that provides buy now pay later market statistics, including buy now pay later industry global market size, regional shares, competitors with a buy now pay later market share, detailed buy now pay later market segments, market trends and opportunities, and any further data you may need to thrive in the buy now pay later industry. This buy now pay later market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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