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Pune, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global Buy Now Pay Later Market Size was USD 6207.22 million in 2021 and is expected to register a robust revenue CAGR of 35.25% during the forecast period. Key factors such as increasing awareness about the benefits of buy now pay later, high demand for BNPL services among millennials and younger generations, and rising adoption among various sectors such as fashion and garment, consumer electronics, cosmetics, and healthcare are expected to boost global market growth between 2022 and 2028.
Buy Now, Pay Later (BNPL) is a type of short-term financing that allows the user to purchase products such as electronic devices, clothes, or consumer goods in installments and pay for them at a future date. BNPL is like an installment plan money lending process that generally involves customers, financiers, and merchants. Financiers pay merchants on behalf of customers when goods are purchased by the latter. The payments are later repaid by the customers in equal installments over time.
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Factors such as increasing individual spending capacity, rising number of e-commerce platforms, growing preference for online shopping, and rising integration of Artificial Intelligence (AI) technology in BNPL apps are expected to drive global market growth going ahead.
However, rising concerns such as impulsive buying and spending and delayed payment fines and interest fees, potential for a low credit score, integration issues, and low awareness about BNPL services among older generations are some key factors that can hamper overall market growth during the forecast period.
Individual Segment To Register Robust Revenue CAGR:
The individual segment is expected to register robust revenue CAGR over the forecast period. This can be attributed to growing adoption of online payment methods, rapidly expanding e-commerce sector, rising awareness about benefits of buy now pay later solutions, and increasing spending capacity.
Fashion and Garment Industry Segment to Account for a Significantly Larger Revenue Share:
The fashion and garment industry segment is expected to account for a significantly larger revenue share during the forecast period. Factors such as increasing individual spending capacity, changing lifestyle preferences, rising trends of new clothing fashion, and rising availability of BNPL options on online platforms are expected to drive segment revenue growth during the forecast period.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing adoption of BNPL payment methods across various sectors, growing preference for BNPL payment methods in comparison to credit cards in order to avoid hidden fees, and expensive compounding interest. In addition, rising awareness about advantages of flexible buy now pay later payment, presence of leading players, and increasing investments in developing advanced solutions are expected to drive North America market growth during the forecast period.
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List of Top Companies Operating in the Market:
- Afterpay
- QuadPay (Zip Co Limited)
- VISA
- Sezzle
- Affirm
- Klarna
- Splitit
- Latitude Financial Services
- Flexigroup
- Openpay
Buy Now Pay Later Industry Recent Developments:
- In April 2022, Razorpay, India’s leading full-stack financial solutions company announced the launch of world’s first of its kind, buy now pay later product to fulfil every shopping need, minus the shopper’s guilt.
- In June 2022, Apple announced that its latest version iOS 16 will have a buy low, pay later feature called Apple Pay Later where users can apply for the BNPL plan in their Apple Wallet App whenever they use Apple Pay for a transaction.
- In December 2022, SoFi Technologies, Inc. a US based personal finance company and online bank announced the launch of buy now, pay later product for eligible members.
The global buy now pay later market has been segmented based on type, application, and region:
Buy Now Pay Later Market Segment by Type:
- Individual
- Enterprise
Buy Now Pay Later Market Segment by Application:
- Fashion and Garment Industry
- Consumer Electronics
- Cosmetic Industry
- Healthcare
- Others
Buy Now Pay Later Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
- Estimates 2022 to 2028 buy now pay later market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the buy now pay later market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global buy now pay later market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global buy now pay later market?
- What is the expected market size of the global buy now pay later market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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