New Jersey, United States – Buy Now Pay Later Market 2022 – 2028, Size, Share, and Trends Analysis Research Report Segmented with Type, Component, Application, Growth Rate, Region, and Forecast | key companies profiled -Afterpay, Perpay Inc, Openpay, and others.
Customers can make purchases both online and in-person using the Buy Now Pay Later (BNPL) payment option without having to pay the entire transaction price upfront. The industry is expanding as a result of factors like digitization, rising merchant adoption, rising repeat usage among younger consumers, and the entry of new firms offering BNPL services for lending. Younger customers favor using BNPL services since they may purchase expensive laptops and cellphones and make payments for stationery products, among other advantages. A lot of players are concentrating on creating and releasing a BNPL installment solution that allows customers to pay over time with no interest. These product introductions are intended to give consumers a better overall shopping experience.
According to our latest report, the Buy Now Pay Later market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximate percent over the forecast period.
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For instance, PayPal Holdings, Inc. announced the availability of Pay in 4, a no-interest buy now, pay later installment option, in August 2020. With the help of this solution, partners and merchants can receive payment up front, while customers can spread out payments for goods ranging from $30 to $600 over a six-week period. The business increased the scope of its product offering with this launch. Customers wishing to make purchases can choose from solutions with a predetermined payment plan, a streamlined checkout process, no interest, and quick approval times through BNPL services. Customers utilize BNPL services all throughout the world to avoid paying credit card interest, make impulsive purchases, and borrow money without running a credit check.
In January 2022, a Zest Money poll revealed that BNPL had become the preferred option for customers across all age categories in 2021, with the youngest consumer being 18 and the oldest being 66. The survey also revealed that men from tier 1 and tier 2 cities spent a lot on lifestyle and fashion, while women from tier 1 and tier 2 cities invested in ed-tech upgrades for electronics and upskilling. More people owning smartphones and the need for better internet connectivity have driven businesses to accept payments online from clients. The BNPL platform also supports the QR-code feature, which enables users to scan the code and make the appropriate payments. However, during the course of the projected year, it is anticipated that hefty late fees levied by BNPL service providers will impede the market growth. Additionally, credit providers and banks that provide BNPL services charge both the business and the client.
Division segment:
The global market has been divided into online and point-of-sale segments based on channels (PoS). In 2022, the market was led by the internet channel sector, which brought in more than 64.0 percent of the total revenue. As part of their post-pandemic revival strategies, numerous companies all around the world are forming partnerships to concentrate on the adoption of the fastest-growing online payment options, like buy now pay later.
The global market has been further divided into Small & Medium Enterprises (SMEs) and large enterprises based on enterprise sizes. With more than 61.0 percent of the global revenue share, the big enterprise segment led the market in 2021. BNPL payment systems are being widely adopted by large businesses because they give clients a convenient and reasonable way to pay for expensive goods. Customers can buy more things thanks to the convenience of shopping, which boosts sales. As a result, BNPL assists large businesses in dramatically enhancing the client experience.
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Regional Analysis:
In 2022, North America dominated the market and brought in the most money, with a share of about 30.0 percent of global sales. The existence of numerous notable firms is the primary cause of the regional market expansion. Additionally, a lot of fintech businesses in this area are collaborating with entertainment businesses to provide BNPL services for booking hotels.
By means of this collaboration, Uplift, Inc. provided its BNPL payment options for SeaWorld San Antonio, SeaWorld Orlando, and SeaWorld San Diego hotel reservations. Over the forecast period, Asia Pacific is anticipated to have the fastest CAGR. The BNPL trend is growing in popularity throughout the region since it gives users access to credit and payment deferral. Additionally, millennial and Gen Z customers have contributed to the region’s increased use of BNPL solutions. The increasing use of mobile internet over the course of the projected period, it is also anticipated that the region’s expanding mobile internet adoption would generate expansion prospects for the local market.
Competitive analysis:
● Afterpay
● Perpay Inc.
● Openpay
● Quadpay, Inc.
● LatitudePay
● Klarna Inc.
● Splitit
● Sezzle
● PayPal Holdings, Inc.
● Affirm, Inc.
The following are some of the reasons why you should Buy a Buy Now Pay Later market report:
- The Report looks at how the Buy Now Pay Later industry is likely to develop in the future.
- Using Porter’s five forces analysis, it investigates several perspectives on the Buy Now Pay Later market.
- This Buy Now Pay Later market study examines the product type that is expected to dominate the market, as well as the regions that are expected to grow the most rapidly throughout the projected period.
- It identifies recent advancements, Buy Now Pay Later market shares, and important market participants’ tactics.
- It examines the competitive landscape, including significant firms’ Buy Now Pay Later market share and accepted growth strategies over the last five years.
- The research includes complete company profiles for the leading Buy Now Pay Later market players, including product offers, important financial information, current developments, SWOT analysis, and strategies.
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