Buy Now Pay Later Market Is Expected To Reach USD 1233.21 Billion By 2027 At A CAGR Of 45.1 percent.
Maximize Market Research has published a report on the Global Buy Now Pay Later Market that provides a detailed analysis for the forecast period of 2022 to 2027.
Buy Now Pay Later Market Scope:
The report provides comprehensive market insights for industry stakeholders, including an explanation of complicated market data in simple language, the industry’s history and present situation, as well as expected market size and trends. The research investigates all industry categories, with an emphasis on key companies such as market leaders, followers, and new entrants. The paper includes a full PESTLE analysis for each country. A thorough picture of the competitive landscape of major competitors in the Buy Now Pay Later market by goods and services, revenue, financial situation, portfolio, growth plans, and geographical presence makes the study an investor’s guide.
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Buy Now Pay Later Market Overview:
Buy now, pay later (BNPL) is a sort of short-term financing that allows customers to make purchases now and pay for them later. BNPL is often structured as an installment loan procedure including customers, bankers, and merchants. When customers purchase goods or services, financiers pay merchants on their behalf. These funds are later reimbursed by the customers in equal payments over time. The number of payments and the length of the repayment period varies depending on the BNPL lender.
Buy Now Pay Later Market Dynamics:
Many players are working to build and launch an interest-free BNPL installment solution that allows customers to pay in installments. Such product introductions are intended to give clients a better customer experience. For example, PayPal Holdings, Inc. announced the debut of its Pay in 4 interest-free purchase now, pay later payment option in August 2020. This solution allows partners and merchants to get paid in advance, while customers may pay for goods ranging from USD 50 to USD 500 over six weeks. The company’s product line was increased as a result of this introduction.
Customers wishing to make purchases may take advantage of BNPL services, which include a fixed payment plan, a simplified checkout experience, 0% interest, and quick approval choices. Consumers throughout the world utilize BNPL services to forfeit credit card interest, make out-of-budget purchases, and take loans without a credit check. As per a ZestMoney poll, in January 2022, BNPL ranked as the favorite choice for consumers of all ages, with the youngest client being 18 years old and the oldest being 65. The poll also discovered that males in Tier 1 and 2 cities spent a lot of money on lifestyle and fashion, while women in Tier 1 and 2 cities spent a lot of money on improving their ed-tech courses for skill enhancement and electronics.
Buy Now Pay Later Market Regional Insights:
Over the forecast period, the consumer electronics segment is expected to grow at a significant growth rate. The sector is seeing an increase in the use of BNPL payment systems, which provide a low-friction alternative to credit cards. Furthermore, users choose BNPL payment options over credit cards to avoid costly compounding interest and hidden costs. Growing consumer electronic provider knowledge of the flexible buy now pay later payment option is expected to drive demand for BNPL services throughout the forecast period. North America led the market in 2021, accounting for around 30 percent of global sales. The existence of a significant number of notable firms can be credited to the regional market’s growth. Furthermore, various fintech businesses in this region are collaborating with entertainment organizations to provide BNPL services for hotel booking.
Buy Now Pay Later Market Segmentation:
By Channel:
- Online
- POS
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
By End-user:
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Leisure & Entertainment
- Retail
- Others
Buy Now Pay Later Market Key Competitors:
- Afterpay
- PayPal Holdings, Inc.
- Affirm, Inc.
- Klarna Inc.
- Splitit
- Sezzle
- Perpay Inc.
- Openpay
- Quadpay, Inc.
- LatitudePay
- Afterpay
- Akulaku
- Amazon
- Apple Pay
- Atome
- Carbon Zero
- Cashalo
- Clearbanc
- Divido
- Google Pay
- hoolah
- Mastercard
- Paidy
- PayBright
- PayPal
- Pine Labs
- QuadPay
- Revo
- Twisto
- Tymit
- ViaBill
- Visa
- Zilch
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