Buy Now Pay Later Market Size is projected to reach USD 3.68 Trillion by 2030, growing at a CAGR of 45%: Straits Research

The global buy now pay later market size was worth USD 132 billion in 2021 and is estimated to reach an expected value of USD 3680 billion by 2030 at a CAGR of 45% during the forecast period (2022-2030). North America dominated the market and generated the highest revenue in 2021, accounting for around 30.0% of worldwide sales.

New York, United States, July 26, 2022 (GLOBE NEWSWIRE) — Buy Now, Pay Later (BNPL) is a payment method that allows customers to make online and in-store purchases without having to pay the total amount in advance. Buy now, pay later is short-term financing that helps people to buy everyday items like clothes, electronics, and home renovation equipment. The point of sale (POS) installment loan mechanism allows customers to purchase things and controls reimbursement.

Retailers are offering buy now, pay later solutions that allow their consumers to purchase everyday necessities by selecting an inexpensive financing plan and paying in installments rather than the entire cost. Several business owners worldwide have been using the buy now pay later payment platform to finance massive equipment, purchase raw materials, and pay staff salaries, driving the global growth of the buy now pay later market. Furthermore, there is an increase in the adoption of buy now pay later payment technology among the youth because it provides several benefits such as purchasing a high-priced smartphone and laptop, paying tuition fees and stationery products, and paying the canteen bill, which accelerates the buy now pay later market growth.

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Rise in Adoption of Online Payment Methods to Drive the Global Buy Now Pay Later Market

The growing popularity of online payment across various industries, including banking, health insurance, retail & consumer goods, has spurred the growth of the global point-of-sale installment loans business. According to the United Nations Conference on Trade and Development (UNCTAD), by 2020, more than 80% of customers worldwide will have used digital wallets to make online transactions. Furthermore, because of the global increase in e-commerce sales, there was a high demand for BNPL services in 2021. According to the Census Government Organization, retail e-commerce sales in the United States reached USD 205 billion in the third quarter of 2021.

Furthermore, according to a study conducted by the United Nations Conference on Trade and Development (UNCTAD), retail sales had climbed from 16 to 19 percent globally in 2021, bringing the total value of global e-commerce through online platforms to USD 26.7 trillion. The worldwide increase in e-commerce sales has created a substantial window of opportunity for the industry to expand throughout the forecast period.

Furthermore, rising consumer awareness of consumer electronics and health insurance services is fueling growth. According to the Reserve Bank of Australia, the value of purchase now, pay later service transactions for acquiring goods in New Zealand, and Australia in 2020 will be close to USD 10 billion. The value of BNPL services transactions is rapidly increasing due to increased demand for consumer electronics products and health insurance services.

Report Scope

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Buy Now, Pay Later Platforms’ Cost-Effective and Practical Payment Service to Provide Opportunities for the Global Buy Now Pay Later Market

Individuals benefit from the purchase now, pay later payment method in various ways, including more affordable and convenient payment services, faster credit card fund transfers at the point of sale platform, and increased personal information security, all of which contribute to the market’s growth. Furthermore, the platform includes a QR-code option, which allows customers to pay with a scannable code and complete transactions via UPI, all of which contribute to the market’s growth. Furthermore, the buy now pay later platform allows clients to make secure payments without needing a debit card, which encourages global market expansion.

Furthermore, the purchase now pay later platform provides essential benefits that assist clients in improving their credit ratings, monitoring transaction data digitally, and being reminded about payback, all of which contribute to the market’s global expansion. Retailers and merchants are increasingly using the purchase now pay later payment technology platform to increase income by selling lower-priced goods at a higher rate and offering an installment repayment option. The benefits that the purchase directly platform delivers to users and merchants fuel the market’s global expansion.

Regional Insights

By region, the global buy now pay later market is segmented into North America, Europe, Asia Pacific, and LAMEA. North America dominated the market and generated the highest revenue in 2021, accounting for around 30.0% of worldwide sales. Multiple significant enterprises are the key driver of regional market growth. Furthermore, many fintech companies in this space are cooperating with entertainment companies to provide BNPL services for booking hotels.

The Asia Pacific region is expected to have the highest CAGR during the projection period. This is primarily due to the increased acceptance of electronic payments such as PayPal, Amazon Pay, and Google Play. As a result of these online payment options, there is a high demand for the service. The growing use of online e-commerce applications has created a record-breaking market opportunity for major players.

Europe is the third-largest region due to online shoppers’ rapid adoption of services. According to the World Pay research, the purchase now, pay later fintech business, which includes companies such as Afterpay, Klarna, Affirm, and others, is growing at a 39 percent annual rate in the United Kingdom. Several major corporations are also expanding their service offerings in European countries, including France, Germany, the United Kingdom, and many others. PayPal, for example, launched its Pay in 30 Days buy now, pay later service in Germany in January 2022. The service allows users to spend up to USD 1,115.0 in 30 days without additional costs.

Key Highlights

• The global buy now pay later market was worth USD 132 billion in 2021 and is estimated to reach an expected value of USD 3680 billion by 2030 at a CAGR of 45% during the forecast period (2022-2030). 
• Based on channels, the global buy now pay later market has been bifurcated into online and Point-of-Sale (PoS). The online channel segment dominated the market in 2021 and accounted for the largest share of more than 64.0% of the global revenue. 
• By application, the global buy now pay later market has been bifurcated into retail goods, media and entertainment, healthcare and wellness, automotive, home improvement, and others. The retail goods segment accounted for the largest market share. The segment for healthcare and wellness, however, is anticipated to expand at the fastest rate throughout the forecast period 
• Based on enterprise sizes, the global market has been further categorized into Small & Medium Enterprises (SMEs) and large enterprises. With more than 61.0 percent of the global revenue share, the big enterprise segment led the market in 2021. 

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The key players in the global buy now pay later market are

• Affirm Holdings Inc.
• Afterpay
• Amazon
• Atom
• Clearpay
• Flipkart
• Grab Pay later
• Hoola
• Klarna Bank AB
• LatitudePay
• Mastercard
• Monzo
• Openpay
• Pace
• Laybuy Group Holdings Limited
• PayPal Holdings Inc.
• Payl8r (Social Money Ltd.)
• Perpay
• Quadpay
• Rely
• Revolut
• Sezzle
• Splitit
• LatitudePay
• Visa

Global Buy Now Pay Later Market: Segmentation

By Channel

• Online
• PoS

By Application:

• Retail Goods
• Media & Entertainment
• Healthcare & Wellness
• Automotive
• Home Improvement
• Others

By Enterprise Size 

• Large Enterprises
• Small and Medium Enterprises

By Region 

• North America
• Europe
• Asia Pacific
• LAMEA

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Buy Now Pay Later Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Channel Overview
   1. Introduction
      1. Market Size & Forecast
   2. Online
      1. Market Size & Forecast
   3. PoS
      1. Market Size & Forecast
5. Applications Overview
   1. Introduction
      1. Market Size & Forecast
   2. Retail Goods
      1. Market Size & Forecast
   3. Media & Entertainment
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Channel
         2. By Applications
      3. Canada
         1. By Channel
         2. By Applications
      4. Mexico
         1. By Channel
         2. By Applications
      5. Latin America
         1. By Channel
         2. By Applications
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Channel
         2. By Applications
      3. France
         1. By Channel
         2. By Applications
      4. U.K.
         1. By Channel
         2. By Applications
      5. Italy
         1. By Channel
         2. By Applications
      6. Spain
         1. By Channel
         2. By Applications
      7. Rest of Europe
         1. By Channel
         2. By Applications
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Channel
         2. By Applications
      3. China
         1. By Channel
         2. By Applications
      4. Australia
         1. By Channel
         2. By Applications
      5. India
         1. By Channel
         2. By Applications
      6. South Korea
         1. By Channel
         2. By Applications
      7. Rest of Asia-Pacific
         1. By Channel
         2. By Applications
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Channel
         2. By Applications
      3. South Africa
         1. By Channel
         2. By Applications
      4. Kuwait
         1. By Channel
         2. By Applications
      5. Rest of Middle East & Africa
         1. By Channel
         2. By Applications
7. Company Profile
   1. Affirm Holdings Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Afterpay
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Amazon
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/buy-now-pay-later-market/toc 

Market News

• June 2022 -PayPal Holdings Inc. declared it is adding a new business credit card to its line of credit products to help small business owners with their everyday needs for money. The PayPal Business Cashback Mastercard is the first business credit card that PayPal offers. It is issued by WebBank and runs on the Mastercard network. The card has no annual fee and gives cardholders 2% cash back on all purchases. There are no limits on how much cash back you can earn or when it expires, making it one of the best cashback rewards you can get.

• June 2022 – PayPal Holdings, Inc. announced PayPal Pay Monthly1, WebBank’s new buy now, pay later service that lets U.S. customers spread out payments over more extended periods. With the addition of Pay Monthly, customers of PayPal will have access to a new service that gives them more ways to pay for the things they want and need.

News Media

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