Buy Now Pay Later Market Is Projected To Surge From $1014.8 Billion In 2028 At A CAGR Of 48.3% As Per The Business Research Company’s Buy Now Pay Later Global Market Report 2024
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LONDON, Jan. 01, 2024 (GLOBE NEWSWIRE) — In recent years, the Buy Now Pay Later (BNPL) market has witnessed an unprecedented surge, driven by factors such as the rapid growth of e-commerce, shifting consumer payment preferences, and the competitive landscape among payment service providers. According to the latest buy now pay later market report, the BNPL market is poised for further expansion, projected to reach $1014.82 billion by 2028 at a robust compound annual growth rate (CAGR) of 44.6%. The buy now pay later market size has grown exponentially in recent years. It will grow from $156.58 billion in 2023 to $232.23 billion in 2024 at a compound annual growth rate (CAGR) of 48.3%.
Anticipated Growth Factors in the Forecast Period:
The forecast period, spanning up to 2028, is expected to see exponential growth, propelled by the following factors:
- Expansion to Physical Retail: BNPL services are anticipated to expand their footprint to physical retail, broadening their reach.
- Cross-border E-commerce: The growth in cross-border e-commerce is set to be a major driver, facilitating global adoption of BNPL services.
- Adoption by Traditional Retailers: Traditional retailers are increasingly embracing BNPL services to stay competitive and meet consumer demands.
- Emphasis on Responsible Lending: The emphasis on responsible lending and consumer protection is expected to instill trust and further drive BNPL adoption.
- Rise of Embedded Finance: BNPL as a service, integrated into various financial offerings, is becoming a significant trend.
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Emerging Trends in the Forecast Period:
Major trends expected to shape the buy now pay later market in the coming years include:
- Integration with Point-of-Sale Systems: Seamless integration with point-of-sale systems for a frictionless customer experience.
- Personalization of BNPL Offers: Tailoring BNPL offers to individual consumer preferences for enhanced engagement.
- Collaboration with Merchants: Increased collaboration between BNPL providers and merchants for mutual benefit.
- Integration with Loyalty Programs: Incorporating BNPL services into loyalty programs for added customer incentives.
- Regulatory Developments: The evolution of regulatory frameworks in the BNPL space to ensure responsible practices.
Online Payment Adoption Driving Growth:
The buy now pay later market is expected to benefit significantly from the increasing adoption of online payment methods. Razorpay reported a 569% growth in BNPL transactions in April 2021, underscoring the trend of customers opting for fast and convenient payment options, both online and offline.
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Technological Advancements as Growth Catalyst:
Technological advancements play a pivotal role in the BNPL market’s growth. Market leaders are leveraging cutting-edge digital services, exemplified by Temenos’ AI-driven buy-now-pay-later banking service. This innovative approach enhances transparency, automates judgments, and matches customers with suitable loan offers based on their history.
As the BNPL market continues its rapid expansion, companies can leverage the insights provided in the Global Market Report 2023 to navigate and capitalize on emerging trends. By staying attuned to consumer preferences, embracing technological advancements, and adapting to evolving regulations, players can position themselves for sustained growth in this dynamic market.
Buy Now Pay Later Global Market Report 2024 by The Business Research Company provides insights on the buy now pay later market size, buy now pay later market segments, buy now pay later market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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