Global Buy Now Pay Later Market Report 2022: Growing Adoption of Digital Payments Bolsters $25.2 Billion Market
Global Buy Now Pay Later Market
Dublin, Dec. 21, 2022 (GLOBE NEWSWIRE) — The “Global Buy Now Pay Later Market, By Enterprise Size, By End Use, By Channel & By Region- Forecast and Analysis 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
Global Buy Now Pay Later Market was valued at US$ 5.01 billion in 2021, and the market size is estimated to reach US$ 25.26 billion by 2028, at a CAGR of 26% over the forecast period (2022-2028).
Retailers are increasingly offering “”buy now, pay later”” solutions that allow customers to purchase basic essentials by choosing a responsible financing plan and making payments gradually rather than all at once.
Many business owners all over the world utilise the buy now pay later payment platform to finance expensive equipment, purchase raw materials, and pay employee salaries. Due to its many benefits, including the ability to pay for pricey things like laptops and cellphones as well as school supplies and lunch expenses, young people are increasingly using the purchase now pay later payment method.
Driver
The market for buy now pay later is expanding as a result of the various benefits digital payment methods have over traditional payment methods, including cheaper transaction costs, quicker fund transfers, and improved payment security. One of the main factors influencing the growth of online payment technologies is the availability of high-speed internet. Another is the surge in smartphone usage and public awareness of digital payment services.
Restraint
Many emerging countries’ consumers and retailers are unaware of the Buy Now Pay Later (BNPL) service. Credit scores must also be examined before providing BNPL services to clients. Through BNPL, the service provides users with straightforward monthly instalment payment plans. The industry’s overall growth is constrained by the availability of a wide range of payment options and a lack of awareness among consumers, retailers, and merchants.
Market Trend
In order to improve decision-making, service providers can construct models in real-time with the aid of machine learning and artificial intelligence (AI) technologies. A number of industry players are developing specialised AI-based models to speed their entry into the consumer market. The global purchase now pay later market trend will be fueled by the growing usage of A.I. technologies to enhance customer experiences and decision making.
| Report Attribute | Details |
| No. of Pages | 127 |
| Forecast Period | 2021 – 2028 |
| Estimated Market Value (USD) in 2021 | $5.01 Billion |
| Forecasted Market Value (USD) by 2028 | $25.26 Billion |
| Compound Annual Growth Rate | 26.0% |
| Regions Covered | Global |
Companies Mentioned
- Affirm Holdings Inc. (US)
- Paypal (US)
- Klarna Bank AB (publ) (Sweden)
- Laybuy Group Holdings Limited (New Zealand)
- Perpay Inc. (Philadelphia)
- Quadpay (US)
- Sezzle (US)
- Payl8r (UK)
- Splitit (US)
- Billie (Germany)
For more information about this report visit https://www.researchandmarkets.com/r/xb2hhb
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