Product ID: SQMIG45F2113
Global Buy Now Pay Later Market Size, Share, Growth Analysis, By Enterprise Size(Large, SME), By End Use(Consumer Electronics, Fashion & Garment), By Channel(Online, POS) - Industry Forecast 2024-2031
Report ID:
SQMIG45F2113 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
91 |
Figures:
76
Global Buy Now Pay Later Market Dynamics
Buy Now Pay Later Market Driver
- Increase in adoption of online payment methods among people
According to the United Nations Conference on Trade and Development (UNCTAD), over 80% of customers worldwide use digital payments to conduct online shopping. The three most popular digital payment methods are mobile payments, debit cards, and credit cards. These methods have many advantages over traditional payment methods, including lower transaction costs, more efficient fund transfers, and higher payment security, all of which contribute to the growth of the buy now pay later market. High-speed internet accessibility, a spike in smartphone adoption, and increased public knowledge of digital payment services are some of the key reasons driving the uptake of online payment technologies. Additionally, the rise in smartphone usage and speedier connectivity have made it possible for merchants and customers to accept and make payments through digital platforms, which fueled the expansion of the buy now pay later market.
- Affordable and Convenient Service Payment
The buy now pay later payment method provides individuals with a number of advantages, including affordable and practical payment services; fast credit card fund transfers at the point-of-sale platform; and increased personal information security, all of which contribute to the buy now pay later market's expansion. Additionally, the buy now pay later platform supports a QR-code option that enables users to pay with a scannable code and to complete transactions via UPI, both of which contribute to the market's expansion. Additionally, the buy now pay later platform helps customers make secure payments without using a debit card, which promotes market expansion globally. Other advantages provided by the buy now pay later platform that stimulate global market expansion include notifying customers about payback, enhancing their credit scores, and tracking transaction details online.
Buy Now Pay Later Market Challenge
- Lack of awareness of service and high availability of multiple payment options
Alternative payment methods, including post-dated checks, credit and debit card financing, and many others, are available. Consumers and retailers in a number of emerging nations, including India, Brazil, Asia, and others, are not aware of the BNPL service. Before offering customers BNPL services, credit scores must also be checked. The service offers users simple monthly instalment payment plans through BNPL. The availability of numerous payment choices and the lack of understanding among consumers, retailers, and merchants impede overall growth of the buy now pay later industry.
Global Buy Now Pay Later Market Report Snapshots
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