What is the global market size of Buy Now Pay Later Market?

Buy Now Pay Later Market size was valued at USD 4.86 billion in 2021 and is poised to grow from USD 6.13 billion in 2022 to USD 49.41 billion by 2030, growing at a CAGR of 26.1% in the forecast period (2023-2030).

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 Insights

Buy Now Pay Later Market size was valued at USD 4.86 billion in 2019 and is poised to grow from USD 6.13 billion in 2023 to USD 49.41 billion by 2031, growing at a CAGR of 26.1% in the forecast period (2024-2031).

The global Buy Now Pay Later (BNPL) market has witnessed significant growth in recent years, driven by various factors such as convenience, flexibility, and the increasing preference for online shopping. PayPal, a leading digital payments platform, has emerged as a major player in this market, offering its own BNPL service called "PayPal Buy Now Pay Later". PayPal's BNPL service allows consumers to make purchases and spread the payments over time, eliminating the need for immediate upfront payments. With a seamless integration into the existing PayPal ecosystem, users can easily select the BNPL option at checkout and enjoy the flexibility of paying for their purchases in installments. In addition to traditional retail purchases, the BNPL trend has expanded to other sectors, including travel. Several online travel agencies now offer "Buy Now Pay Later flights," enabling customers to book their trips and pay for them in installments. This option provides travelers with more financial flexibility and allows them to manage their expenses effectively. One notable advantage of BNPL services is that they often do not require a credit check. This feature appeals to a broader customer base, including individuals with limited credit history or those who prefer not to undergo a credit assessment. By eliminating the credit check process, more people can access the benefits of BNPL and enjoy greater purchasing power.

US Buy Now Pay Later Market is poised to grow at a sustainable CAGR for the next forecast year.

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The buy now pay later market is moderately fragmented. Customers and retailers both benefit from BNPL. Leading suppliers are moving into the e-commerce ecosystem by increasing their footprints and attracting new clients. By 2025, the market for these BNPL payment apps is predicted to increase 10-15 times, according to Bank of America Corp. Customers are increasingly using BNPL to make purchases both in-person and online. A large number of merchants are emphasising the acceptance of these online instalment loans and point-of-sale loans as payment options, opening up new business potential for BNPL solution providers. Over the forecast period, the market is also predicted to be driven by the expanding e-commerce sector. 'Afterpay Limited', 'Affirm Holdings Inc.', 'Klarna Bank AB ', 'Paypal ', 'Sezzle Inc.', 'Zip Co Limited', 'Splitit Payments Ltd.', 'Laybuy Holdings Limited', 'QuadPay, Inc.', 'FuturePay Inc.', 'Openpay Group Ltd.', 'PayRight Limited', 'SplitPay, Inc.', 'ViaBill A/S', 'Sunbit Inc.', 'Humm Group Limited', 'QuickFee Limited', 'Partial.ly Inc.', 'ZestMoney (PaySense Services India Pvt. Ltd.)', 'Bread Finance, Inc.'

Increase in adoption of online payment methods among people

Integration of BNPL services:One notable trend in the Buy Now Pay Later (BNPL) market is the integration of BNPL services with brick-and-mortar retailers. While BNPL initially gained popularity in the e-commerce space, it is now expanding into physical stores. Retailers are partnering with BNPL providers to offer customers the option to split their in-store purchases into installments, creating a seamless and flexible payment experience. This trend aims to bridge the gap between online and offline shopping and cater to consumer preferences for convenient payment options. The integration of BNPL services in physical retail environments is expected to further accelerate the growth and adoption of this payment method.

North America has emerged as a prominent player in the BNPL market. With the presence of major players like PayPal, which offers its own BNPL service, the region has experienced a significant adoption of this payment option. The convenience and flexibility of BNPL have resonated well with consumers in North America, driving its dominance in the region.

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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

Global Buy Now Pay Later Market Insights

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