Buy Now Pay Later (BNPL) Market Size, Share & Trends Analysis Report Forecast Period 2025-2031.
Buy Now Pay Later (BNPL) Market Size, Share & Trends Analysis Report Forecast Period 2025-2031.
Blog Article
Buy now pay later (BNPL) market is anticipated to grow at a significant CAGR of 32.7% during the forecast period. It is a type of short-term financing that allows consumers to make purchases and pay for them at a future date without paying the complete amount at the time of purchasing, which is often interest-free. The increasing adoption of BNPL service by retailers is increasing the market as it provides affordable and convenient payment service which influences the people to purchase more and hence increases sales. The customers are slowly moving away from traditional credit cards due to high-interest rates, declining credit limits, and others, due to which people are using BNPL services more. Retailers want to get paid right away, even if their customers want to spread the cost. A BNPL supplier such as Klarna, Affirm, or Sezzle will immediately transfer funds to the retailer upon a customer’s purchase, due to this reason the retailers are accepting the BNPL services, which is further influencing the customers to use more of this service and hence propelling the BNPL market.
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According to Klarna Bank AB, BNPL accounted for 3.6% of all online retail sales in the UK in 2020, with over 10 million users 2020. Almost two-thirds (64%) 2 of adults that have previously used a BNPL service to make an online payment said that the flexibility had helped them manage their finances. With the growth of the online payments sector and the shift from credit to debit, new solutions in the form of BNPL products have rapidly risen in popularity, also it is anticipated that over 10 million people (one-fifth of the UK’s adult population) used a BNPL option to purchase goods online in 2020, with the payment method accounting for nearly 4% of all retail sales made online in 2020. Hence these factors are increasing the BNPL market during the forecast period.
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by Channel (Online and Point of Sale (POS)),
by Application (Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement, and Others), and
by Enterprise Size (Large Enterprises, and Small-Medium Enterprises)
Market Players Outlook
The major companies serving the global buy now pay later market include Affirm, Inc., Afterpay US Services, LLC, Klarna Inc., PayPal Payments Private Ltd., Splitit Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2022, Nelo launched an all-in-one application in Mexico City. Nelo’s app is the first of its kind in the region, where customers can shop and pay in installments at their favorite stores like Mercado Libre, Amazon, and Liverpool.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global buy now pay later market (BNPL). Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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