openPR Logo
Press release

Buy Now Pay Later Platforms Market Analysis and Forecast 2020: By Keyplayers Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay.

08-31-2020 05:20 AM CET | IT, New Media & Software

Press release from: Coherent Market Insights

Buy Now Pay Later Platforms

Buy Now Pay Later Platforms

Don’t Quarantine Your Research, you keep your social distance and we provide you a social DISCOUNT use QUARANTINEDAYS Code in precise requirement and Get FLAT 1000USD OFF on all CMI reports

Buy now pay later platforms allow user to purchase products instantaneously and pay for it afterwards. This platform has become very popular in the recent 2-3 years, owing to the ‘No Interest’ benefit. Many buy now pay later platforms such as Afterpay do not charge interest for a defined period of time. Also, in BNPL platforms, the payment can be paid in installments.

Major players operating in the global buy now pay later platforms market include Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay.

Download Free PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/4013

The global buy now pay later platforms market is expected to witness significant growth during the forecast period (2020–2027). The growth of the buy now pay later platforms market is majorly attributed to wide number of benefits offered by the buy now pay later platforms to its users. The registration of the buy now pay platforms is very easy. Once the online account on BNPL platforms is created, the user gets instantaneous approval for bills for a defined amount.

The major factor restraining growth of the global buy now pay later platforms market is increasing complaints of the users regarding the high late fees and mounting debts. For instance, Afterpay charges US$ 10 for each missed payment and US$ 7 if the installment remains unpaid after a week. The users who misses all the installments are charged with a late fees of US$ 68. Moreover, the BNPL platforms such as Zip charges users who have an unpaid balance with US$ 6 on a monthly basis.

Buy Now Pay Later Platforms Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic has adversely affected the economies of various countries across the globe. According to the International Monetary Fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Along with the decreasing GDP, the purchasing power of people across the globe is also expected to decrease. Moreover, according Coherent Market Insights’ analysis in 2020, the unemployment rate in countries such as the U.S. has increased from 3.8% in 2019 to 8.6% in April 2020. Also, over 20 million citizens in the U.S. have applied for unemployment benefit in the period of February 2020 to April 2020. Owing to all these factors, people across the globe may take the support of BNPL platforms to pay their bills. The online transactions using BNPL platforms is also expected to increase during the forecast period.
North America is expected to hold dominant position in the global buy now pay later platforms market during the forecast period

Statistics:

North America held dominant position in the global buy now pay later platforms market in 2019, accounting for 43.7% share in terms of value, followed by Asia Pacific and Europe.
North America held dominant position in the global buy now pay later platforms market in 2019 and is projected to retain its dominance throughout the forecast period, owing to increased number of internet users.

Request Sample Copy @ https://www.coherentmarketinsights.com/insight/request-sample/4013

According to Coherent Market Insights’ analysis, North America had 397 million internet users in 2019 and is expected to exhibit a CAGR of 8.3% during the forecast period. In the recent years, internet users have been mostly using online payment through debit/credit cards, digital wallets, and buy now pay later platforms due to the various benefits such as cashbacks and discounts on the bills.

Asia Pacific is expected to be the fastest growing region during the forecast period. This is owing to increasing mobile internet users in this region. According to Coherent Market Insights’ analysis, mobile internet penetration in Asia Pacific region increased from 45% in 2018 to 49% in 2019. The number of mobile internet users are also expected significantly increase during the forecast period, owing to the rapidly increasing internet users in emerging economies such as China and India. Majorly BNPL payments are done from mobile phones.

Partnerships done by BNPL platforms with fashion and apparel stores is expected to drive growth of the buy now pay later platforms market during the forecast period

Among end-use industry, the fashion & garment industry segment is expected to hold dominant position in the global buy now pay later platforms market during the forecast period. This is owing to the partnerships done by BNPL platforms with the fashion and apparels brands. For instance, Afterpay was launched in May 2014, since then it has partnered with various fashion brands such as Ray-Ban, ALLY shoes, NEU Nomads, STIO, KINFLYTE, and others. The retail and online stores of mentioned brands accept Afterpay as bill payment method.
The global buy now pay later platforms market was valued at US$ 7,320.6 Mn in 2019 and is expected to reach US$ 33,638.3 Mn by 2027 at a CAGR of 21.2% between 2020 and 2027.

Request For Discount @ https://www.coherentmarketinsights.com/insight/request-discount/4013

Detailed Segmentation

• Global Buy Now Pay Later Platforms Market, By End-use Industry :

◦ Fashion & Garment Industry
◦ Consumer Electronics
◦ Cosmetic Industry
◦ Healthcare
◦ Others

• Global Buy Now Pay Later Platforms Market, By Enterprise Size:

◦ SMEs
◦ Large Enterprises

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Buy Now Pay Later Platforms Market Analysis and Forecast 2020: By Keyplayers Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. here

News-ID: 2124412 • Views: 1467

More Releases from Coherent Market Insights

Genetically Modified Crops Market | Bayer AG, BASF SE, Syngenta AG, and The Dow …
Coherent Market Insights have included a latest addition of global market research report titled Genetically Modified Crops Market to its expansive repository. The report studies primary and secondary research in order to analyze the data effectively. The market study further also draws attention to crucial industry factors such as global clients, potential customers, and sellers, which instigates positive company growth. In order to gauge turning point of the businesses, significant
Pesticide Adjuvants Market Segments, Share, Trends 2027 | Coherent Market Insigh …
Coherent Market Insights, the fastest growing market research company, released a report on the Pesticide Adjuvants . This market report offers an overall scope of the market which includes future supply and demand scenarios, changing market trends, high growth opportunities, and in-depth analysis of the future prospects of the market. The report discusses the competitive data analysis of emerging and leading market players. Further, it offers comprehensive data analysis on
Pasta Market | Nestlé SA, TreeHouse Foods, Inc., Barilla, Ebro Foods
Coherent Market Insights have included a latest addition of global market research report titled Pasta Market to its expansive repository. The report studies primary and secondary research in order to analyze the data effectively. The market study further also draws attention to crucial industry factors such as global clients, potential customers, and sellers, which instigates positive company growth. In order to gauge turning point of the businesses, significant market key
Linseed Oil Market | Cargill, American Linseed Oil Co., and Krishi Oils Ltd.
Coherent Market Insights have included a latest addition of global market research report titled Linseed Oil Market to its expansive repository. The report studies primary and secondary research in order to analyze the data effectively. The market study further also draws attention to crucial industry factors such as global clients, potential customers, and sellers, which instigates positive company growth. In order to gauge turning point of the businesses, significant market

All 5 Releases


More Releases for Buy

Buy Fantastic Dresses from SearchShops
Ladies, get ready because now you have SearchShops where you will get to buy beautiful dresses from some of the most popular brands. Looking for stylish dresses has never been this easy. Whether you would like to play order for a stunning dress and whatever occasion, SearchShops has got you covered. SearchShops in an online retail store where you can buy beautiful dresses with just a few clicks. SearchShops collects some
Buy Instagram Followers | Webcore Nigeria
Buy Instagram Followers | Webcore Nigeria https://www.webcorenigeria.com/product/buy-1000-real-instagram-followers/ Buy Instagram Followers Nigeria 1,000 Nigerian Instagram Photo Likes: https://www.webcorenigeria.com/product/nigerian-instagram-likes/ Social media marketing is the strategy of using social media to grow more traffic. You can use different tactics on the social media sites for marketing. Benefits of Social Media Marketing: Social media posts can be used to drive targeted traffic. Increased Brand Recognition. We all know social media is an extremely important part of online marketing
buy social media followers
Are you an online business owner? You need the support of a trustworthy and reliable social media marketing company that has the ability to generate the sales, opportunity, and exposure and deliver the desired success you are aiming for. At Social Bar, we have the experience and expertise to offer social media marketing services like buy social media followers, likes, signals, etc as we are one of the leading providers
61% of French households buy organic food
A new paper published by the Journal of Organics reports that 61% of French households buy organic food in their shopping basket. Researchers from INRA (Institut National de la Recherché Agronomique) note a distinctive feature of the organic market is its strong growth rate. In their study of 22,359 French households, INRA researchers found that the average food-budget share for organic products was 3.61% (for all households) and 5.96% (for
How do schools buy?
We often get asked about buying patterns in schools, about the whole procurement process in schools, about how schools buy. The answer is straightforward – all schools and departments buy in different ways. Dependant on who your target is in the school will depend on how they buy, and therefore how you target them, how often you market to them, and how you deal with them in the
Buy chutney
Virginia Chutney Co. is a company that makes one of the best chutneys in America. The owners Clare and Nevill that are settled in Virginia started their chutney making long back and started by mango and pineapple chutneys and when they shifted to the south of America somewhere in Washington, VA, they found that chutneys were a part of their tradition; and that is how they began their work of