Buy Now Pay Later Market Size [2022-2028] | To US $ 39.41 Billion, While Exhibiting an Impressive CAGR of 26.0%

Customers can use the Buy Now, Pay Later (BNPL) payment option to buy goods and services now and pay for them later. Due to the development of e-commerce, a rise in customer desire for convenience, and a greater emphasis on financial well-being, this form of payment has gained popularity recently. Markets for fashion and apparel, consumer electronics, cosmetics, healthcare, and other industries have all seen an increase in the use of BNPL. By 2030, the "Buy Now, Pay Later" market is anticipated to be valued at USD 39.41 billion and to expand at a CAGR of 26.0 per cent between 2018 and 2028. Buy Now, Pay Later has several advantages for both customers and businesses. Customers have the choice to buy products without having to pay for them right away, which enables them to better manage their finances.

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Because customers are increasingly using Buy Now, Pay Later services for routine purchases, the individual segment of the market is anticipated to contribute the most to growth. Businesses gain from better sales as a result of improved client convenience, conversion rates, and customer loyalty Consumer electronics are anticipated to experience significant growth in the Buy Now, Pay Later industry, according to application. Due to the opportunity for customers to make purchases and better manage their money, Buy Now, Pay Later services are likely to become more and more popular among consumers.

Geographically, APAC (Asia Pacific) is anticipated to see the market's fastest growth during the anticipated period. Because of their rising disposable incomes and robust economic growth, China and India are expected to see the biggest increases in the use of Buy Now, Pay Later services in the APAC region. Additionally, both urban and rural consumers are increasing their desire for consumer electronics in China and India.

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The adoption of "Buy Now, Pay Later" services is anticipated to expand in India and China in January 2022 as customers take advantage of the improved convenience they provide. Younger generations, who are more prone to shop online and like the freedom that these services offer, are particularly affected by this. The Australian government announced intentions to regulate the buy-now-pay-later industry in March 2021 to safeguard consumers and promote responsible borrowing. Consumer advocacy groups, who saw the potential for higher competition and reduced borrowing costs due to increased transparency, warmly welcomed this.

The Australian Competition and Consumer Commission (ACCC) published a report in May 2020 that showed the sector had increased by 73 per cent over the previous year, underscoring consumers' preference for it. The need for rules that safeguard consumers and promote responsible borrowing is highlighted by this rapid growth, which is an indication of the changing methods by that consumers are managing their finances. The Australian Securities and Investments Commission (ASIC) put up new consumer credit legislation in October 2019 that would make borrowing more transparent and equitable. According to the new rules, lenders must give customers more thorough and accurate information, including the actual cost of borrowing and more specific repayment details.

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