Global Buy Now Pay Later (BNPL) Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Buy Now Pay Later BNPL Market was estimated at USD 16 billion in 2021 and is anticipated to reach around USD 90 billion by 2030, growing at a CAGR of roughly 22% between 2022 and 2030. The global Buy Now Pay Later BNPL market research report offers an in-depth analysis of the global market size, further segmented into regional and country-level market size and segmentation market growth.

Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations.

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The Buy Now Pay Later BNPL Market: Overview

The point-of-sale financing option known as "Buy Now, Pay Later" has grown in popularity recently, particularly among younger groups. The COVID-19 epidemic exacerbated several financial stress-related issues, including late payments and lowering credit limits. Due in part to this, the widespread use of credit cards has declined over the past few years globally, making room for the emergence of alternative payment methods.

As an alternative to credit cards as well as some other forms of financing, these solutions were developed to allow clients the choice to purchase their products and pay in a pre-agreed number of payments over time. In addition, the client incurs no cost because these solutions are typically offered at low or no interest rates and with no additional fees.

The Buy Now Pay Later BNPL Market: Growth Factors

The industry is expanding as a result of factors like digitization, rising merchant adoption, rising repeat usage among younger consumers, and the entry of new firms offering BNPL services for lending. In addition, younger customers favor using BNPL services since they may purchase expensive laptops and cellphones and make payments for stationery products, among other advantages.

Financial service providers may now offer customers cutting-edge digital services due to technological improvements and the substantial increase in internet usage worldwide. For example, demand for internet banking is being driven by the growing use of mobile apps for payment transfers. Additionally, the e-commerce industry's rapid expansion has aided fintech firms in expanding their global footprints for BNPL solutions.

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More people owning smartphones and the need for better internet connectivity have driven businesses to accept payments online from clients. The BNPL platform also supports the QR-code feature, which enables users to scan the code and make the appropriate payments. However, during the projected year, it is anticipated that hefty late fees levied by BNPL service providers will impede market growth. Credit providers and banks providing BNPL services charge the business and the client.

The Buy Now Pay Later BNPL Market: Key Players Insights

The BNPL 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 anticipated to grow 10-15 times, according to Bank of America Corp., owing to the increasing use of BNPL by customers to make in-person and online purchases. Many merchants are emphasizing the acceptance of these online installment loans and point-of-sale loans as payment options, opening up the new business potential for BNPL solution providers. Over the forecast period, the market is also anticipated to be driven by the expanding e-commerce sector.

• 2022: The Central Bank of Kuwait (CBK) has allowed a new Buy Now Pay Later product to start testing by launching it in the regional market within the Regulatory Sandbox with a group of willing customers and merchants to thoroughly assess and evaluate the product. The CBK is keen to facilitate advanced financial technologies and strengthen its role in adopting and driving innovation.
• 2022: Customers are encouraged to use the Klarna app to purchase now and pay later at B&M, one of the UK's fastest-growing variety retailers. It implies that customers can buy using the BNPL app at the register and pay for it over three interest-free payments.

Press Release For Buy Now Pay Later BNPL Market: https://www.custommarketinsights.com/press-releases/bnpl-market-size/

The Buy Now Pay Later BNPL Market: Report Scope

The study focuses on (BNPL) Buy Now Pay Later market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players. To support the market projections and growth rates over the anticipated 2022-2030.

The study monitors essential market factors, underlying growth influencers, and significant vendors active in the sector. The study also examines how COVID-19 has affected the ecology generally. The scope of the study includes market sizing and forecast for segmentation by channel, organization size, end-use, application, and geography.

The Buy Now Pay Later BNPL Market: Prominent Players

Sezzle
Klarna Bank AB
Afterpay
Laybuy Group Holdings Limited
Splitit
Quadpay
Affirm Holdings Inc.
PayPal Holdings Inc.
Perpay
Payl8r (Social Money Ltd.)

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The Buy Now Pay Later BNPL Market: Segments

By Channel

POS
Online

By Organization Size

SMEs
Large Enterprises

By End-use

Retail
Consumer Electronics
Healthcare
Fashion & Garment
Leisure & Entertainment
Others

The Buy Now Pay Later BNPL Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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