Global Buy Now Pay Later Market

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 2022-2028


Report ID: SQSG45F2012 | Region: Global | Published Date: December, 2022 | Pages: 165

Global Buy Now Pay Later Market Insights

Global Buy Now Pay Later Market was valued at USD 5.01 billion in 2021, and the market size is estimated to reach USD 25.26 billion by 2028, at a CAGR of 26% over the forecast period (2022-2028).

Retailers increasingly provide "buy now, pay later" options that let customers buy the necessities of life by selecting a reasonable financing option and paying overtime rather than all at once. The use of the buy now pay later payment platform by numerous business owners throughout the world to finance huge equipment, buy raw materials, and pay staff salaries is what fuels the market's expansion globally. In addition, more young people are utilizing the buy now pay later payment method since it has various advantages over other payment methods, including the ability to pay for expensive items like laptops and smartphones as well as school supplies and cafeteria bills. These factors drive the growth for buy now pay later market.

A lot of players are concentrating on creating and releasing a BNPL instalment solution that allows customers to pay overtime with no interest. These product introductions are intended to give consumers a better overall shopping experience. For instance, PayPal Holdings, Inc. announced the availability of Pay in 4, a no-interest buy now, pay later instalment option, in August 2020. With the help of this solution, partners and merchants can receive payment up front, while customers can spread out payments for goods ranging from $30 to $600 over a six-week period. Thus, the business increased the scope of its product offering with this launch.

Customers wishing to make purchases can choose from solutions with a predetermined payment plan, a streamlined checkout process, no interest, and quick approval times through BNPL services. Customers utilize BNPL services all throughout the world to avoid paying credit card interest, make impulsive purchases, and borrow money without running a credit check. In January 2022, a ZestMoney poll revealed that BNPL had become the preferred option for customers across all age categories in 2021, with the youngest consumer being 18 and the oldest being 66. The survey also revealed that men from tier 1 and tier 2 cities spent a lot on lifestyle and fashion, while women from tier 1 and tier 2 cities invested in edtech upgrades for electronics and upskilling.

Market snapshot

Global Market Size

USD 5.01 billion

Largest Segment

Large

Fastest Growth

Large

Growth Rate

26% CAGR

Global Buy Now Pay Later Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Buy Now Pay Later Market By Enterprise Size 2021-2028 ($ Bn)
Global Buy Now Pay Later Market Size By Service, 2021-2028 (%)

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Global Buy Now Pay Later Market Segmental Analysis

Global Buy Now Pay Later market is segmented based on enterprise size, end-use channel, and region. Based on the enterprise size, the buy now pay later market is segmented into large and SME’s. Based on the end use, it is segmented as consumer electronics, fashion & garments, retail, media and entertainment, and others. Based on channel, it is segmented as online and POS. Based on region it is categorized into North America, Europe, Asia-Pacific, and MEA.

Analysis by enterprise size

The large enterprises segment dominated the buy now pay later market in 2021 and accounted for more than 61% of the global revenue share. BNPL payment systems are being widely adopted by large businesses because they give clients a convenient and reasonable way to pay for expensive goods. Customers can buy more products due to the ease of shopping, which boosts sales. As a result, BNPL assists large businesses in dramatically enhancing the client experience.

Small and medium-sized businesses worldwide are concentrating on implementing BNPL solutions to aid retailers in raising sales conversion rates. For instance, the startup company Dukaan established a relationship with Simpl, a provider of BNPL solutions, to offer BNPL services to Dukaan's merchants. Dukaan assists SMEs in setting up online stores. Small and medium-sized businesses put a lot of effort into expanding their clientele and solidifying their market position. As a result, it is projected that SMEs will embrace more BNPL solutions, thereby supporting its growth.

Analysis by end use

With more than 43% of global revenue in 2021, the fashion and apparel sector held the largest market share of the buy now pay later industry. The industry is seeing a surge in the use of BNPL solutions since they make it simple for clients to spread out the expense of a purchase over a period of time with fixed, interest-free payments. For instance, BNPL solution provider Affirm, Inc. announced in October 2021 that it had partnered with customer clothing site Theory to provide clients with interest-free payments on accessories and sportswear. Such elements are encouraging for the segment's growth.

Consumer electronics usage and the growth of the digital economy are projected to open up a number of opportunities for major market players. BNPL payment mechanisms are becoming more widely used in the market as a low-friction alternative to credit cards. Customers also choose BNPL payment methods over credit cards because they avoid costly compound interest and hidden costs. Therefore, it is predicted that increased consumer electronic provider awareness of the flexible BNPL payment mechanism would fuel demand for these services.

The growth in the use of life and health insurance services is also predicted to cause the healthcare sector to grow at a considerable CAGR. The healthcare sector is seeing the development of several different players' specialised services. For example, in December 2021, SaveIN, a consumer credit fintech company, launched an offline point of sale instalment loan product for the financing needed to manage healthcare expenses. The company calls this service care now pay later to provide service to the customers' physical point of care facilities.

Analysis by channel

In 2021, the buy now pay later market was led by the online channel, which brought in more than 64% of the total revenue. As part of their post-pandemic revival strategies, numerous companies all around the world are forming partnerships to concentrate on the adoption of the fastest-growing online payment options, like buy now pay later. For instance, in August 2021, Uplift, Inc., a BNPL solution provider, announced its partnership with Tripster, an all-in-one travel booking site. Tripster customers will be able to conveniently plan their entire trip in one place and pay with uplift in surprise-free monthly instalments.

Over the projected period, a considerable growth rate is projected for the PoS channel segment in the buy now pay later market. To improve customer satisfaction and solidify their relationships with clients, several firms are concentrating on offering PoS BNPL financing solutions. Additionally, companies provide customers with clear PoS instalment lending schemes that are loyalty-driven. As a result, companies are seeing higher percentages of recurring customers.

Global Buy Now Pay Later market by Enterprise Size, 2021(%)

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Global Buy Now Pay Later Market Regional Insights

In 2021, North America dominated the buy now pay later market and brought in the most money, with a share of about 30% of global sales. The existence of numerous notable firms is the primary cause of the regional market’s expansion. Additionally, a lot of fintech businesses in this area are collaborating with entertainment businesses to provide BNPL services for booking hotels. For instance, in September 2021, American theme park and entertainment corporation SeaWorld Parks & Entertainment, Inc., teamed with Uplift, Inc., a developer of BNPL solutions. Due to this partnership, hotels at SeaWorld San Antonio, SeaWorld Orlando, and SeaWorld San Diego could be reserved using Uplift, Inc.'s BNPL payment methods. Over the projected period, the CAGR for Asia-Pacific is projected to be the fastest. As it allows users to access credit and postpone payments, the BNPL trend is gaining popularity throughout the region. Additionally, millennial and Gen Z consumers have been a major driver of the expansion of BNPL solutions across the area. In addition, during the course of the projected year, it is projected that the region's increasing mobile internet penetration would open up new growth potential for the buy now pay later industry.

Global Buy Now Pay Later Market By Geography, 2021-2028
  • Largest
  • Fastest

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Global Buy Now Pay Later Market Dynamics

Driver

  • Increase in adoption of online payment methods among people

According to the United Nations Conference on Trade and Development (UNCTAD), over 80% of customers worldwide use digital payments to conduct online shopping. The three most popular digital payment methods are mobile payments, debit cards, and credit cards. These methods have many advantages over traditional payment methods, including lower transaction costs, more efficient fund transfers, and higher payment security, all of which contribute to the growth of the buy now pay later market. High-speed internet accessibility, a spike in smartphone adoption, and increased public knowledge of digital payment services are some of the key reasons driving the uptake of online payment technologies. Additionally, the rise in smartphone usage and speedier connectivity have made it possible for merchants and customers to accept and make payments through digital platforms, which fueled the expansion of the buy now pay later market.

  • Affordable and Convenient Service Payment

The buy now pay later payment method provides individuals with a number of advantages, including affordable and practical payment services; fast credit card fund transfers at the point-of-sale platform; and increased personal information security, all of which contribute to the buy now pay later market's expansion. Additionally, the buy now pay later platform supports a QR-code option that enables users to pay with a scannable code and to complete transactions via UPI, both of which contribute to the market's expansion. Additionally, the buy now pay later platform helps customers make secure payments without using a debit card, which promotes market expansion globally. Other advantages provided by the buy now pay later platform that stimulate global market expansion include notifying customers about payback, enhancing their credit scores, and tracking transaction details online.

Challenge

  • Lack of awareness of service and high availability of multiple payment options

Alternative payment methods, including post-dated checks, credit and debit card financing, and many others, are available. Consumers and retailers in a number of emerging nations, including India, Brazil, Asia, and others, are not aware of the BNPL service. Before offering customers BNPL services, credit scores must also be checked. The service offers users simple monthly instalment payment plans through BNPL. The availability of numerous payment choices and the lack of understanding among consumers, retailers, and merchants impede overall growth of the buy now pay later industry.

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Global Buy Now Pay Later Market Competitive Landscape

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.

Top Players Company Profiles

Recent Development

  • In January 2022, Affirm Holdings Inc., BNPL service provider for the consumers, launched SuperApp. It provides advanced BNPL options for payments, shopping, and financial services with one easy-to-use solution.
  • In January 2022, Block, Inc. Technology Company for financial services acquired Afterpay Limited. This acquisition aims to provide Block, Inc. with enhanced financial services and products. It helped the company expand access for more consumers to drive revenue for all sellers and merchants.
  • In January 2022, Afterpay Limited partnered with several retailers such as Calvin Klein, Nordstrom, and Tommy Hilfiger. With this partnership, Afterpay Limited provides this service offering for these retailers' online and retail stores. This allowed the consumers to shop and use the buy now, pay later service.
  • In December 2021, SaveIN, a consumer credit fintech company, has launched an offline point of sale installment loans product for the financing needed to manage healthcare expenses. The company calls this service care now pay later to provide service to the customers' physical point of care facilities.

Global Buy Now Pay Later Key Market Trends

  • Machine Learning and Artificial Intelligence (AI) technology help service providers build models in real-time and enhance decision-making capabilities. A number of market participants are creating specialised AI-based models to hasten their consumer market penetration. For example, in January 2022, Temenos, the banking software firm, launched an AI-based BNPL banking service within the Temenos Banking Cloud platform. The platform is based on Artificial intelligence (A.I.) technology that offers both consumers and merchant’s opportunities through alternative credit products. The increasing adoption of A.I. technology to improve the real-time consumer base will propel the global buy now pay later market trend.

Global Buy Now Pay Later Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our analysis, the expansion of the e-commerce sector worldwide and the availability of affordable and convenient payment services provided by buy now pay later platforms are the main factors influencing the growth of the global buy now pay later market trends. High late and returned payment fees, however, limit market expansion. On the other hand, it is projected that rising adult spending on luxury goods and rising desire for delayed payments for internet purchases would create profitable prospects for the buy now pay later market.

Report Metric Details
Market size value in 2021 USD 5.01 billion
Market size value in 2028 USD 25.26 billion
Growth Rate 26%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Enterprise Size
    • Large, SME
  • End Use
    • Consumer Electronics, Fashion & Garment, Retail, Media, Entertainment, Others
  • Channel
    • Online, POS
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Buy Now Pay Later Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Buy Now Pay Later Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Buy Now Pay Later Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Buy Now Pay Later Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Buy Now Pay Later Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Buy Now Pay Later Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Buy Now Pay Later Market was valued at USD 5.01 billion in 2021, and the market size is estimated to reach USD 25.26 billion by 2028, at a CAGR of 26% over the forecast period (2022-2028).

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.'Affirm Holdings Inc. (US)','Paypal (US)','Klarna Bank AB (publ) (Sweden)','Laybuy Group Holdings Limited (New Zealand)','Perpay Inc. (Philadelphia)','Quadpay (US)','Sezzle (US)','Payl8r (UK)','Splitit (US)','Billie (Germany)'

Increase in adoption of online payment methods among people

Machine Learning and Artificial Intelligence (AI) technology help service providers build models in real-time and enhance decision-making capabilities. A number of market participants are creating specialised AI-based models to hasten their consumer market penetration. For example, in January 2022, Temenos, the banking software firm, launched an AI-based BNPL banking service within the Temenos Banking Cloud platform. The platform is based on Artificial intelligence (A.I.) technology that offers both consumers and merchant’s opportunities through alternative credit products. The increasing adoption of A.I. technology to improve the real-time consumer base will propel the global buy now pay later market trend.

In 2021, North America dominated the buy now pay later market and brought in the most money, with a share of about 30% of global sales. The existence of numerous notable firms is the primary cause of the regional market’s expansion. Additionally, a lot of fintech businesses in this area are collaborating with entertainment businesses to provide BNPL services for booking hotels. For instance, in September 2021, American theme park and entertainment corporation SeaWorld Parks & Entertainment, Inc., teamed with Uplift, Inc., a developer of BNPL solutions. Due to this partnership, hotels at SeaWorld San Antonio, SeaWorld Orlando, and SeaWorld San Diego could be reserved using Uplift, Inc.'s BNPL payment methods. Over the projected period, the CAGR for Asia-Pacific is projected to be the fastest. As it allows users to access credit and postpone payments, the BNPL trend is gaining popularity throughout the region. Additionally, millennial and Gen Z consumers have been a major driver of the expansion of BNPL solutions across the area. In addition, during the course of the projected year, it is projected that the region's increasing mobile internet penetration would open up new growth potential for the buy now pay later industry.

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Global Buy Now Pay Later Market

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