What is the global market size of Buy Now Pay Later Market?

Buy Now Pay Later Market size was valued at USD 4.86 billion in 2021 and is poised to grow from USD 6.13 billion in 2022 to USD 49.41 billion by 2030, growing at a CAGR of 26.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Buy Now Pay Later Market?

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. 'Afterpay Limited', 'Affirm Holdings Inc.', 'Klarna Bank AB ', 'Paypal ', 'Sezzle Inc.', 'Zip Co Limited', 'Splitit Payments Ltd.', 'Laybuy Holdings Limited', 'QuadPay, Inc.', 'FuturePay Inc.', 'Openpay Group Ltd.', 'PayRight Limited', 'SplitPay, Inc.', 'ViaBill A/S', 'Sunbit Inc.', 'Humm Group Limited', 'QuickFee Limited', 'Partial.ly Inc.', 'ZestMoney (PaySense Services India Pvt. Ltd.)', 'Bread Finance, Inc.'

What is the key driver of Global Buy Now Pay Later Market?

Increase in adoption of online payment methods among people

What is the key market trend for Global Buy Now Pay Later Market?

Integration of BNPL services:One notable trend in the Buy Now Pay Later (BNPL) market is the integration of BNPL services with brick-and-mortar retailers. While BNPL initially gained popularity in the e-commerce space, it is now expanding into physical stores. Retailers are partnering with BNPL providers to offer customers the option to split their in-store purchases into installments, creating a seamless and flexible payment experience. This trend aims to bridge the gap between online and offline shopping and cater to consumer preferences for convenient payment options. The integration of BNPL services in physical retail environments is expected to further accelerate the growth and adoption of this payment method.

Which region accounted for the largest share in Buy Now Pay Later Market?

North America has emerged as a prominent player in the BNPL market. With the presence of major players like PayPal, which offers its own BNPL service, the region has experienced a significant adoption of this payment option. The convenience and flexibility of BNPL have resonated well with consumers in North America, driving its dominance in the region.

Buy Now Pay Later Market Size, Share, Growth Analysis, By Channel(Point of Sale, Online), By Landing Type(Point of Sale, Personal Loans, Private-level Credit Cards, General-purpose Credit Cards), By Enterprise Size(Large Enterprises, and Small & Medium Enterprises), By Industry(e-Commerce & Retail (Consumer Electronics, Fashion & Garment and Others), Healthcare, Leisure & Entertainment), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45F2113 | Region: Global | Published Date: June, 2024
Pages: 165 | Tables: 63 | Figures: 75

Buy Now Pay Later Market Competitive Landscape

Top Players Company Profiles

Affirm Holdings Inc. (United States)
Klarna Bank AB (Sweden)
Splitit Payments, Ltd. (United States)
Sezzle (United States)
Perpay Inc. (United States)
Zip Co, Ltd (Australia)
Paypal (United States)
AfterPay Limited (Australia)
Openpay (Australia)
LatitudePay Financial Services (Australia)
HSBC Group (United Kingdom)
Amazon Hub Counter (United States)
LazyPay (India)
Flexmoney (India)
MobiKwik (India)
ZestMoney (India)
Flipkart (India)
Simpl (India)
Paytm KYC Point (India)
ePayLater (India)

Recent Development

In June 2024, PayPal Ventures led a Series A funding round for Gynger, a company providing buy now pay later services for enterprises making technology purchase. The financing round was closed at USD 20 million.
Zilch, a British fintech start-up founded in 2018, announced the launch of its new buy now pay later service for expensive purchases in February 2024. The ‘Pay over 3 months’ plan allows Zilch users to pay a 25% upfront amount of the purchase and the rest of it in installments of 3 months.

Buy Now Pay Later Market Report Snapshots

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Buy Now Pay Later Market size was valued at USD 27.84 Bllion in 2022 and is poised to grow from USD 32.03 Billion in 2023 to USD 122.77 Billion by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).

Buy now pay later companies are expected to focus on partnerships to expand their business scope. Providing seamless integration of buy now pay later solutions with existing payment infrastructure will also be essential for buy now pay later companies to improve their business scope in the future. Growing adoption of buy now pay later in offline retail establishments will also offer lucrative opportunities in the long run. Offering no-interest and low-interest payment options will also be a popular strategy for all buy now pay later providers. 'Affirm Holdings Inc. (United States) ', 'Klarna Bank AB (Sweden) ', 'Splitit Payments, Ltd. (United States) ', 'Sezzle (United States) ', 'Perpay Inc. (United States) ', 'Zip Co, Ltd (Australia) ', 'Paypal (United States) ', 'AfterPay Limited (Australia) ', 'Openpay (Australia) ', 'LatitudePay Financial Services (Australia) ', 'HSBC Group (United Kingdom) ', 'Amazon Hub Counter (United States) ', 'LazyPay (India) ', 'Flexmoney (India) ', 'MobiKwik (India) ', 'ZestMoney (India) ', 'Flipkart (India) ', 'Simpl (India) ', 'Paytm KYC Point (India) ', 'ePayLater (India)'

Consumer preferences have been evolving rapidly and this evolution has led to high preference and demand for flexible payment options. Buy now pay later services offer just that by allowing consumers to purchase the product in easy installments to ease the financial burden of purchase thereby driving market growth.

Targeting New Industry Verticals: Currently, buy now pay later companies are generating most of their revenue from the e-commerce and retail industry. This is why diversifying into other verticals such as healthcare and automotive will be crucial in realizing the full potential of the market in the future.

Presence of multiple financial organizations and buy now pay later providers in the North American region allows it to hold a high market share. High purchasing power of consumers and high awareness regarding buy now pay later services are also expected to help this segment maintain a dominant stance. Extensive integration of buy now pay later services in multiple offerings across various industry verticals is also expected to help this region maintain a high market share. Canada and the United States are estimated to be the top markets for buy now pay later companies in this region.

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Buy Now Pay Later Market Competitive Landscape

Buy Now Pay Later Market Report Snapshots

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What is the global market size of Buy Now Pay Later Market?

Who are the key vendors in the Buy Now Pay Later Market?

What is the key driver of Buy Now Pay Later Market?

What is the key market trend for Buy Now Pay Later Market?

Which region accounted for the largest share in Buy Now Pay Later Market?

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