The buy now pay later (BNPL) services market is experiencing exponential growth, expected to rise from $6.51 billion in 2023 to $8.42 billion in 2024, reflecting a remarkable CAGR of 29.3%. This surge is fueled by the growing penetration of smartphones, increased consumer trust in digital payments, heightened awareness of financial management, and the rising demand for flexible payment options. By 2028, the market is projected to reach $23.73 billion, growing at a CAGR of 29.6%. The future growth is supported by a growing number of internet users and an increase in e-commerce platforms. Key trends include technological innovations, digitalization, and mobile app advancements.
Major Driver In The Buy Now Pay Later Services Market
The expansion of e-commerce is anticipated to fuel the growth of the buy now pay later (BNPL) services market. E-commerce, which encompasses the buying and selling of goods and services over the internet, is rapidly growing due to technological advancements, evolving consumer preferences, and enhanced global connectivity. BNPL services enrich the e-commerce experience by improving shopping convenience, increasing conversion rates, boosting average order values, attracting new customers, and minimizing cart abandonment. They provide financial flexibility for consumers while offering strategic benefits for merchants. According to the United States Department of Commerce, retail e-commerce sales reached $289.2 billion in the first quarter of 2024, reflecting a 2.1% increase from the fourth quarter of 2023. Hence, the growth of e-commerce is driving the BNPL services market forward.
Request A Free Sample Of The Buy Now Pay Later Services Market Report
Buy Now Pay Later Services Market Competitive Landscape
PayPal Holdings Inc., HSBC Holdings plc, Klarna Bank AB, Affirm Holdings Inc., Afterpay Limited, Zip Co Limited, Openpay Pty Ltd, Freecharge Payment Technologies Private Limited, Sezzle Inc., PayClip Inc., Zest Money, One Mobikwik Systems Private Limited, Zilch Technology Limited, Atome Financial, Scalapay S.r.l., Laybuy Holdings Limited, Billie GmbH, ViaBill Inc., Splitit Payments Ltd, Social Money Ltd, Payright Ltd, FuturePay Holdings Inc., OlaMoney Postpaid, LazyPay
Key Buy Now Pay Later Services Market Trend
The buy now pay later (BNPL) services market is experiencing innovations through AI-driven technologies. Temenos AG launched a new BNPL banking service in January 2022, employing AI for real-time credit assessments and personalized installment plans. This approach enhances customer satisfaction while mitigating default risks for financial institutions.
Purchase The Global Buy Now Pay Later Services Market Report Directly And Get A Swift Delivery
Buy Now Pay Later Services Market Segmentation
The buy now pay later services market covered in this report is segmented –
1) By Type: Online Platforms, Point Of Sale Financing
2) By Product Category: Kitchen Appliances, Other Electronic Appliances, Fashion And Personal Care, Healthcare, Other Product Categories
3) By End-Use: Retail, Automotive, Other End-Uses
By Geography:The regions covered in the buy now pay later services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the buy now pay later services market in 2023.
The Buy Now Pay Later Services Global Market Report 2024 furnishes information about the global buy now pay later services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
