Fort Collins, Colorado, Sept. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Buy Now Pay Later Market Size, Growth, Share, Statistics Report, By Age Group, By Channel (Point of Sales And Online), By Category (BFSI, Consumer Electronics, Fashion & Garment, Healthcare, Retail, Media and Entertainment, Others), By Region And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, The buy now pay later market was valued at USD 6.9 Billion in 2022 and is anticipated to reach USD 60.5 Billion by 2032 with a CAGR of 24.4%. Many customers appreciate having the freedom to choose flexible and convenient payment options. This is why buy now pay later services (BNPL) have become famous. With BNPL, purchases can be made without an immediate payment requirement. This provides more financial flexibility and makes upfront charges easier to manage. It's a great way to finance everyday items such as clothes, electronics, and home improvement products. The point of sale (POS) installment loan process streamlines the purchase process and ensures repayment is handled professionally.
Buy Now, Pay Later services provide a smooth and convenient payment experience during online checkouts. These solutions have become increasingly popular among customers and merchants due to the rise of e-commerce platforms and digital wallets. Unlike layaways, BNPL options allow consumers to access their purchases immediately and pay for them later. Customers only need to wait for their items to arrive at their doorstep, eliminating the need to wait until the total amount is paid off.
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Buy Now Pay Later Market Report Highlights:
- The Buy Now Pay Later (BNPL) size is projected to reach at a CAGR of 24.4% by 2032. BNPL offers a novel approach to credit programs. BNPL thoroughly assesses the borrower's capacity to pay by dividing purchase costs. Merchants are pivotal in identifying potential customers who may benefit from this service.
- Recent data suggests many young individuals opt for Buy Now Pay Later (BNPL) services. 61% of individuals between 18 and 24 utilize these services, representing the highest percentage compared to other age groups. Many global businesses are now partnering to adopt various online payment methods, including BNPL, as a part of their post-pandemic recovery strategies.
- Prominent players in the buy now pay later market include Afterpay, PayPal Holdings, Inc., Affirm, Inc., Klarna Inc., Laybuy Group Holdings Limited, Zip Co., Paylr, Splitit, Billie, Splitit, Sezzle, Perpay Inc. among others.
Report Snapshot:
| Report Title | Buy Now Pay Later Market |
| Market Size in 2022 | USD 6.9 Billion |
| Market Size by 2032 | USD 60.5 Billion |
| CAGR from 2023 to 2032 | 24.4% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, estimations, competitor analysis, trends, and growth factors |
| By Age Group | Below 35, 35-60, Above 60 |
| By Channel | Point of sales and online |
| By Category | BFSI, consumer electronics, fashion & garment, healthcare, retail, media and entertainment, and others |
| Region | North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa |
| Major Market Players | Afterpay, PayPal Holdings, Inc., Affirm, Inc., Klarna Inc., Laybuy Group Holdings Limited, Zip Co., Paylr, Splitit, Billie, Sezzle, Perpay Inc., among others. |
Segmentation Overview:
The buy now pay later market is segmented based on age group, channel, category, and region. According to age group, those under 35 are the largest group using BNPL services. The number of young people using BNPL has steadily increased compared to the previous year. Around 61% of people aged 18-24 use BNPL services, the highest percentage compared to other age groups. This positive trend shows the growth potential of the BNPL market. As for channels, the online segment holds the largest share of the BNPL market. This growth can be attributed to the rise of e-commerce and the need for seamless and efficient payment methods. Millennial and Generation Z have historically been the target market for BNPL services.
In 2022, North America's buy now pay later (BNPL) market was a significant player. Many large-scale enterprises in this region have started implementing BNPL payment solutions to meet their customers' increasing demand. These solutions offer a convenient and cost-effective payment option for purchasing high-value items, especially when a credit history is unavailable. Providing fixed installment plans with low or zero interest rates promotes payment transparency and makes consumer transactions more accessible and seamless.
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Key Developments in the Buy Now Pay Later Market:
- Microsoft and PayPal have teamed up to offer PayPal's Pay Later solution in several countries. Additionally, Venmo will soon be accepted as a payment method for U.S. customers in the Microsoft Store for Xbox. These integrations expand payment choices and improve customer satisfaction.
- Afterpay offers more ways to pay for summer expenses and travel. Pay Monthly is now available at thousands of new merchants for eligible customers to split their premium purchases or vacations over six or twelve months.
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Buy Now Pay Later Market Report Segmentation:
Buy Now Pay Later Market, By Age Group (2023-2032)
- Below 35
- 35-60
- Above 60
Buy Now Pay Later Market, By Channel (2023-2032)
- Point of Sales
- Online
Buy Now Pay Later Market, By Category (2023-2032)
- BFSI
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media and Entertainment
- Others
Buy Now Pay Later Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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