Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Buy Now Pay Later Service - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020-2029" report has been added to ResearchAndMarkets.com's offering.
Expansive Growth in Asia Pacific BNPL Services
The Buy Now Pay Later (BNPL) service market in the Asia Pacific region has exhibited robust growth and is estimated to continue this trajectory. Projections show the market expanding from an estimated USD 155.72 billion in 2024 to USD 335.04 billion by 2029. This market segment demonstrates a significant compound annual growth rate (CAGR) of 16.56% over the forecast period.
Rising Fintech and E-Commerce Fostering BNPL Adoption
The increasing penetration and adoption of digital transactions and Fintech innovations have catalyzed the growth of BNPL services across the Asia Pacific region. Despite the high banking population, credit facilities for lower-income groups and small households lack, providing a fertile ground for BNPL services expansion. Countries such as Japan, Hong Kong, South Korea, and New Zealand with a high penetration of credit cards contrast with nations like India, China, and Indonesia where low credit card penetration has created substantial opportunities for BNPL service providers.
BNPL's Impact on E-commerce
E-commerce payments are progressively incorporating BNPL services, evidenced by the growing transaction shares in countries like Australia and New Zealand, where BNPL accounts for approximately 10% of e-commerce payments. The ease of payment in interest-free installments or through manageable EMI options contributes to this trend.
Australia: A Forefront in the BNPL Market
Australia leads in the BNPL market integration within the Asia Pacific, showcasing 14% of its e-commerce payments made through BNPL. This is significantly higher compared to large economies like China and India, with a share of around 4%. Australia's Gen Z and Millennial populations are notable drivers of the BNPL trend, with over 7 million active BNPL accounts representing a yearly growth rate of about 30%.
Competitive Landscape in the BNPL Space
The Asia Pacific BNPL market is witnessing a surge in the number of domestic and international players, indicating a fragmented industry landscape. Increased financial inclusion and a spike in e-commerce credit purchases are key factors propelling market growth. Prominent players in this market continue to enhance their footprint and tap into emerging markets across the region.
This growth trend presents a significant shift in consumer payment behaviors and retailer sales strategies, signaling a transformative phase for digital finance in the Asia Pacific. As the BNPL market matures, its impact on the wider financial ecosystem will be closely monitored by industry stakeholders.
A selection of companies mentioned in this report includes, but is not limited to:
- Reepay
- Akulaku
- Hoolah
- Atome
- Pine Lab
- Zest Money BNPL
- Openpay (Australia)
- Rely (Singapore)
- Limepay (Australia)
- PayRight (Australia)
For more information about this report visit https://www.researchandmarkets.com/r/jh4hrf
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Attachments
- Asia Pacific Buy Now Pay Later Services Market Digital Payment Tran
- Asia Pacific Buy Now Pay Later Services Market Market Share Of B N P L
