Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The "Global B2C Buy Now Pay Later Market Intelligence Databook Subscription - Q1 2024" report has been added to ResearchAndMarkets.com's offering.
The global Buy Now Pay Later (BNPL) market is experiencing an upward trajectory, with expectations to grow by 16.4% annually and reach a value of US$633.2 billion in 2024. Beyond this immediate growth, a consistent increase is anticipated over the following five years, with a compound annual growth rate (CAGR) of 11.4% predicted between 2024 and 2029. As a result, the gross merchandise value within this sector is projected to nearly double, climbing from US$543.8 billion in 2023 to over a trillion US dollars - specifically US$1,088.3 billion - by the end of 2029.
The Buy Now Pay Later payment industry, bolstered by elevated e-commerce penetration, is set to maintain its robust growth pattern. This dynamic market is comprehensively analyzed in the latest report, which includes a wealth of data-centric insights and market-specific strategies. Through a compilation of over 75 KPIs at the country level, the report offers an authoritative perspective on this rapidly evolving sector, its consumer behaviors, and retail spending dynamics.
Buy Now Pay Later Adoption on the Rise
The increase in Buy Now Pay Later adoption is attributed to a diverse range of driving factors across the world. In regions such as Latin America and Africa, the uptake of BNPL schemes is largely fuelled by the unbanked and underbanked populations. Meanwhile, Europe is observing a higher utilization of this payment solution in response to rising inflation and the cost of living crisis. In the Middle East, the proliferation of BNPL is not limited to essentials; luxury purchases are also being transacted through these schemes. Similarly, in the Asia Pacific, India and Southeast Asian countries are anticipated to spearhead the market's accelerated growth.
Strategic Alliances Enhancing Product Reach
With increased demand for credit services worldwide, BNPL providers are forging strategic partnerships to extend their reach and amplify gross merchandise value. Notable collaborations include that between Klarna and Walmart Canada, and another between Zip Co. and Primer, signaling an inclusive strategy to penetrate further into both established and emerging BNPL markets. Such alliances are expected to continue in the near term, propelling the sector's expansion.
Entry of New Firms and Innovative Solutions
As the sector flourishes, companies are introducing innovative BNPL payment services to capitalize on this burgeoning demand. Tech giants like Google Pay have announced partnerships with established BNPL providers, with plans to expand these solutions on a global scale. This trend is set to enhance the competitive landscape, spurring further innovation in the industry over the years to come.
Increasing Regulatory Focus
Accompanying market expansion, the regulatory environment is becoming increasingly robust. Central banks, particularly in the Middle East, have commenced introducing new oversight requirements for BNPL services. These not only cover licensing and operation norms but also encompass a wide spectrum of regulatory frameworks designed to ensure information security and financial stability. Noteworthy developments include regulatory measures introduced by the UAE Central Bank and proposals for new legislation in the state of New York, the first such initiative in the United States.
The findings of this report demarcate a clear growth trajectory for the Buy Now Pay Later market and represent a crucial resource for understanding the multi-faceted nature of this emerging financial service industry.
Companies Featured
- Wipei
- PagoMisCuentas
- Uala
- Afterpay
- Zippay
- Humm
- OpenPay
- Payright
- Affirm
- After Pay
- Klarna
- Sezzle
- Paypal
- Alipay
- Tencent
- JD Baitio
- Meituan
- Alma
- Cofidis
- RatePay
- Afterpay
- Simpl
- PineLabs
- Zest Money
- Paytm
- Lazypay
- Akulaku
- Kredivo
- Atome
- Splitit
- GoJek Paylater
- Klarna
- ScalePay
- Mash and Domec JV
- SplittyPay
- Aspira
- Lipa Later
- Miti
- Flexpay Technologies
- Julla
- Nelo
- Kueski
- finvero
- Aplazo
- Atrato
- PayQart
- CD Care
- Buynowpaylater.com
- Jumia Flex
- Carnon
- TendoPay
- Cashalo
- BillEase
- Plentina
- Zip
- Mokka
- Halva
- Tinkoff
- Zoodpay
- Mobicred
- More Tyme
- Payflex
- Pay Just Now
- PayUp
- Shopee PayLater
- Zilingo
- PowerBuy
- Pacepay
- Tabby
- Postpay
- Tamara
- Spotii
- Clearpay
- Paypal Credit
- Laybuy
- Paypal
- Affirm
- Futurepay
- Addi
- Cleo
- DiniePay
- Truepay
For more information about this report visit https://www.researchandmarkets.com/r/achjg9
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