Dublin, April 20, 2023 (GLOBE NEWSWIRE) -- The "Buy Now Pay Later Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global buy now pay later market grew from $105.15 billion in 2022 to $155.79 billion in 2023 at a compound annual growth rate (CAGR) of 48.2%. The buy now pay later market is expected to grow to $744.06 billion in 2027 at a CAGR of 47.8%.
An increase in the adoption of online payment methods is expected to propel the growth of the buy-now-pay-later market going forward. Online payments refer to payments that are made for goods or services that have been purchased online or offline. With the buy now, pay later option, customers can make small-ticket purchases both offline and online and make fast payments.
For instance, in April 2021, according to Razorpay, an India-based financial services company, the rate of digital payment transactions in India during January, February, and March 2021 increased by 76% compared to the same period in 2020, whereas Buy Now Pay Later (BNPL) experienced a staggering growth of 569%. Therefore, the increase in the adoption of online payment methods is driving the growth of the buy-now-pay-later market.
Technological advancement is a key trend gaining popularity in the buy-now-pay-later market. Major market players are concentrating on offering customers cutting-edge digital services to sustain their position in the buy-now-pay-later market. For instance, in January 2022, Temenos, a Switzerland-based software and apps company, launched Temenos Banking Cloud, the first AI-driven buy-now-pay-later banking service in the market.
Through alternative credit products, this offering is expected to give banks and fintechs additional revenue options, assist them in expanding into new areas, and strengthen their connections with customers and business partners. By offering transparency into automated judgments and pairing BNPL customers with suitable loan offers based on their past, Temenos BNPL assists banks in developing lending programs that are driven by patented, explainable AI technology. Therefore, technological advancement is boosting the growth of the buy-now-pay-later market.
In August 2021, Square, a US-based company engaged in Buy Now, Pay Later (BNPL), mobile payment, financial services, and digital payments, acquired Afterpay for an amount of $29 billion. With this acquisition, the two businesses are expected to come together to form an unmatched payment giant to improve the fairness, accessibility, and inclusivity of the financial system. Afterpay is an Australia-based company engaged in Buy Now, Pay Later (BNPL) services.
In 2022, North America was the largest region in the buy now pay later market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this buy now pay later market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the buy now pay later market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Channel: Online; POS
2) By Enterprise Size: Large Enterprises; Small and Medium Enterprises
3) By End Use: Consumer Electronics; Fashion and Garment; Healthcare; Leisure and Entertainment; Retail; Others End-User
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $155.79 billion |
| Forecasted Market Value (USD) by 2027 | $744.06 billion |
| Compound Annual Growth Rate | 47.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Buy Now Pay Later Market Characteristics
3. Buy Now Pay Later Market Trends And Strategies
4. Buy Now Pay Later Market - Macro Economic Scenario
5. Buy Now Pay Later Market Size And Growth
6. Buy Now Pay Later Market Segmentation
7. Buy Now Pay Later Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Paytm Postpaid
- PayPal Holdings Inc.
- Affirm Inc.
- Klarna Inc.
- Splitit
- Sezzle
- Perpay Inc.
- Openpay
- Quadpay Inc.
- LatitudePay
- Laybuy Group Holdings Limited
- Payl8r (Social Money Ltd.)
- ePayLater
- Zest Money
- Lazypay
For more information about this report visit https://www.researchandmarkets.com/r/k0z9zd
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