The global Buy Now Pay Later Platforms Market is estimated to be valued at US$ 15.38 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Buy Now Pay Later (BNPL) Platforms provide an alternative payment method that allows consumers to purchase products without paying upfront and repay in installments over a period of time. These platforms have gained immense popularity among millennial consumers as they offer flexibility and convenience in payment options. BNPL does not require consumers to have credit cards or maintain minimum credit scores, which has increased their appeal for everyday purchases of apparels, electronics, home goods and more. The increasing preference for "buy now, pay later" by younger demographic coupled with expansion of platforms into new commerce channels like online retail and bill payments has accelerated growth of the buy now pay later platforms market.
Market key trends:
The growing popularity of BNPL platforms among millennial consumers is one of the key trends driving the market expansion. Millennials prefer convenient payment options that offer flexibility compared to traditional credit cards. BNPL platforms cater well to their on-demand lifestyle and spending behavior, while also allowing them to manage and control their finances better. According to surveys, major part of BNPL users are young consumers under 35 years of age. As this demographic continues to dominate spending, their affinity towards BNPL is expected to significantly boost the market reach and size over the forecast period.
Segment Analysis
The global buy now pay later platforms market is fragmented, with the point-of-sale segment dominating currently. This is because BNPL is increasingly being adopted at checkouts by both merchants and consumers for small-ticket purchases. However, the e-commerce sub-segment is expected to witness the fastest growth, as BNPL allows consumers to pay in installments for large online purchases as well, without any interest charges. This helps drive more sales for e-commerce retailers.
Key Takeaways
The Global Buy Now Pay Later Platforms Market Share is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to register the highest CAGR during the forecast period. This can be attributed to strong economic growth, rising disposable incomes, increasing smartphone and internet penetration, and growing acceptance of digital payments in countries like India, Indonesia and Australia. In India specifically, BNPL allows more consumers to access credit and shop online, driving the market. Australia is a mature market with significant adoption already.
Key players operating in the buy now pay later platforms market are Baxter International Inc., ICU Medical. Inc, B. Braun Melsungen Ag, Grifols, S.A., Fresenius Kabi USA, LLC, Vifor Pharma Management Ltd, JW Life Science, Amanta Healthcare, Axa Parenterals Ltd, and Salius Pharma Private Limited, Pfizer, Inc, Otsuka Pharmaceutical Co., Ltd, Ajinomoto Co., Inc., B. Braun Melsungen AG, Soxa Formulations & Research Pvt.Ltd, Sichuan Kelun Pharmaceutical Co Ltd. These key players are focusing on partnerships, mergers and acquisitions to expand their presence and offerings in different regions.
For more details on the report, Read- https://www.insightprobing.com/buy-now-pay-later-platforms-market-demand-share-analysis/
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