The buy now pay later platform market size is expected to grow from US$ 9.1 Billion in 2023 to US$ 70.9 Billion by 2033, at a CAGR of 22.8% from 2023 to 2033.
In this age dominated by e-commerce, the convenience of pay later options is fueling market expansion. Consumers can now utilize these options for everyday needs like grocery shopping, booking domestic travel, ordering takeout, and other small expenses. What's more, many of these payment plans are completely interest-free, making them an attractive choice for consumers
E-commerce Market Offers Consumer Diverse BNPL Options
E-commerce expansion has enabled easy access to BNPL options for the customer. Currently, e-commerce consumers have the liberty to choose from a variety of BNPL providers, at varying terms. While the consumer can make retail purchases even in the absence of cash, he/she is also exempted from the burden of paying interest as with credit cards or personal loans.
E-commerce sites are launching promotional offers to lure customers into trying BNPL services. Hence, a consumer can easily buy anything from groceries to furniture through BNPL at e-commerce sites.
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Key Players Should Tap Into Newer Markets
While BNPL enjoys wide popularity in developed regions, untapped markets such as Latin America and Asia Pacific hold huge potential. The lower per capita disposable income could play to the advantage of the BNPL market. The trend of consumerism is rising in these countries. Hence, BNPL platforms could cater to the younger generations that spend the most on e-commerce retail purchases.
Growth in Developing Regions Needs Greater Attention
BNPL providers’ attempts to penetrate developing markets could be hindered by a general lack of awareness about BNPL. Due to lower internet penetration in these regions, the users of BNPL would only be a fraction of the population. Hence, key players need to adopt various strategies to boost internet penetration and awareness of BNPL.
Key Players & Startups Target Diverse Sections for Market Growth
Currently, key players and startups are focusing on niche target segments to turn profitable. For instance, India-based Fintech company, SaveIN launched an offline POS installment that caters to loan needs for healthcare. It is known as ‘care now pay later’. Similarly, key players are also attempting to expand revenue through partnerships and acquisitions.
Key Market Developments:
In July 2021 Afterpay partnered with Westpac to expand its digital payment services. As a result, Afterpay consumers can now easily keep track of their spending digitally.
Mondu, is a buy now pay later platform that caters to ease of payment across marketplaces. The platform specifically focuses on B2B payment modalities.
Playter is a startup focusing on harnessing the potential of BNPL for startups and scaleups. This enables businesses struggling for funds to grow quickly. Hence, startups can easily pay their suppliers without waiting for a potential investor with Playter.
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