Buy Now Pay Later (BNPL) platforms provide consumers an option to purchase goods and pay for them in installments without incurring interest. This convenient payment method is favored by millennials who prefer flexible payment options. BNPL platforms partner with merchants to offer point-of-sale financing. The growing popularity of BNPL is boosting sales for both merchants and platform providers.
The global Buy Now Pay Later Platforms Market is estimated to be valued at US$ 17.72 billion in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of BNPL among millennials is one the key factors driving the growth of the market. Millennials prefer flexible payment options over credit cards and view BNPL platforms as a convenient alternative to manage budgets and pay for purchases over time. According to research, nearly 70% of millennials have used or are interested in using BNPL services. Platform providers are targeting this demographic by promoting interest-free purchase financing. The easy enrollment process and deferred payment options offered by BNPL apps are resonating well with younger consumers and accelerating the adoption of these platforms.
Segment Analysis
The global Buy Now Pay Later Platforms market is dominated by the recurring bill sub segment. Majority of BNPL platforms generate most of their revenue by facilitating small ticket recurring payments for subscriptions to digital services, streaming platforms and content providers. They earn interest as these transactions are split into installments and paid over time. This allows platforms to build strong customer relationships and generate predictable revenues.
Key Takeaways
The global Buy Now Pay Later Platforms Market Trends is expected to witness high growth over the forecast period of 2024 to 2031. The global Buy Now Pay Later Platforms Market is estimated to be valued at US$ 17.72 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
The Asia Pacific region is expected to witness the fastest growth in the BNPL market led by countries like India and Indonesia. Ease of accessing online goods and services without needing credit cards is driving increased adoption of BNPL platforms in this region.
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