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.
The Buy Now Pay Later (BNPL) Platform Market has experienced significant growth over recent years, revolutionizing the way consumers approach financing their purchases. This innovative financial solution allows consumers to buy products and services immediately while deferring payments over a period, typically without interest. The rising popularity of BNPL platforms reflects changing consumer preferences for more flexible and transparent payment options, spurred by advancements in digital technology and the increasing penetration of e-commerce.
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.
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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 Takeaways from the Buy Now Pay Later Platform Market Report:
The Buy Now Pay Later (BNPL) market has experienced significant growth, with a CAGR of 18.9% from 2017 to 2022. Looking ahead, the U.K. BNPL market is projected to grow at an impressive CAGR of 29.3% from 2023 to 2033, while the U.S. market is expected to rise at a CAGR of 27.4% during the same period. Additionally, the large enterprises segment within the BNPL market is anticipated to grow at a CAGR of 21.4%. Notably, the South Korean BNPL market was valued at US$ 1.8 billion in 2023.
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.
Leading Key Players:
The Buy Now Pay Later (BNPL) platform market features prominent players such as Klarna Inc. and Affirm, Inc., both recognized for their extensive customer bases and innovative payment solutions. Finflux and Fortunesoft are key technological enablers, providing robust software platforms that enhance BNPL services. Splitit distinguishes itself with unique installment solutions that integrate with existing credit lines, while Zip Co Limited offers versatile payment options across various regions. Latitude Financial Services rounds out the market with its strong presence in the Australasian market, offering flexible credit solutions tailored to consumer needs.
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