Buy Now Pay Later Market

Global Buy Now Pay Later Market

Buy Now Pay Later Market- By Channel, Application, End User and Region.

Market Synopsis:

The Global Buy Now Pay Later Market is valued at USD 6021.76 Million in the year 2022 and is forecasted to reach a value of USD 35209.11 Million by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 24.70% over the forecast period.

Retailers are now offering buy now, pay later options, allowing customers to acquire everyday necessities by selecting an affordable financing plan and paying in installments rather than in one lump sum. Several business owners throughout the world have been using the Buy Now Pay Later payment platform to finance significant equipment, purchase raw materials, and pay staff salaries, fueling the worldwide Buy Now Pay Later Market.

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Furthermore, as a result of the increased adoption of Buy Now Pay Later payment technology among the youth, which provides several benefits such as purchasing high-cost smartphones and laptops, paying tuition fees and stationery products, and paying the canteen bill, the Buy Now Pay Later Market is expected to grow. In the major countries, the purchase now pay later PayPal offers four interest-free payments using an online payment method. These market leaders provide services in a variety of industries, including travel and tourism, consumer electronics, e-commerce and retail, healthcare insurance, and banking and financial services. The top companies in this business also provide Buy Now Pay Later airfares and Buy Now Pay Later electronics. The global market is growing due to an increase in the number of e-commerce platforms and rising service use among millennials in developed countries.

The rise of the purchase now pay later business is accelerating as more people in emerging countries utilize online payment methods. The Global Buy Now Pay Later Market trends are being driven by economical and convenient payment services provided by Buy Now Pay Later platforms, as well as global e-commerce expansion. However, substantial late and returned payment costs restrict market expansion. On the contrary, the Buy Now Pay Later sector is likely to benefit from rising demand for delayed payments for online purchases and increased spending on luxury goods among the adult population.

There are a variety of payment alternatives available, including credit card and debit card loans, postdated checks, and others. Consumers and merchants in various emerging countries, like India, Brazil, Asia, and others, are ignorant of the BNPL service. Before delivering BNPL services to customers, credit scores must be checked. The program provides consumers with simple monthly installment payment choices in BNPL. Overall growth is hampered by a lack of awareness among consumers, retailers, and merchants, as well as the availability of multiple payment choices.

Market Segmentation:

The Buy Now Pay Later Market is segmented on the basis of Channel, Application, and End-user. On the basis of Channel, the market is segmented into Online Channel and POS Channel. On the basis of Application, the market is segmented into Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement, and Others. On the basis of End-user, the market is segmented into Generation X, Generation Z/Millennials, and Baby Boomers.

Based on Application:

On the basis of Application, the market is segmented into Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement, and Others. Due to a rise in consumers spending on everyday basic products and services at retail outlets via the purchase now pay later platform, the retail goods segment generated the greatest market share in 2021. However, due to rising treatment costs for various severe conditions such as chronic heart disease, cancer, and cardiovascular disorders, the healthcare & wellness category is predicted to grow at the fastest rate throughout the projection period. Furthermore, due to the increasing proliferation of COVID-19 patients around the world and the increased demand for treatment, people all over the world are turning to purchase now pay later services, which is predicted to be a lucrative potential for the Buy Now Pay Later platform in the healthcare industry.

Based on Channel:

On the basis of Channel, the market is segmented into Online Channel and POS Channel. The online channel sector, which accounted for more than 64.0 percent of global sales in 2021, topped the market. A number of companies throughout the world are developing partnerships to focus on the adoption of the fastest-growing online payment methods, such as buy now pay later, as part of their post-pandemic resuscitation strategies. In August 2021, Uplift, Inc., a BNPL solution provider, forged a collaboration with Tripster, an all-in-one trip booking platform.

North America is projected to acquire the largest market share during the year 2021

North America is projected to acquire the largest market share during the year 2021 with a share of 37.50%. The presence of a significant number of prominent firms can be credited to the regional market's growth. Furthermore, a number of fintech companies in the region are forming partnerships with entertainment organizations to provide BNPL hotel booking services. Uplift, Inc., a BNPL solution provider, teamed with SeaWorld Parks & Entertainment, Inc., an American theme park and entertainment corporation, in September 2021.