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A recent report published by Infinium Global Research on buy now pay later market provides in-depth analysis of segments and sub-segments in the global as well as regional buy now pay later market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional buy now pay later market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global buy now pay later market.
The buy now pay later market has surged, transforming the shopping landscape. This method functions as a contemporary version of layaway, allowing consumers to purchase desired items ranging from clothing to tech gadgets and household essentials and defer payment to a later date through manageable installments. Numerous retailers, both major corporations and smaller businesses, have integrated these payment options into their checkout systems. Its simplicity is a major draw just a few clicks enable customers to access these plans. Additionally, many plans offer interest-free terms if payments are made punctually, a significant advantage. However, caution is necessary. Missing payments could result in additional fees. Concerns have emerged regarding potential overspending due to the convenience of immediate acquisition without immediate full payment. Despite this, the approach has significantly altered consumer spending habits, providing a more accessible means of acquiring necessities.
The surge in E-commerce platforms offering online payment methods is fueling rapid expansion. The worldwide point-of-sale installment loans market for 'buy now, pay later' has seen a significant boost thanks to the increased adoption of online payment systems across sectors like banking, health insurance, retail, and consumer goods. According to the United Nations Conference on Trade and Development (UNCTAD), more than 80% of global consumers have engaged in digital payments while shopping online. This surge in digital payment usage has led to a substantial increase in the demand for 'buy now, pay later' services, especially with the upward trajectory of global E-commerce sales. Additionally, the increased smartphone usage and faster internet connections have empowered both retailers and customers to engage in digital payments, driving the buy now, pay later industry's growth. Additionally, the surge in digital payment transactions in developing nations like Africa and India, stemming from the adoption of buy now, pay later technology and online payment methods among small and medium-sized businesses, further amplifies market expansion. However, limited awareness about the service and the abundance of various payment choices might hinder the growth of the market. Moreover, affordable and convenient payment services of buy now pay later platforms create lucrative opportunities for the market.
North America is projected to hold the most prominent market share in the upcoming forecast period. North America's growth stems from increased investment in research, a vibrant start-up culture, and a surge in recurring consumer use of this service for product purchases, bolstering market expansion. Key players like Affirm Holdings, Inc., PayPal, Quadpay, Sezzle, among others, contribute significantly to the region's development through their presence and investments. However, Asia Pacific is expected to fastest emerging region in the upcoming forecast period. This is mainly due to the rising prevalence of digital payment options like Amazon Pay, Google Pay, PayPal, and similar platforms, which have sparked immense demand for this service. Moreover, the growing embrace of e-commerce applications online has presented an exceptional market opening for major industry players.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 179.88 Billion |
| Market Size by 2030 | USD 3327.9 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 44.0% |
| Largest Market | North America |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Channel, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global buy now pay later market covers segments such as channel, and application. On the basis of channel, the sub-markets include online, and point-of-sale (POS). On the basis of application, the sub-markets include retail goods, media & entertainment, healthcare & wellness, consumer electronics, automotive, and others.
The report provides profiles of the companies in the market such as PayPal Holdings Inc., Affirm, Inc., Klarna Inc., LatitudePay, Perpay Inc., Zip Co Limited, Sezzle, Splitit, Laybuy Holdings LTD, and Payl8r.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the buy now pay later market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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