Press Release

The global buy now pay later market is expected to grow from 7.34 Billion in 2022 to USD 61.09 Billion by 2032, at a CAGR of 23.6% during the forecast period 2023-2032. North America region dominated the market in 2022. Today, e-commerce is an essential part of the daily life. It is changing how business is done all across the world. E-commerce has changed significantly over time. The expansion of e-commerce can be attributed to increase of mobile device usage around the world. People are now spending more on online shopping due to increasing per capita income. The financial technology businesses are modifying the payment systems, and are developing a interface that is safe for transactions. These payment methods are used by e-commerce companies, who also include them into their mobile applications. More than ever, customers are glued to their mobile devices, ready to swipe their credit cards. A form of credit financing known as buy now, pay later enables customers to make purchases and then pay for it at a future date. Although the terms and conditions of buy now, pay later programmes vary, they typically provide a short period credit loan with no interest amount. To make the transaction, one can either use a credit card or a buy now pay later application, depending on their selections. In particular, as customers struggle with inflation and rising interest rates, BNPL is growing in popularity as a form of payment. The majority of buy now, pay later businesses just conduct a mild credit check to determine acceptance, which has no impact on the credit report.

Leading companies in the industry include Affirm, Klarna, Afterpay, LatitutePay, PayPal, Openpay, QuadPay Inc., Prepay Inc., Splitit, Sizzle among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The online segment dominated the market with a market share of 54.11% in 2022.

The channel type segment is divided into point-of-sale (POS) and online. The online segment dominated the market with a market share of 54.11% in 2022. E-commerce industry has boomed in the recent decade. Most of the consumers are now willing to move to e-commerce platforms for purchasing of almost all consumer goods. Many e-commerce companies are providing buy now pay later options to attract more number of consumers.

The small and medium enterprises segment is expected to register high growth rate during the pandemic.

The enterprise type segment is divided into large enterprise and small & medium enterprise.  The small and medium enterprises segment is expected to register high growth rate during the pandemic. Small and medium enterprises uses by now pay later option to attract more number of consumers. This option promotes the product among consumers as it is perceived to be affordable.

The consumer electronics segment is expected to register high growth rate during the pandemic.

The application segment is divided into retail, consumer electronics, healthcare, leisure & entertainment, fashion & garment, and others. The consumer electronics segment is expected to register high growth rate during the pandemic. Consumer electronics producers are constantly designing the next best electronic product, making their goods more user-friendly, more sophisticated, and coming up with new methods to assist or amuse their clients. Consumer electronics are generally a bit pricey which limits it’s affordability among the consumers. With the option of buy now pay later, many consumers prefer to purchase various consumer electronics products. One of the businesses that is rapidly changing and utilising a lot of innovation is consumer electronics.

Regional Segmentation Analysis:

The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Among all regions, the North American region emerged as the largest market for the global market, with a market share of 35.21% in the year 2022. The expansions of e-commerce purchasing led to high usage of the buy now pay later market. The e-commerce companies are rolling out such credit facilities to expand their consumer base across different income groups. Also, the increasing number of e-commerce providers has raised the level of competition which is why companies are trying to attract consumers through such options. Further, the advancement of financial technology, the buy now pay later interface is being constantly developed. Further, Asia-Pacific is expected to register a high growth rate during the forecast period. This can be attributed to the increasing penetration of internet. The technology for credit lending facilities has progressed significantly in recent years, and the option of buy now pay later has attracted the customers lately. Companies in the region are willing to grab higher market shares by tapping into existing opportunities.

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