Summary
Buy Now Pay Later Market Research Report by Business Models (Applications, Browser Extensions, and Cards), Channel, End-use, Enterprise Size, Region - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Global Forecast 2023-2030
The Global Buy Now Pay Later Market size was estimated at USD 9,410.95 million in 2022 and expected to reach USD 11,662.99 million in 2023, projecting growth at a CAGR of 26.18% to reach USD 60,476.75 million by 2030.
Market Statistics:
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The pandemic has had a major impact on the BNPL market as it has caused economic turmoil around the world that affects consumer spending habits. Consumer spending drastically decreased due to lockdown restrictions, resulting in fewer transactions being made with BNPL services. Additionally, many retailers have been forced to close their switch to online operations; resulting in a decrease in demand for BNPL services from these retailers.
Cumulative Impact of Russia-Ukraine Conflict:
The conflict between Russia and Ukraine has had an indirect impact on the BNPL market because it has caused a decrease in consumer confidence in Europe which can lead to lower spending habits. Furthermore, increased conflicts between these two countries could lead to more sanctions being imposed on Russia which would lead to even lower consumer trust and a further decrease in demand for BNPL services in Europe.
Cumulative Impact of High Inflation:
High inflation rates can cause consumers to be more cautious when making large purchases. This can lead consumers to opt out of using BNPL services as they are not able to pay for their purchases over time without incurring additional costs due to rising prices. Furthermore, high inflation rates could cause some retailers to increase their prices which would further influence customers from using BNPL services as they may not be able to afford them even with monthly payments.
Market Dynamics:
The market dynamics represent the ever-shifting landscape of the Global Buy Now Pay Later Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Drivers
- Growing use of digital and mobile-based payments with the prominent rise in online purchases
- High adoption of short-term financing by millennials and preference for BNPL over credit cards
- Rising government investments to boost the fintech sector and surging funding availability for BNPL startups
- Restraints
- Limitations concerning credit approval decline rates and high late payment fees
- Opportunities
- Technological advancements focusing on AI & Bigdata to enhance BNPL schemes
- Emerging potential of BNPL services in cryptocurrency payment models and applications
- Challenges
- Stringent regulations & standards associated with licensing, registration and safety of BNPL plans
Market Segmentation & Coverage:
- Based on Business Models, the market is studied across Applications, Browser Extensions, and Cards.
- Based on Channel, the market is studied across Point of Sales and Online.
- Based on End-use, the market is studied across Consumer Electronics, Fashion & Garment, Healthcare, Leisure & Entertainment, and Retail.
- Based on Enterprise Size, the market is studied across Large Enterprises and Small & Medium Enterprises.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Buy Now Pay Later Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Buy Now Pay Later Market, including ACI Worldwide, Inc., Affirm, Inc., Afterpay Limited by Block, Inc., Alacriti, Apple Pay Later by Apple Inc., Bank of America Corporation, Capgemini SE, Fidelity National Information Services, Inc., Finastra, Fiserv, Inc., Global Payments Inc., JPMorgan Chase & Co., Klarna Inc., LatitudePay Australia Pty Ltd., Laybuy Australia Pty Ltd., Mastercard Inc., PayPal Pte. Ltd., Pelican.ai, Repay Holdings, LLC, S.W.I.F.T. SC, Sezzle Inc. by Zip Co Limited, Splitit USA Inc., Temenos Headquarters SA, Visa Inc., and Worldline Group S.A..
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Buy Now Pay Later Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Buy Now Pay Later Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Buy Now Pay Later Market?
- What is the competitive strategic window for opportunities in the Global Buy Now Pay Later Market?
- What are the technology trends and regulatory frameworks in the Global Buy Now Pay Later Market?
- What is the market share of the leading vendors in the Global Buy Now Pay Later Market?
- What modes and strategic moves are considered suitable for entering the Global Buy Now Pay Later Market?
