What are the growth opportunities of Buy Now Pay Later market in upcoming period?

 Buy Now Pay Later Industry Overview

The global buy now pay later market size is expected to reach USD 39.41 billion by 2030, registering a CAGR of 26.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the high purchasing power offered by the BNPL platforms, coupled with benefits, such as interest-free and convenient payments. On the other hand, an increase in the demand for delayed payments for online shopping and a surge in spending on high-cost products are expected to offer lucrative growth opportunities for the market over the forecast period. Several BNPL solution providers are striking partnerships with other fintech companies to offer their services efficiently.

For instance, in October 2021, Openpay, a buy now pay later solution provider, partnered with Till Payments, an end-to-end payment solution provider, to provide the flexibility of BNPL to more merchants and consumers across New Zealand and Australia. This partnership is expected to enhance the online shopping experience of more consumers across the region owing to the introduction of Openpay’s BNPL option at the Point-of-Sale (PoS) terminal. Moreover, several fintech companies are focusing on developing innovative BNPL features for local shoppers worldwide. For instance, in March 2021, Payflex announced the launch of the BNPL feature for local shoppers in South Africa.

Buy Now Pay Later Market Segmentation

Grand View Research has segmented the global buy now pay later market on the basis of channel, enterprise size, end use, and region:

Based on the Channel Insights, the market is segmented into Online, and POS.

  • The online channel segment dominated the market in 2021 and accounted for the largest share of more than 64.0% of the global revenue. A number of businesses across the globe are striking 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 resurgence plans.
  • The PoS channel segment is anticipated to witness a significant growth rate over the forecast period. Many businesses are focusing on providing PoSBNPL financing options to enhance customer experience and strengthen their relationship with customers.

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises, and Small & Medium Enterprises.

  • The largeenterprises segment dominated the market in 2021 and accounted for more than 61.0% of the global revenue share. Large-scale enterprises are widely adopting BNPL payment solutions as they offer customers a flexible and affordable payment method for purchasing high-value products.
  • Small & medium enterprises across the globe are focusing on adopting BNPL solutions to help merchants increase sales conversion rates. For instance, Dukaan, a startup company that helps SMEs set up online stores, announced its partnership with Simpl, a BNPL solution provider, to offer BNPL services to Dukaan’s merchants.

Based on the End-use Insights, the market is segmented into Consumer Electronics, Fashion & Garment, Healthcare, Leisure & Entertainment, Retail, and Others.

  • The fashion & garment segment dominated the market in 2021 and accounted for the maximum share of more than 43.0% of the global revenue. The industry is witnessing increased adoption of BNPL solutions as they allow customers to easily distribute the cost of the purchase over a time of pre-determined and interest-free payments.
  • For instance, in October 2021, Affirm, Inc., a BNPL solution provider, announced its partnership with Theory, a clothing site for customers, to offer customers interest-free payments overtime for accessories and sportswear. Such factors bode well for the growth of the segment.

Buy Now Pay Later Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is moderately fragmented. BNPL is a useful service for both customers and merchants. Prominent providers, making their way toward the e-commerce ecosystem by expanding their footprints and acquiring new customers.

Some of the prominent players in the global buy now pay later market are:

  • Afterpay
  • PayPal Holdings, Inc.
  • Affirm, Inc.
  • Klarna Inc.
  • Splitit
  • Sezzle
  • Perpay Inc.
  • Openpay
  • Quadpay, Inc.
  • LatitudePay

Order a free sample PDF of the Buy Now Pay Later Market Intelligence Study, published by Grand View Research.

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