Global Buy Now Pay Later Market Report 2021: Market to exceed $ 20 billion by 2028
DUBLIN, September 29, 2021 / PRNewswire / – The “Global Analysis Report of Market Size, Share & Trends Buy Now, Pay Later by Channel (Online, Point of Sale), Company Size, End Use (Mode and apparel, consumer electronics, healthcare), by region and segment forecast, 2021-2028 “ report was added to ResearchAndMarkets.com offer.
The overall purchase now pay later market size is expected to reach $ 20.40 billion by 2028, registering a CAGR of 22.4% from 2021 to 2028.
The growth of the market can be attributed to the large number of advantages offered by the Buy Now Pay Later (BNPL) platforms, such as convenient and interest-free payments. These platforms are becoming more and more popular as the preferred payment option when shopping online.
BNPL is short-term financing that allows customers to make purchases and pay for them at a later date. Plus, Buy It Now and Pay Later plans don’t charge interest on payments and are often easier to obtain than traditional lines of credit or credit cards. Various factors such as easy registration process on BNPL platforms and instant approval of invoices are expected to contribute to the market growth during the forecast period.
Buyers prefer to buy products that allow customers to make installment payments without charging interest. As a result, traders can increase their conversion rates with BNPL services. These services also provide other benefits to merchants, such as full and upfront payments, higher average transaction value, larger customer base, and repeat purchases, among others. These factors are expected to create growth opportunities for the market during the forecast period.
The COVID-19 pandemic is expected to have a positive impact on the market. BNPL is considered a convenient payment method for small purchases when shopping online. The increasing popularity of BNPL platforms during the COVID-19 pandemic coupled with the growth of the e-commerce industry is expected to create growth opportunities for the market during the forecast period.
Highlights of Buy Now, Pay Later Market Report
In terms of channel, the online segment is expected to register the highest growth during the forecast period. Many e-commerce companies are partners of BNPL platforms. As a result, customers are shifting their preference to online payment channels
Small and medium-sized businesses are widely adopting “buy now pay later” services to maximize their tax deductions. These services help businesses manage their expenses with flexible reimbursement options and transparent fees.
In terms of end use, the fashion and apparel segment is expected to register the highest growth during the forecast period. Millennials widely adopt BNPL services to pay for clothes in installments
The presence of a large number of “buy now pay later” service providers in the North American region is expected to create growth opportunities for regional market growth during the forecast period.
Buy Now Pay Later Industry Insights
Market Value Chain Analysis Buy Now Pay Later
Market driver analysis
Analysis of market challenges
Mapping of penetration and growth prospects
Buy Now Pay Later Market-Porter’s Five Forces Analysis
Buy Now Pay Later Key Company Market Ranking / Company Market Share Analysis, 2020
Buy Now Pay Later Market Analysis-PESTEL
PayPal Holdings, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/2g36gq
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SOURCE Research and Markets