Buy Now Pay Later Platforms Market Size, Share Global Updates, Future Growth, Forthcoming Developments
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| Buy Now Pay Later Platforms Market |
Global BNPL Platforms Market
The global BNPL Platforms Market is estimated to be valued at US$ 10.42 Bn or Mn in 2022 and is expected to exhibit a CAGR of 21.5 % over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Buy now pay later (BNPL) platforms offer consumers an alternative payment method to traditional credit cards by allowing them to split purchases into multiple interest-free installments over time. BNPL is gaining popularity among millennial shoppers as it provides flexibility and convenience.
Market key trends:
The growing demand for alternative payment methods among online shoppers is fueling the growth of BNPL platforms. According to a survey, over 50% of millennials said they preferred BNPL over credit cards for online shopping. BNPL platforms make online shopping affordable by enabling customers to pay for purchases over time without interest charges. This flexibility allows customers to manage their finances better and drive recurring sales for merchants.
Segment Analysis:
The global buy now pay later platforms market can be segmented based on different deferred payment options such as pay in 4 installments, monthly plans (3 or more months), as well as pay after 30 or 60 days. Among these, the pay in 4 installments segment currently dominates the market as it offers maximum flexibility to customers by letting them pay for purchases in 4 bi-weekly interest-free installments. This deferred payment option has seen huge popularity across various age groups and demographics.
Key Takeaways:
The global Buy Now Pay Later Platforms Market Trend is expected to witness high growth, exhibiting CAGR of 21.5% over the forecast period, due to increasing popularity of deferred payment options among young millennial and Gen Z consumers globally.
Regional analysis
North America currently dominates the global market due to high adoption of deferred payment services by online shoppers. The region is expected to maintain its leading position during the forecast period, growing at over 20% annually. Asia Pacific is projected to be the fastest growing regional market owing to the massive young population in countries such as India and China rapidly embracing the convenience of BNPL services.
Key players operating in the buy now pay later platforms market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. Among these, Afterpay, Klarna, and Affirm have emerged as the global leaders by acquiring substantial market shares through partnerships with major online retailers and brands as well as strategic acquisitions. Both Afterpay and Klarna have also strengthened their positions through funding rounds at multi-billion dollar valuations in recent years.
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