Countries like China and India are projected to experience major BNPL market growth
BNPL’s share of total payment methods used to shop online set to more than double
As found in the publication, a bigger share of adults in the Asia-Pacific region completely trusted rather than completely distrusted BNPL services. Furthermore, BNPL ranked among the top 7 payment methods used at least 5 times per month in the country. It comes as no surprise, as various markets across the region have experienced growth of the BNPL market size. In Australia, BNPL sales have increased from a single-digit to a double-digit value of EUR billion from 2021 to 2022. Furthermore, the BNPL transaction value in India is projected to more than triple from 2022 to 2026, displaying a mid-range double-digit CAGR in this period. Additionally, the number of BNPL users in India is forecasted to almost fivefold from 2022 to 2027, exceeding 100 million users. When it comes to BNPL market size growth among countries in the Asia-Pacific region, China was projected to experience the biggest increase by 2025.
“Luxury” was the most purchased product category in Southeast Asia using BNPL
In Southeast Asia, the top product categories purchased on online B2C E-Commerce site Zalora using BNPL as a payment method were Luxury, Home & Lifestyle and Beauty. Additionally, the share of shoppers using BNPL to finance luxury purchases almost doubled between 2021 and 2022, displaying growing consumer interest in the use of this payment method. Furthermore, when it comes to BNPL user age, younger consumers like Millennials and Gen Z used BNPL services the most to pay for online purchases, followed by Baby boomers and Gen X according to cited surveys in the new report.
Questions Covered
1. How high was the share of BNPL accounting for total B2C E-Commerce payments in 2022 and by how much is it forecasted to grow by 2026?
2. How high is trust in BNPL across different markets?
3. What is the BNPL market size in different countries in the APAC region and how is it forecasted to develop?
4. What is the age distribution of BNPL users in APAC countries?
Countries Covered
- China
- Japan
- Australia
- India
- Singapore
- Pakistan
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Table of Contents
1. Management Summary
2. Global Overview
- BNPL Industry and Trends Overview, June 2023
- Overview of BNPL Concerns and Regulations, June 2023
- BNPL Market Size, in USD billion, 2022e & 2027f
- Number of BNPL Users, in millions, 2022e & 2027f
- Share of BNPL Accounting for Total B2C E-Commerce Transaction Value, in %, 2022
- Payment Methods Used At Least 5 Times Per Month, in % of Respondents, September 2022
- Market Shares of BNPL Services, in % of Top B2C E-Commerce Websites Supporting BNPL as a Payment Method, March 2023
- Overview of Apple Pay Later, June 2023
- Overview of Klarna’s Activities in BNPL Landscape, June 2023
- Number of Klarna’s Users, in millions, & Year-on-Year Change, in %, 2019-2022
- Number of Afterpay’s Active Users, in millions, & Year-on-Year Change, in %, December 2019, December 2020, December 2021, March 2022
- Number of Afterpay’s Active Sellers, in thousands, & Year-on-Year Change, in %, December 2019, December 2020, December 2021, March 2022
- Number of Affirms’s Active Users, in millions, & Year-on-Year Change, in %, June 2019-2022
3. Asia-Pacific
3.1. Regional
- Share of BNPL Accounting for Total B2C E-Commerce Payments, in %, 2022 & 2026f
- Payment Methods Used At Least 5 Times Per Month, in % of Respondents, September 2022
- Top Product Categories Purchased on Online B2C E-Commerce Site Zalora Using BNPL, in % of BNPL Payments, Q3 2022
- Breakdown of Payment Methods Used to Purchase Luxury on Online B2C E-Commerce Site Zalora, in %, 2021 & 2022
- Breakdown of Payments Used on Online B2C E-Commerce Site Zalora, by Age Group, in % of Online Shoppers, Q3 2022
3.2. China
- BNPL Gross Merchandise Value, in USD billion, 2022 & 2028f
- BNPL Usage, by Age, in % of Internet Users, 2022e
3.3. Japan
- Share of Respondents Using BNPL, in %, December 2022
- Level of Usage of Buy Now Pay Later Services Compared to a Year Ago, in % of BNPL Users, December 2022
3.4. Australia
- BNPL Sales, in AUD billion, FY 2021 & FY 2022
- Breakdown of Total Transaction Value vs Volume, in %, FY 2022
- Breakdown of BNPL Revenue, by Age, in % of BNPL Users, February 2023
- Type of Debt Held, incl. BNPL Loans, in % of Consumers, Q4 2022
- Level of Concern/Stress Over Type Debt, by Type of Debt, incl. BNPL Loan, Q4 2022
- Current Outstanding Balances on Loans in Capital City, in AUD thousand, Q4 2022
3.5. India
- BNPL Transaction Value, in USD billion, 2022e & 2026f
- Number of BNPL Users, in millions, 2022e & 2027f
3.6. Singapore
- BNPL vs Credit & Debit Card Transaction Value, in SGD billion, 2021
- Breakdown of BNPL User Age, in %, April 2022
- Breakdown of BNPL Users Aged 25 or Older Accounting for Total BNPL Transaction Value, in %, April 2022
3.7. Pakistan
- BNPL Use, in % of Respondents, July 2022
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Klarna
- Afterpay
- Affirm
- Apple Pay Later
- Paypal
- Sezzle
