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Buy Now Pay Later Market Report and Forecast 2024-2032

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    Report

  • 165 Pages
  • June 2024
  • Region: Global
  • Expert Market Research
  • ID: 5982167

Market Outlook

According to this report, the global buy now pay later market size reached a value of USD 7.75 billion in 2023. Aided by the Increased integration of BNPL financial solutions in shopping apps, the market is projected to further grow at a CAGR of 27.6% between 2024 and 2032 to reach a value of USD 69.65 billion by 2032.

Buy Now Pay Later is a financing option that allows consumers to make purchases and pay for them over time, typically in instalments, without incurring interest if payments are made on time. This payment method has gained significant traction due to its convenience and the financial flexibility it offers consumers. Buy Now Pay Later services are widely used across various retail sectors, including fashion, electronics, and home furnishings, and have become particularly popular in e-commerce transactions.

The increasing consumer preference for flexible payment options is driving the buy now pay later market growth. With the growing awareness of the benefits associated with BNPL services, such as no interest charges and easy instalment plans, there has been a significant shift towards using these services for both online and offline purchases. Additionally, the rising trend of online shopping has further contributed to the increasing popularity of BNPL, as it provides a convenient payment alternative for consumers.

The expanding applications of BNPL in various sectors also play a significant role in propelling the buy now pay later market expansion. In the retail sector, BNPL services are used to enhance customer experience by providing flexible payment options, thereby driving sales and customer loyalty. The travel and tourism industry also utilises BNPL services to offer flexible payment plans for booking flights, hotels, and holiday packages, making it more affordable for consumers to plan their trips. Moreover, the healthcare industry is increasingly adopting BNPL services to provide patients with the option to pay for medical expenses in instalments, thus reducing the financial burden on patients.

Further, the growing demand for seamless and secure payment solutions in the financial services industry has led to an increased focus on BNPL as a viable payment method. The integration of BNPL services with digital wallets and mobile payment platforms has enhanced the convenience and security of BNPL transactions, thereby driving the market growth. Additionally, the rising adoption of BNPL services by small and medium-sized enterprises (SMEs) to improve their cash flow and boost sales is further increasing the global buy now pay later market share.

The rapid growth of the e-commerce industry is a significant driver of the BNPL market. With the increasing preference for online shopping, there is a heightened demand for flexible payment options, which is propelling the BNPL market. The convenience and ease of using BNPL services for online purchases are driving their adoption among consumers. The rising levels of consumer debt are driving the demand for alternative financing options like BNPL. Consumers are increasingly seeking ways to manage their finances better and avoid high-interest credit card debt. BNPL services provide an attractive alternative by offering interest-free instalment plans, thus driving the market growth.

As per the global buy now pay later market analysis, the technological advancements in the fintech sector are contributing to the growth of the market. The integration of BNPL services with digital wallets, mobile payment platforms, and e-commerce websites has enhanced the convenience and security of BNPL transactions, driving their adoption among consumers and merchants. The expanding partnerships between BNPL service providers and merchants are driving the market growth. Merchants are increasingly adopting BNPL services to enhance customer experience, drive sales, and improve customer loyalty. The growing number of merchant partnerships is expanding the reach of BNPL services, further propelling the market growth.

The buy now pay later market is poised for significant growth in the coming years, driven by the rising demand for flexible payment options and the expanding applications of BNPL services across various sectors. The increasing focus on technological advancements and the integration of BNPL services with digital payment platforms present growth opportunities for market players. However, the market faces challenges such as regulatory uncertainty and consumer debt risks. The key market players are focusing on expanding their merchant partnerships and enhancing the convenience and security of their services to cater to the growing demand. The Asia Pacific region is expected to dominate the market, followed by North America and Europe.

Market Segmentation

The market can be divided based on channel, enterprise size, end use and region.

Market Breakup by Channel

  • Online
  • PoS (Point of Sale)

Market Breakup by Enterprise Size

  • Large Enterprise
  • Small and Medium Enterprise (SME)

Market Breakup by End Use

  • BFSI
  • Consumer Electronics
  • Fashion and Garments
  • Healthcare
  • Retail Goods
  • Media and Entertainment
  • Automotive
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global buy now pay later market. Some of the major players explored in the report are as follows:
  • Affirm Holdings Inc.
  • Klarna Inc.
  • Splitit Payments, Ltd.
  • Sezzle Inc.
  • Perpay Inc.
  • Zip Co, Ltd.
  • PayPal Holdings, Inc.
  • AfterPay Limited
  • HSBC Group
  • Payl8r
  • Billie GmbH
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Buy Now Pay Later Market Analysis
8.1 Key Industry Highlights
8.2 Global Buy Now Pay Later Historical Market (2018-2023)
8.3 Global Buy Now Pay Later Market Forecast (2024-2032)
8.4 Global Buy Now Pay Later Market by Channel
8.4.1 Online
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 PoS (Point of Sale)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Buy Now Pay Later Market by Enterprise Size
8.5.1 Large Enterprise
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Small and Medium Enterprise (SME)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Buy Now Pay Later Market by End Use
8.6.1 BFSI
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Consumer Electronics
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Fashion and Garments
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Healthcare
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Retail Goods
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Media and Entertainment
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Automotive
8.6.7.1 Historical Trend (2018-2023)
8.6.7.2 Forecast Trend (2024-2032)
8.6.8 Others
8.7 Global Buy Now Pay Later Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Buy Now Pay Later Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Buy Now Pay Later Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Buy Now Pay Later Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Buy Now Pay Later Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Buy Now Pay Later Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Affirm Holdings Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Klarna Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Splitit Payments, Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Sezzle Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Perpay Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Zip Co, Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 PayPal Holdings, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 AfterPay Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 HSBC Group
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Payl8r
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Billie GmbH
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Buy Now Pay Later Market: Key Industry Highlights, 2018 and 2032
2. Global Buy Now Pay Later Historical Market: Breakup by Channel (USD Billion), 2018-2023
3. Global Buy Now Pay Later Market Forecast: Breakup by Channel (USD Billion), 2024-2032
4. Global Buy Now Pay Later Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
5. Global Buy Now Pay Later Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
6. Global Buy Now Pay Later Historical Market: Breakup by End-Use (USD Billion), 2018-2023
7. Global Buy Now Pay Later Market Forecast: Breakup by End-Use (USD Billion), 2024-2032
8. Global Buy Now Pay Later Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Buy Now Pay Later Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Buy Now Pay Later Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Buy Now Pay Later Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Buy Now Pay Later Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Buy Now Pay Later Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Buy Now Pay Later Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Buy Now Pay Later Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Buy Now Pay Later Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Buy Now Pay Later Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Buy Now Pay Later Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Buy Now Pay Later Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Buy Now Pay Later Market Structure

Companies Mentioned

  • Affirm Holdings Inc.
  • Klarna Inc.
  • Splitit Payments, Ltd.
  • Sezzle Inc.
  • Perpay Inc.
  • Zip Co, Ltd.
  • PayPal Holdings, Inc.
  • AfterPay Limited
  • HSBC Group
  • Payl8r
  • Billie GmbH

Methodology

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Table Information