Buy Now Pay Later Market to Reach US$ 51,793.6 Million, Globally, by 2032 at 23.49% CAGR - IMARC Group

According to the latest report by IMARC Group, titled “Buy Now Pay Later Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the global Buy Now Pay Later market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global buy now pay later market size reached US$ 7,755.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 51,793.6 Million by 2032, exhibiting a growth rate (CAGR) of 23.49% during 2024-2032.

Global Buy Now Pay Later Market Overview:

Buy Now Pay Later (BNPL) is an emerging financial service that allows consumers to purchase goods immediately and defer payment to a later date, typically without interest. This innovative payment solution is gaining traction globally, offering an alternative to traditional credit models. BNPL arrangements can be structured in various forms, such as installment payments spread over a specific period or a lump-sum payment due after a set timeframe. The key aspects that make BNPL an attractive option include convenience, accessibility, and flexibility in managing cash flow. Unlike conventional credit systems, BNPL often requires minimal credit checks, making it accessible to a broader consumer base, including those with limited credit history.

Its integration into online shopping platforms enhances the shopping experience by providing a seamless checkout process. The advantages of BNPL for retailers include increased sales, higher average order values, and improved customer loyalty. For consumers, it offers the ability to make purchases aligned with their financial situation, potentially reducing the stress associated with upfront payments. BNPL is revolutionizing the retail and finance sectors by bridging the gap between purchasing power and affordability.

Global Buy Now Pay Later Market Trends/Drivers:

The global buy now pay later market is majorly driven by changing consumer spending habits and the increasing penetration of e-commerce. Additionally, the escalating shift in consumer preference towards more flexible and convenient payment options, especially among millennials and Gen Z, who are more reluctant to use traditional credit cards, is positively influencing the market. Along with this, the rise of digital banking and fintech innovations is contributing to the accessibility and popularity of BNPL services. These services are being adopted by major retailers and e-commerce platforms, thereby increasing consumer exposure and acceptance. In addition, technological advancements, such as the seamless integration of BNPL options into online payment gateways and the use of AI and machine learning for real-time credit assessments, are enhancing the user experience and expanding the reach of BNPL services.

Moreover, the economic impact of the COVID-19 pandemic is leading to a rise in demand for BNPL services as consumers seek more manageable ways to finance their purchases during uncertain financial times. The market is also witnessing strategic collaborations between BNPL providers and financial institutions, aiming to expand service offerings and increase market penetration. Furthermore, technological advancements, evolving consumer behavior, and the increasing adoption of digital payment solutions are creating a positive market outlook.

By the IMARC Group, Some of the Top Buy Now Pay Later Companies Operating in the Market are Given Below:

• Affirm Inc.
• Afterpay Pty Ltd (Block Inc.)
• Billie GmbH
• Klarna Bank AB
• LatitudePay Australia Pty Ltd
• Laybuy Holdings Limited
• LazyPay Private Limited (PayU)
• Openpay Group
• Payl8r
• Paypal Holdings Inc.
• Splitit Payments Ltd.
• Zip Co Limited