Buy Now Pay Later Platforms Market Size, Share, Growth, Forecast 2032

Buy Now Pay Later Platforms Market Insights

Zion Market Research has published a report on the global Buy Now Pay Later Platforms Market, estimating its value at USD 18.31 Billion in 2023, with projections indicating that it will reach USD 147.65 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 26.1% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Buy Now Pay Later Platforms Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Buy Now Pay Later Platforms Market: Overview

The Buy Now Pay Later Platforms market is referring to the customer taking home their purchase but paying for it over time. Of the many digital payment methods used for e-commerce transactions, a relatively new entrant Buy Now Pay Later seems to have been gaining steam. The use of the ‘buy now pay later (BNPL) facility, which allows customers to turn purchases into EMIs, is growing fast across the regions as consumers find the instrument not only convenient but also affordable. Also, the majority of millennials as the decision maker and buyer of the family have made this method of payment to gain a boost.

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Buy Now Pay Later Platforms Market: Growth Factors

The major factor capturing the growth of the global buy now pay later platforms market is majorly attributed to a wide number of benefits offered like easy access, option for emergency purchases, the Potential to pay no interest if payments are met on time, Lowering and removing shoppers buying hesitations, etc. the market is expected to experience significant growth in the forecasted period. Also, the empirical data shows that the pandemic year has accelerated the growth of the digital payments industry.

Users from tier 2 and tier 3 cities make the major part of users of buy now pay later platforms. Additionally, the consumer base which is chiefly consisting of Gen Z and millennials as buyers has made the payment method a trend. One of the retraining factors is complaints regarding the high late fees and mounting debts but still, the virtues of it are expected to overshadow them and grow even further in coming times. Moreover, it helps merchants to Increase average order value (AOV) and entice shoppers to make bigger ticket purchases, and increase overall sales.

Buy Now Pay Later Platforms Market: Report Scope

Buy Now Pay Later Platforms Market: Segmentation

End Use Industry Segment Analysis Preview

Among end-use industry, the fashion & garment industry segment is expected to hold dominant position in the global buy now pay later platforms market during the forecasted period. This is due to the partnerships done by BNPL platforms with the fashion and apparels brands. For example, Afterpay was launched in May 2014, since then it has partnered with various fashion brands such as Ray-Ban, ALLY shoes, NEU Nomads, STIO, KINFLYTE, and others. The retail and online stores of mentioned brands accept Afterpay as bill payment method. Also, due to the increase in e-commerce online sites and apps accepting buy now pay later are gaining market. The consumer electronics market too accounts for the largest share in this segment as they are high in prices consumers prefer part payment or later date payment resulting in increase in usage of buy now pay later platforms.

Enterprise Size Segment Analysis Preview

Although small and medium size industries are increasing the use of buy now pay later platforms but large enterprises hold a power over other in this market. However, medium and small enterprises are expected to grow considerably in coming years with relevance to usage of buy now pay later platforms.

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Regional Analysis Preview

The North American region held a share of 40.2% in 2020. This is attributable to the presence of top companies such as Klarna, Afterpay, ViaBill, Twisto, Zilch, and Revo, among others.

The Asia Pacific region is projected to grow at a CAGR of 8.4% over the forecast period. This surge is due to the increasing adoption of online shopping in the region. Retailers are using buy now pay later methods to increase the customer base. Additionally, the adoption of the Internet of Things (IoT) in various industrial and business operations is expected to open new avenues for the buy now pay later platforms market over the coming years.

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Buy Now Pay Later Platforms Market: Competitive Landscape

Some of the key players in the buy now pay later platforms market are

• Affirm
• Afterpay
• Alma
• Amazon
• Apple Pay
• Blik
• Clearbanc
• Divido
• Google Pay
• Greensky
• Klarna
• Mastercard
• Openpay
• PayBright
• PayPal
• QuadPay
• Revo
• Splitit
• Stripe
• Twisto
• Tymit
• ViaBill
• Visa and Zilch 
• among others.

Dozens of market players now allow shoppers to order everyday items online, take delivery of them, and then pay for them over time. The Buy now pay later is also an option that’s available with e-commerce websites like Flipkart, Amazon, and BigBasket, and also players are collaborating with online players to grow the market.

The global buy now pay later platform market is segmented as follows:

By End Use Industry

• Fashion & Garment Industry
• Consumer Electronics
• Cosmetic Industry
• Healthcare
• Others

By Enterprise Size

• SMEs
• Large Enterprises

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa