The Buy now pays later platform market is predicted to increase at a CAGR of 22.8% from 2023 to 2033, from US$ 9.1 billion in 2023 to US$ 70.9 billion in 2033.
E-commerce Market Offers Consumer Diverse BNPL Options
Customers now have easy access to BNPL alternatives because of the growth of e-commerce. Currently, e-commerce customers have the option of selecting from a choice of BNPL suppliers with varied periods. While the customer may make retail purchases even without cash, he or she is also free of the stress of paying interest, as with credit cards or personal loans.
To entice clients to test BNPL services, e-commerce companies are introducing attractive incentives. As a result, a consumer may simply buy anything from groceries to furniture at e-commerce sites using BNPL.
Growth in Developing Regions Needs Greater Attention
BNPL providers’ efforts to enter developing markets may be hampered by a general lack of knowledge about BNPL. Due to lower internet penetration in these areas, BNPL users would be a small percentage of the population. As a result, important parties must employ a variety of measures to increase internet usage and BNPL awareness.
- Between 2017 and 2022, the BNPL market increased at an 18.9% CAGR.
- The Buy Now Pay Later Platform market in the United Kingdom is predicted to grow at a CAGR of roughly 29.3% between 2023 and 2033.
- During the projected period, the BNPL platform market in the United States is predicted to grow at an amazing CAGR of 27.4%.
- The major business sector is estimated to increase at a CAGR of 21.4% over the projection period.
- In 2023, the South Korean BNPL market was estimated to be worth US$ 1.8 billion.
To become successful, prominent firms and startups are currently focused on specialized target areas. For example, SaveIN, an India-based Fintech firm, has introduced an offline POS installment that caters to lending demands for healthcare. It is referred to as ‘care now, pay later’. Likewise, significant players are striving to increase income through partnerships and acquisitions.
Key Market Developments
- Afterpay will collaborate with Westpac to enhance its digital payment services in July 2021. Therefore, Afterpay customers can now simply track their spending online.
- Mondu is a platform that allows you to buy now and pay later across markets. The platform focuses particularly on B2B payment methods.
- Playter is a startup that focuses on using the BNPL potential for startups and scaleups. This allows firms that are short on cash to expand swiftly. As a result, using Playter, entrepreneurs may easily pay their suppliers without having to wait for a possible investor.
These insights are based on a report on Buy Now Pay Later Platform Market by Future Market Insights