The buy now pay later market is projected to surge to US$ 70.9 billion by 2033, with a robust annual growth rate of 22.8% from 2023 onwards.
The popularity of the buy now pay later market is on the rise, and this trend is expected to keep speeding up, leading to more competition worldwide. According to forecasts from FMI, the top 5 companies in this industry are expected to make up about 49.0% of the entire market in 2023.
The world of online shopping now provides consumers with a wide range of ‘Buy Now, Pay Later’ (BNPL) choices.
E-commerce growth has made it super convenient for shoppers to use ‘Buy Now, Pay Later’ (BNPL) options. When you shop online, you now have many choices for BNPL providers, each with its own terms. The cool thing is, with BNPL, you can make purchases even if you don’t have cash upfront, and you won’t have to worry about paying interest like you would with a credit card or personal loan.
Online stores are also rolling out special deals to tempt you to try BNPL services. So, whether buying groceries or shopping for furniture, you can easily use BNPL on e-commerce websites.
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Key Takeaways from the Buy Now Pay Later Platform Market Report:
- The BNPL market grew at a CAGR of 18.9% CAGR between 2017–2022.
- The U.K. Buy Now Pay Later Platform market is expected to register a CAGR of around 29.3% between 2023 and 2033.
- The BNPL platform market in the U.S. is expected to rise at an impressive CAGR of 27.4% during the forecast period
- During the forecast period, the large enterprises segment is expected to grow at a CAGR of 21.4%.
- The South Korean BNPL market was valued at US$ 1.8 Billion in 2023
Key Market Developments:
- In July 2021 Afterpay partnered with Westpac to expand its digital payment services. As a result, Afterpay consumers can now easily keep track of their spending digitally.
- Mondu, is a buy now pay later platform that caters to ease of payment across marketplaces. The platform specifically focuses on B2B payment modalities.
- Playter is a startup focusing on harnessing the potential of BNPL for startups and scaleups. This enables businesses struggling for funds to grow quickly. Hence, startups can easily pay their suppliers without waiting for a potential investor with Playter.
Key Players:
- Klarna Inc.
- Affirm, Inc.
- Finflux
- Fortunesoft
- Splitit
- Zip Co Limited
- Latitude Financial Services
- Humm Group
- Openpay
- i2c Inc.
- Amount, Inc.
- APEXX Fintech Limited
- Four Technologies, Inc.
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Buy Now Pay Later Platform Market Segmentation:
By Solution:
- Buy Now Pay Later (BNPL) Software
- Buy Now Pay Later (BNPL) APIs
- Services
- Technology Consulting
- Integration & Deployment
- Support Services
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Retail & eCommerce
- Healthcare
- Media & Entertainment
- Travel & Tourism
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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