Buy Now Pay Later Market Size Worth $20.40 Billion By 2028 | CAGR: 22.4%: Grand View Research, Inc.

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Aug 24, 2021, 07:05 ET

SAN FRANCISCO, Aug. 24, 2021 /PRNewswire/ -- The global buy now pay later market size is expected to reach USD 20.40 billion by 2028, registering a CAGR of 22.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the large number of benefits offered by Buy Now Pay Later (BNPL) platforms, such as convenient and interest-free payments. These platforms are becoming increasingly popular as the preferred payment option when shopping online.

Key Insights & Findings:

In terms of channel, the online segment is anticipated to register the highest growth over the forecast period. Numerous e-commerce companies are partnering with BNPL platforms. As a result, customers are shifting their preference toward online payment channels
Small and medium enterprises are widely adopting the buy now pay later services to maximize their tax deductions. These services help enterprises in managing their expenses with flexible repayment options and transparent fees
In terms of end use, the fashion and garment segment is expected to register the highest growth over the forecast period. Millennials are widely adopting BNPL services for paying for clothing in installments
The presence of a large number of buy now pay later service providers in the North American region is expected to create growth opportunities for the regional market growth over the forecast period.

Read 140 page market research report, "Buy Now Pay Later Market Size, Share & Trends Analysis Report By Channel (Online, POS), By Enterprise Size, By End Use (Fashion & Garment, Consumer Electronics, Healthcare), By Region, And Segment Forecasts, 2021 - 2028'', by Grand View Research

BNPL is short-term financing that allows customers to make purchases and pay for them at a future date. Moreover, buy now pay later plans don't charge interest on payments and are often easier to get approved compared to lines of credit or traditional credit cards. Various factors, such as the easy registration process on BNPL platforms and instantaneous approval for bills, are expected to contribute to the market growth over the forecast period.

Shoppers prefer buying products that allow customers to make payments in installments without charging any interest. As a result, merchants can increase their conversion rates with BNPL services. These services also offer other benefits to merchants, such as full and upfront payments, higher average transaction value, larger customer base, and repeat purchases, among others. These factors are expected to create growth opportunities for the market over the forecast period.

The COVID-19 pandemic is expected to have a positive impact on the market. BNPL is considered a convenient payment method for smaller purchases when shopping online. The increasing popularity of BNPL platforms during the COVID-19 pandemic, coupled with the growth of the e-commerce industry, is expected to create growth opportunities for the market over the forecast period.

Grand View Research has segmented the global buy now pay later market based on channel, enterprise size, end use, and region:

Buy Now Pay Later Channel Outlook (Revenue, USD Million, 2017 - 2028)

Online
POS

Buy Now Pay Later Enterprise Size Outlook (Revenue, USD Million, 2017 - 2028)

Large Enterprises
Small & Medium Enterprises

Buy Now Pay Later End-use Outlook (Revenue, USD Million, 2017 - 2028)

Consumer Electronics
Fashion & Garment
Healthcare
Leisure & Entertainment
Retail
Others

Buy Now Pay Later Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
Sweden

Asia Pacific

China
India
Japan
Australia

Latin America

Brazil

Middle East & Africa

List of Key Players of Buy Now Pay Later Market

Afterpay
PayPal Holdings, Inc.
Affirm, Inc.
Klarna Inc.
Splitit
Sezzle
Perpay Inc.
Openpay
Quadpay, Inc.
LatitudePay

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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