Buy Now Pay Later Market to be Worth $39.41 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO , May 3, 2022 /PRNewswire/ -- The global buy now pay later market size is expected to reach USD 39.41 billion by 2030, registering a CAGR of 26.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the high purchasing power offered by the BNPL platforms, coupled with benefits, such as interest-free and convenient payments.

Key Insights & Findings from the report:

• In terms of channel, the online segment is anticipated to register the fastest CAGR 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 & Medium Enterprises (SMEs) are widely adopting BNPL 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 & garment segment is expected to register the fastest growth over the forecast period. Millennials are widely adopting BNPL services for paying for clothing in installments
• The presence of a large number of BNPL service providers in the North America region is expected to create growth opportunities for the regional market 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 (Large, SME), By End Use (Consumer Electronics, Fashion & Garment), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Buy Now Pay Later Market Growth & Trends

An increase in the demand for delayed payments for online shopping and a surge in spending on high-cost products are expected to offer lucrative growth opportunities for the market over the forecast period. Several BNPL solution providers are striking partnerships with other fintech companies to offer their services efficiently.

For instance, in October 2021, Openpay, a buy now pay later solution provider, partnered with Till Payments, an end-to-end payment solution provider, to provide the flexibility of BNPL to more merchants and consumers across New Zealand and Australia. This partnership is expected to enhance the online shopping experience of more consumers across the region owing to the introduction of Openpay's BNPL option at the Point-of-Sale (PoS) terminal. Moreover, several fintech companies are focusing on developing innovative BNPL features for local shoppers worldwide. For instance, in March 2021, Payflex announced the launch of the BNPL feature for local shoppers in South Africa.

Through this launch, local consumers would be able to purchase items from 500 well-known stores, such as Superbalist, Cotton-on, and many more. The COVID-19 pandemic is expected to have a positive impact on the market. A myriad of unexpected issues stemming from lockdowns, restrictions on the movement of people as well as goods, social distancing measures, and the growing awareness of BNPL payment method prompted various companies to adopt these solutions to provide a better customer experience. As a result, BNPL solution providers witnessed exponential growth in their customer base and transaction volumes. For instance, the overall BNPL transactions on ZestMoney jumped 300% in 2021 compared to 2020.

Buy Now Pay Later Market Segmentation

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

Buy Now Pay Later Market - Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Online
• POS

Buy Now Pay Later Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Buy Now Pay Later Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Consumer Electronics
• Fashion & Garment
• Healthcare
• Leisure & Entertainment
• Retail
• Others

Buy Now Pay Later Market - Regional Outlook (Revenue, USD Million, 2017 - 2030) 

• 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

Check out more related studies published by Grand View Research:

• Payment Processing Solutions Market - The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers' demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.
• Payment As A Service Market - The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model.
• Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020.

Browse through Grand View Research's IT Services & Applications Industry Research Reports.

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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