Can the Buy Now Pay Later Solutions Offer Quick and Easy Transactions in the Global Market? BNPL Industry Grows at a Rate of 16.15% by 2030- Says Markntel Advisors

With the growing popularity of e-commerce across the globe, the penetration of a large population towards seamless payment options increases, resulting in booming demand for BNPL market globally. Likewise, the rise in the launch of gaming & smart devices has further contributed to seeking millions of youngsters to opt for BNPL services.  Moreover, integration of AI-powered BNPL solutions offers faster approval, improving credit scoring accuracy, and reduces default rates, driving the global buy now pay later market forward.

 Markntel Advisor’s Global Buy Now Pay Later Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Buy Now Pay Later Market drivers, barriers, Buy Now Pay Later Technology Trends, and Key Players in Global Buy Now Pay Later Market.

Key Takeaways from the Report:

·         As per Markntel Advisors estimates, the North American region experienced lucrative growth and expansion and led the global industry with potential shares. This robust growth is significantly attributed to the rising inclination towards e-commerce, strong fintech ecosystems, and increasing consumer requirements for unified payments.

·         On the basis of Application, consumer electronics attained substantial shares in the growing industry during the forecast period, driven by higher prices of electronics and the buyers’ low disposable income.

·         Notable Buy Now Pay Later companies such as Klarna, Afterpay, Affirm Inc., Laybuy Group Holdings Limited, PayPal Holding Inc., Kredivo, Zip Co. Ltd., Splitit, Sezzel, Amazon, Flipkart, Scalapay S.R.L., Perpay Inc., Paytm, PayI8r, and Others are currently operating in the growing industry.

·         Apple in 2024, unveiled its buy now, pay later service called Apple Pay Later to US customers with further expansion plans in the pipeline. The service enables users to split purchases into four interest-free payments over six weeks. This move by Apple is anticipated to disrupt the fintech sector, bringing about a paradigm shift in the market landscape.

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Buy Now Pay Later Overview

The buy now pay later (BNPL) is a financial option integrated into online shopping e-commerce platforms that allow customers to easily borrow & break their payments over a relatively short period with low-interest rates compared to credit lines.

Buy Now Pay Later Market Insights

According to the recent report published by Markntel Advisors, Global Buy Now Pay Later industry size was valued at around USD 14.88 billion in 2024 and is projected to reach around USD 31.71 billion by 2030. Looking forward, Markntel Advisors predicted the industry to grow at a CAGR of around 16.15% during the forecast period, i.e., 2025-2030. North America Buy Now Pay Later Market has been experiencing notable growth since 2018, owing to the higher availability of fintech services providers with a competitive portfolio. Additionally, the rising collaboration among the BNPL and entertainment service providers facilitates consumers with exclusive discounts and rewards, further seeking comprehensive attention from a large consumer base.

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Buy Now Pay Later Market Dynamics

The growing demand for consumer discretionary products such as electronics, furniture, etc., among millennials and the rising inclination of consumers towards flexible payment substitutes captivates the demand for BNPL services across the globe. Additionally, as growing adoption of widespread online shopping boosts robust requirements, therefore, to sustain this demand, well-known industry players such as Amazon, Walmart, and Shopify integrate BNPL, further resulting in exponential growth. Moreover, BNPL also offers interest-free credits, which gain lucrative attention from the large consumer base.

Further, with the growing technological advancement, and changing consumer preference, the BNPL solutions are intensifying all over multiple sectors, including travel & tourism, healthcare & medical services, educational & skill development, and luxury & high-end products. This signifies ever-expanding BNPL industry in terms of growth objective across the globe during the forecasting years.

Buy Now Pay Later Market Segmentation:

·         Buy Now Pay Later Market By Sales Channel: Online, Point of Sales

·         Buy Now Pay Later Market By Application: Healthcare, Clothing & Accessories, Media & Entertainment, Travel & Leisure, Consumer Electronics, Others (automotive, retail, etc.)

·         Buy Now Pay Later Market By End User Age Group: 18-34, 35-54, 55 & Above

·         Buy Now Pay Later Market By Region: North America, South America, Europe, the Middle East and Africa, and Asia-Pacific

Future Outlook of the Buy Now Pay Later Industry

As per the analytical report published by Markntel Advisors, the Buy Now Pay Later industry is anticipated to grow & flourish during the forecast period as the above-stated factors are changing the market landscape and opening doors to the market players. Market players can enhance their market size & revenue by meeting the changing market dynamics and evolving consumer expectations. Additionally, market players with the help of SWOT analysis can adjust their existing settings regarding the evolving market trends, which would ultimately augment the size & volume of the entire industry at the Global level.

Why Markntel Advisor Report?

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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