According to the buy now pay later (BNPL) platform industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a noteworthy CAGR of 22.4% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 6.2 Bn by the end of 2021. As per FMI, presence of application programming interface (APIs) and rapid technological advancements have created ample opportunities for buy now pay later (BNPL) platforms. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14116
Over the past few years, buy now pay later (BNPL) platforms have been witnessing a dramatic increase in popularity among e-Commerce retailers and their customers. This phenomenon was triggered by the COVID-19 consequences and it seems like the buy now pay later (BNPL) platforms industry will continue to develop even in the post-pandemic times. The reasons for this are simple – BNPL is a convenient and cheaper way to get instant loans for buying goods online.
Moreover, strong growth of the e-commerce sector helped startups and fintech giants to establish their footprint in the BNPL platform space across geographies. The growing popularity of credit among consumers has even forced traditional banking players to venture into the BNPL space. For instance, in order to attract non-credit card users, conventional banking players in various countries have added buy now pay later (BNPL) platform offerings to their existing set of financial products.
Key Takeaways: Buy Now Pay Later (BNPL) Platform Market
- By solution, the buy now pay later (BNPL) software segment is anticipated to account for the leading share in the global demand for buy now pay later (BNPL) platform during the forecast period. However, the buy now pay later (BNPL) APIs segment is estimated to grow at a robust CAGR of more than 24% through 2031.
- By enterprise size, the integration of BNPL platform in small & medium enterprises (SMEs) is anticipated to increase at a CAGR of nearly 23% between 2021 & 2031, while large enterprises are currently dominating the market share.
- The adoption of buy now pay later (BNPL) platform by retail & ecommerce sector is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a CAGR of around 27% between 2021 and 2031.
- South Asia & Pacific is expected to lead the market followed by Europe in 2021. North America is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in Japan is expected to progress at a CAGR of around 24% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 29% over the next ten years.
Ask An Analyst @ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-14116
“The rising number of BNPL providers is playing a key role in changing the buying behaviors and general outlook on traditional methods of credit. By providing a manageable way for consumers to borrow and repay with the interest (where applicable), built into the repayment plan with fixed-end date, BNPL providers are giving them more assurance that they can repay without falling into a revolving credit repayment” says FMI analyst.
COVID-19 Impact Analysis on Buy Now Pay Later (BNPL) Platform Market
The outbreak of COVID-19 has led to more usage of BNPL platforms because remote working and social distancing have helped BNPL service providers gain a huge customer base. The pandemic has made BNPL more popularity as it provides more flexible financing options and low-interest fees.
Therefore, those customers who experienced financial hardships during the pandemics can still afford to buy online. Whereas the BNPL providers can generate substantial revenues based on an increased number of customers who pay small to no interest fees and merchants who are charged for using the BNPL payment method to attract more buyers.
The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020. The reasons for the sudden hype around BNPL are various and are undoubtedly tied to the rapid growth of online shopping.
Furthermore, the increased acceptance of consumers to use mobile banking solutions and the growing awareness of BNPL as a payment alternative has paved the way for an extended offering. Finally, the COVID-19 pandemic has made this a ‘perfect storm’ shifting more business to online, increasing consumer confidence in shopping online and increasing the need for managing personal cash-flows at least for a part of consumers.
Thus, the demand for buy now pay later (BNPL) platform is estimated to grow around 1.4X from 2019 to 2021.
Rapid Adoption of Buy Now Pay Later (BNPL) Platforms in Cross-Industry Applications to Propel Sales
While the buy now pay later model has so far focused mainly on retail and e-commerce, the business model is applicable to various other industries. Thus, it is possible that buy now pay later (BNPL) platforms will expand to other sectors, such as groceries, as well as physical stores, paving the way for more omni-channel applications.
Being the latest wave within the larger fintech industry, buy now pay later (BNPL) platforms are poised to further disrupt the traditional banking landscape. Considering the long-term financial impact of the Covid-19, particularly among young generations, buy now pay later platforms are likely to observe accelerated adoption in the future.
With established players like PayPal and MasterCard entering the competition, the market is likely to get increasingly saturated and major banks, fintech start-ups and tech giants will be competing for consumer attention and market share.
Buy Complete Report @ https://www.futuremarketinsights.com/checkout/14116
More Valuable Insights on Buy Now Pay Later (BNPL) Platform Market
FMI’s report on the buy now pay later (BNPL) platform industry research is segmented into four major sections – solution (buy now pay later (BNPL) platform, buy now pay later (BNPL) APIs, and services), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (BFSI, retail & ecommerce, healthcare, media & entertainment, travel & tourism, automotive, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the buy now pay later (BNPL) platform demand outlook.