According to Future Industry Insights (FMI), the buy now pay later platform industry revenue will reach $9.1 billion in 2023. The global buy now pay later platform market is estimated to reach US$ 70.9 billion by 2033, increasing at a CAGR of 22.8% between 2023 and 2033.
E-commerce Market Offers Consumer Diverse BNPL Options
Customers now have easy access to BNPL alternatives thanks to the growth of e-commerce. Currently, e-commerce customers have the option of selecting from a choice of BNPL suppliers with varied terms. While the customer can make retail purchases even without cash, he or she is also free of the stress of paying interest, as with credit cards or personal loans.
To entice clients to try BNPL services, e-commerce companies are launching attractive offers. As a result, a consumer can simply buy anything from groceries to furniture at e-commerce sites using BNPL.
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Key Players Should Tap Into Newer Markets
While BNPL enjoys wide popularity in developed regions, untapped markets such as Latin America and Asia Pacific hold huge potential. The lower per capita disposable income could play to the advantage of the BNPL market. The trend of consumerism is rising in these countries. Hence, BNPL platforms could cater to the younger generations that spend the most on e-commerce retail purchases.
Growth in Developing Regions Needs Greater Attention
BNPL providers’ attempts to penetrate developing markets could be hindered by a general lack of awareness about BNPL. Due to lower internet penetration in these regions, the users of BNPL would only be a fraction of the population. Hence, key players need to adopt various strategies to boost internet penetration and awareness of BNPL.
Key Takeaways:
- 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 Bn in 2023
Key Players & Startups Target Diverse Sections for Market Growth
Currently, key players and startups are focusing on niche target segments to turn profitable. For instance, India-based Fintech company, SaveIN launched an offline POS installment that caters to loan needs for healthcare. It is known as ‘care now pay later’. Similarly, key players are also attempting to expand revenue through partnerships and acquisitions.
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 Outlook by Category
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)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
4. Global Market Analysis 2017-2022 and Forecast, 2023-2033
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2022
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2023-2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2022 and Forecast 2023-2033, By Solution
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) Analysis By Solution, 2017-2022
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