Global Buy Now Pay Later Markets 2024-2030: Increased Preference for BNPL Over Credit Cards by Millennials, Emerging Potential of BNPL Services in Cryptocurrency

Dublin, June 13, 2024 (GLOBE NEWSWIRE) — The “Global Buy Now Pay Later Market by Product (Applications, Browser Extensions), Channel (In-Store, Online), End-use – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.

The Buy Now Pay Later Market size was estimated at USD 11.66 billion in 2023, USD 14.55 billion in 2024, and is expected to grow at a CAGR of 26.50% to reach USD 60.47 billion by 2030.

The rising use of digital & mobile-based payments owing to the proliferation of online purchases in support of the high availability of funding for the BNPL startups is the major factor expanding the market development. Declining credit approval rates and the strict government regulations for licensing the BNPL plans are restraining the adoption of BNPL services.

However, with the improving awareness regarding this BNPL credit form, backed by various technological advancements focused on AI & ML, the product is expected to extend across cryptocurrency payment models and applications, creating immense opportunities for BNPL utilization.

The Americas and Europe region have observed tremendous growth in the use of BNPL, owing to the presence of fintech startups exploring new aids of technology integration with BNPL services and solutions. The millennial population in the region is the most prominent user of BNPL, with the rise of bank-based BNPL services and the partnerships between BNPL firms and payment entities offering customized products for the high number of credit-acquiring users.

In the Asia-Pacific, BNPL is observed to be rising, owing to the customers’ shift to mobile-based credit options and few regulations surrounding these products. However, Malaysia, Australia, and Singapore are suggesting guidelines for BNPL which can help in expanding the growth of these platforms in the future. The high degree of mobile empowerment, investment in financial inclusion, and limited availability of short-term credits characterize the Asia-Pacific, along with the Middle East & Africa, as a potential center for BNPL innovation and utilization.

Key Attributes:

Market Dynamics

Drivers

• Growing use of digital and mobile-based payments with the prominent rise in online purchases
• High adoption of short-term financing by millennials and preference for BNPL over credit cards
• Rising government investments to boost the fintech sector and surging funding availability for BNPL startups

Restraints

• Limitations concerning credit approval decline rates and high late payment fees

Opportunities

• Technological advancements focusing on AI & Big Data to enhance BNPL schemes
• Emerging potential of BNPL services in cryptocurrency payment models and applications

Challenges

• Stringent regulations & standards associated with licensing, registration and safety of BNPL plans

Cumulative Impact of High Inflation

Porter’s Five Forces Analysis

Value Chain & Critical Path Analysis

Regulatory Framework

Competitive Landscape

Merger & Acquisition

• Block, Inc. Completes Acquisition of Afterpay
• Affirm completes the acquisition of buy now, pay later platform PayBright

Agreement, Collaboration, & Partnership

• Ingenico and Splitit partner to bring white-label, buy now, pay later (BNPL) to physical checkout with just one touch
• Visa Partners with Fundbox to Enable New Payment Capabilities for Small Businesses
• Rite Aid and Afterpay Partner to Offer ‘Buy Now, Pay Later’ on Everyday Items

New Product Launch & Enhancement

• Pay With Synchrony App Launches As First Combined Private Label And BNPL Financing Solution Available For Small Business Via Clover
• ACI Worldwide, Inc. Launches Innovative BNPL Solution With Access to 70+ BNPL Lenders via Single Integration

Investment & Funding

• Tranch’s $100M round signals VCs shift to BNPL for business
• BNPL Startup, Alma, Raises $210M

Award, Recognition, & Expansion

• Visa Partners With Nuvei, Tender Retail on BNPL
• Adyen expands global partnership with Afterpay

Competitive Portfolio

• ACI Worldwide, Inc.
• Affirm, Inc.
• Afterpay Limited by Block, Inc.
• Amazon Pay Later by Amazon.com, Inc.
• Amount, Inc.
• Apple Pay Later by Apple Inc.
• Apruve, Inc. by TreviPay
• Bank of America Corporation
• Billie GmbH
• Capgemini SE
• ChargeAfter, Inc.
• Divido Financial Services Ltd.
• ePayLater by Arthashastra Fintech Private Limited
• Fidelity National Information Services, Inc.
• Finastra
• Finturf
• Fiserv, Inc.
• Flipkart Pay Later by Flipkart Internet Private Limited
• Global Payments Inc.
• Hokodo SAS
• humm BNPL Pty Ltd.
• JPMorgan Chase & Co.
• Klarna Inc.
• LatitudePay Australia Pty Ltd.
• Laybuy Australia Pty Ltd.
• LazyPay Private Limited by PayU Payments Private Limited
• Mastercard Inc.
• Nucleus Software Exports Ltd.
• Payl8r by Social Money Ltd.
• PayPal, Inc.
• Pelican.ai
• Repay Holdings, LLC
• S.W.I.F.T. SC
• Sezzle Inc. by Zip Co Limited
• Simpl by One Sigma Technologies Private Ltd.
• Splitit USA Inc.
• Tabby FZ-LLC
• Temenos Headquarters SA
• Temenos SA
• Visa Inc.
• Worldline Group S.A.
• ZestMoney by Camden Town Technologies Pvt Ltd.
• Zinia by Open Bank, S.A.
• ZoodPay by OrientSwiss S.A.

Market Segmentation & Coverage

Product

• Applications
• Browser Extensions

Channel

• In-Store
• Online

End-use

• Education
• Healthcare
• Media & Entertainment
• Retail
  • Consumer Electronics
  • Fashion & Garment
• Travel & Hospitality

For more information about this report visit https://www.researchandmarkets.com/r/tqipir

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• Global Buy Now Pay Later Market

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