Buy Now Pay Later Market Size, Share, Growth, Trends, Report 2023-2032
The global buy now pay later market was surpassed at USD 6.17 billion in 2022 and is expected to hit around USD 62.92 billion by 2032, growing at a CAGR of 26.14% from 2023 to 2032.
Key Pointers
Report Scope of the Buy Now Pay Later Market
| Report Coverage | Details |
| Market Size in 2022 | USD 6.17 billion |
| Revenue Forecast by 2032 | USD 62.92 billion |
| Growth rate from 2023 to 2032 | CAGR of 26.14% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Afterpay; PayPal Holdings, Inc.; Affirm, Inc.; Klarna Inc.; Splitit; Sezzle; Perpay Inc.; Openpay; Quadpay, Inc.; LatitudePay |
The global buy now pay later transactions were valued at over USD 200 billion in 2022. Buy Now Pay Later (BNPL) is a payment option that allows customers to make purchases online and at stores without having to pay the complete amount upfront. Factors fueling the growth of the market include digitization, increasing merchant adoption, the growing repeat usage among younger consumers, and the introduction of new players offering lending through BNPL services. Younger consumers prefer using BNPL services as it provides several benefits, such as buying high-cost laptops and smartphones and making payments for stationery products.
Numerous players are focusing on developing and launching an interest-free BNPL installment solution that enables the customer to pay in installments. Such product launches are aimed to provide a better customer experience to the customers. For instance, in August 2020, PayPal Holdings, Inc. announced the launch of its interest-free buys now pay later installment solution called Pay in 4. This solution enables partners and merchants to get paid upfront while enabling customers to pay for purchases ranging from USD 30 to USD 600 over six weeks. Through this launch, the company expanded its product portfolio.
BNPL services offer a fixed payment schedule, simplified checkout process, zero interest, and fast approval options to customers looking to make purchases. Consumers across the globe use BNPL services to avoid paying credit card interest, make purchases that don’t fit in their budget and borrow money without a credit check. According to a survey by ZestMoney, in January 2022, BNPL emerged as the preferred solution for people across different age groups in 2021, with the youngest consumer being 18 years old and the oldest at 66. The survey also found that men from tier 1 and 2 cities spent heavily on lifestyle and fashion, and women from tier 1 and 2 cities spent on upgrading their edtech courses for upskilling and electronics.
Technological advancements coupled with the notable increase in internet penetration globally have enabled financial service providers to offer novel digital services to customers. The rising popularity of mobile-based apps for making payment transfers also propels the demand for internet banking. Moreover, the strong growth of the e-commerce sector has helped fintech companies to develop their footprints for BNPL solutions worldwide. For instance, the Amazon Pay Later services offered by Amazon.com, Inc., have more than two million users in India and have already been used by more than 10 million times since its launch in April 2020.
Higher smartphone adoption and the requirement for faster internet connectivity have propelled merchants and customers to receive and make payments via the digital platform. In addition, the BNPL platform also supports the QR-code option that allows the customers to scan the code and make respective payments. However, high late fees charged by BNPL service providers are expected to hinder the market growth over the forecast period. Moreover, credit providers and banks that offer BNPL services place charges on both the merchant and the customer.
Buy Now Pay Later Market Segmentations:
| By Channel | By Enterprise Size | By End-use |
|
Online POS |
Large Enterprises Small & Medium Enterprises |
Consumer Electronics Fashion & Garment Healthcare Leisure & Entertainment Retail Others |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Buy Now Pay Later Market
5.1. COVID-19 Landscape: Buy Now Pay Later Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Buy Now Pay Later Market, By Channel
8.1. Buy Now Pay Later Market, by Channel, 2023-2032
8.1.1 Online
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. POS
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Buy Now Pay Later Market, By Enterprise Size
9.1. Buy Now Pay Later Market, by Enterprise Size, 2023-2032
9.1.1. Large Enterprises
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Small & Medium Enterprises
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Buy Now Pay Later Market, By End-use
10.1. Buy Now Pay Later Market, by End-use, 2023-2032
10.1.1. Consumer Electronics
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Fashion & Garment
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Healthcare
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Leisure & Entertainment
10.1.4.1. Market Revenue and Forecast (2020-2032)
10.1.5. Retail
10.1.5.1. Market Revenue and Forecast (2020-2032)
10.1.6. Others
10.1.6.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Buy Now Pay Later Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Channel (2020-2032)
11.1.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.3. Market Revenue and Forecast, by End-use (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.1.5.3. Market Revenue and Forecast, by End-use (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Channel (2020-2032)
11.2.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.3. Market Revenue and Forecast, by End-use (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.5.3. Market Revenue and Forecast, by End-use (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Channel (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.6.3. Market Revenue and Forecast, by End-use (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Channel (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.2.7.3. Market Revenue and Forecast, by End-use (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Channel (2020-2032)
11.3.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.3. Market Revenue and Forecast, by End-use (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.5.3. Market Revenue and Forecast, by End-use (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Channel (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.6.3. Market Revenue and Forecast, by End-use (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Channel (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.3.7.3. Market Revenue and Forecast, by End-use (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.5.3. Market Revenue and Forecast, by End-use (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Channel (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.6.3. Market Revenue and Forecast, by End-use (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Channel (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.4.7.3. Market Revenue and Forecast, by End-use (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.3. Market Revenue and Forecast, by End-use (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Channel (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.4.3. Market Revenue and Forecast, by End-use (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Channel (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Enterprise Size (2020-2032)
11.5.5.3. Market Revenue and Forecast, by End-use (2020-2032)
Chapter 12. Company Profiles
12.1. Afterpay
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. PayPal Holdings, Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Affirm, Inc.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Klarna Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Splitit
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Sezzle
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Perpay Inc.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Openpay
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Quadpay, Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. LatitudePay
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers