According to Future Market Encounters, the Buy Now Pay Later Platform market will be worth US$ 9.1 billion in 2023. (FMI). The overall market is expected to reach US$ 70.9 billion by 2033, with a CAGR of 22.8% from 2023 to 2033.
By the end of 2021, the market is expected to be worth more than US$ 6.2 billion, according to the analysis. According to FMI, the development of Buy Now Pay Later Platforms has been made possible by the availability of direction programming affiliation points (APIs) and swift creative levels of advancement. The market is moving forward as a result of these moves, which have taken centre stage in efforts to improve cash-related reality.
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Buy Now Pay Later platforms have experienced a notable rise in popularity among online retailers and their customers over the years. The Covid results caused this oddity, and it now seems that the Buy Now Pay Later Platforms market will keep growing even after the pandemic is ended. It seems to reason that BNPL is a more practical and cost-effective approach to acquire more credits for online purchases.
Additionally, the booming e-commerce industry helped big fintech companies and startups build a foothold in the BNPL platform arena globally. Even traditional banking firms have been driven to enter the BNPL industry due to credit’s rising consumer acceptance.
For example, traditional banking players in various countries have added Buy Now Pay Later Platform offerings to their existing set of financial products in order to attract non-credit card users.
Key Takeaways: Buy Now Pay Later 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 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 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.
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Rapid Use of Buy Now, Pay Later Platforms in Cross-Industry Applications to Drive Sales
While the buy now, pay later model has been primarily applied to retail and e-commerce, the business model is applicable to a variety of other industries. As a result, Buy Now Pay Later Platforms may expand to other industries, such as groceries and physical stores, paving the way for more omni-channel applications.
Buy Now Pay Later Platforms, the latest wave within the larger fintech industry, are poised to further disrupt the traditional banking landscape. Given the Covid-19’s long-term financial impact, particularly among younger generations, buy now pay later platforms are likely to see increased adoption in the future.
With established players such as PayPal and MasterCard entering the fray, the market is likely to become increasingly crowded, with major banks, fintech start-ups, and tech behemoths competing for consumer attention and market share.
More Insights into the Buy Now Pay Later Platform Market
The FMI report on the Buy Now Pay Later Platform industry research is divided into four major sections: solution (Buy Now Pay Later Platform, buy now pay later (BNPL) APIs, and services), enterprise size (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).
Competitive Environment
The majority of the industry’s leading players in the Buy Now Pay Later Platform industry are introducing advanced and innovative solutions to meet the ever-changing demands of various organisations. A large number of retailers are emphasising the acceptance of these point-of-sale and online instalment loans as a payment method, creating opportunities for BNPL solution providers.
- For example, PayPal Holdings, Inc. announced in September 2021 that it had agreed to acquire Paidy, a leading two-sided payments platform and provider of buy now, pay later solutions in Japan. The acquisition will broaden PayPal’s capabilities, distribution, and relevance in Japan’s domestic payments market, the world’s third largest ecommerce market, complementing the company’s existing cross-border ecommerce business in the country.
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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)