NEW YORK, Sept. 6, 2021 /PRNewswire/ — As per the findings of Zion Market Research study, buy now pay later platforms industry gathered revenue about USD 8.7 Billion in 2020 and is slated to earn revenue of approximately USD 39.9 Billion by 2028. The buy now pay later platforms market is projected to register highest gains of approximately 21.2% during 2021-2028. Moreover, buy now pay later platforms are the tools promoting buy now pay later services that include merchant adoption, digitization, rise in repeated use among end-users, and large number of firms lending at point of sale. Additionally, FinTech firms have been key lending firms providing buy now buy later credits worth nearly US$ 8 billion to US$ 10 billion to customers in recent years, thereby driving market trends. With buy now pay later loans witnessing immense surge due to COVID pandemic, market for buy now pay later platforms is anticipated to grow substantially over forecast period.
Additionally, individuals in their first jobs and employees working in unorganized sector prefer buy now pay later loans for buying products. With buy now pay later sector processing nearly US$ 15.2 billion of payments and this number slated to increase exponentially in near future, buy now pay later platforms market is projected to expand lucratively in forthcoming years. Additionally, consumer credit loans are integrated with online payment processes and this will further steer growth of buy now pay later industry over forecasting timespan. Furthermore, buy now pay later concept has gained traction in rural regions and lower-tier cities in countries such as India, Bangladesh, Thailand, and Indonesia. This will inflate scope of buy now pay later platform market over next decade.
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Moreover, availing of buy now pay later loans does not require extensive paperwork and comes with low interest charges for customer and this is projected to create a paradigm shift in financing industry, thereby accounting majorly towards revenue of buy now pays later platforms market. Additionally, beneficial features including integration of shopping apps, card-linked installment offerings, virtual rent-to own models, SME sales financing, off-card services, and vertical focused larger-ticket plays will boost market proliferation. Apart from this, use of vertical-focused larger-ticket plays and on & off- card solutions in elective healthcare & power sports sectors will accelerate growth of buy now buy later platforms industry in coming years. Rise in layoffs, salary cuts, suspension of appraisals, and reduction in scope of employment opportunities due to wide spread of COVID has translated into humungous demand for buy now pay later loans, thereby embellishing buy now pay later platforms market value.
Growing Customer Base For Buy Now Pay Later Finances To Drive Market Expansion
Massive increase in number of customers opting for buy now pay later credits with outbreak of COVID-19 will drive expansion of buy now pay later platforms market over coming years. In addition to this, with over 41% increase in daily transactions of essential goods from hyper-local traders, buy now pay later market is predicted to grow at high pace over forthcoming years. Thriving eCommerce sector and online retail activities will also contribute significantly towards expansion of buy now buy later platforms market size within next couple of years. Citing an instance, eCommerce giants such as Amazon and Flipkart are offering buy now pay later platforms such as Amazon Pay and Flipkart Pay Later for helping customers avail micro-credit facility. This will not only benefit customers but will also result in increase of product sales for these eCommerce firms.
Furthermore, buy now pay later tools deliver seamless shopping experience to end-users and hence large numbers of brands are trying to increase sale of their products by introducing buy now pay later tools in its payment options for customers. This, in turn, will result in ascension of market profits over a long period.
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Asia Pacific Market to Register Highest CAGR Of 8.4% during 2021-2028
Expansion of buy now pay later platforms market in Asia Pacific during forecast timeline is due to large-scale presence of firms including pure play pay-later firms, card-led organizations, and in-store pay later enterprises offering buy now pay later credits in countries such as India. With ecommerce firms and retail stores providing buy now pay later options to customers, buy now pay later platforms business is predicted to witness multifaceted growth in Asia Pacific zone over years to come.
Key players influencing market growth and profiled in report include Klarna, Greensky, PayPal, Affirm, Afterpay, QuadPay, Tymit, Alma, Splitit, Amazon, Apple Pay, Blik, Clearbanc, Divido, Google Pay, Mastercard, Twisto, Openpay, PayBright, Revo, Stripe, Visa, ViaBill, and Zilch.
This review is based on a report by Zion Market Research, titled, «Global Buy Now Pay Later Platforms Market- By End-Use Industry (Fashion & Garment Industry, Consumer Electronics, Healthcare, and Others) and By Enterprise Size (SMEs and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020–2028.»
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The global buy now pay later platforms market is segmented as follows:
By End-Use Industry
- Fashion & Garment Industry
- Consumer Electronics
- Cosmetic Industry
By Enterprise Size
- Large Enterprises
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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