DUBLIN, July 11, 2022 /PRNewswire/ -- The "Buy Now Pay Later Market Size, Share & Trends Analysis Report by Channel (Online, POS), by Enterprise Size (Large, SME), by End Use (Consumer Electronics, Fashion & Garment), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global buy now pay later market size is expected to reach USD 39.41 billion by 2030, registering a CAGR of 26.0% from 2022 to 2030

The market growth can be attributed to the high purchasing power offered by the BNPL platforms, coupled with benefits, such as interest-free and convenient payments.

On the other hand, an increase in the demand for delayed payments for online shopping and a surge in spending on high-cost products are expected to offer lucrative growth opportunities for the market over the forecast period. Several BNPL solution providers are striking partnerships with other fintech companies to offer their services efficiently.

For instance, in October 2021, Openpay, a buy now pay later solution provider, partnered with Till Payments, an end-to-end payment solution provider, to provide the flexibility of BNPL to more merchants and consumers across New Zealand and Australia.

This partnership is expected to enhance the online shopping experience of more consumers across the region owing to the introduction of Openpay's BNPL option at the Point-of-Sale (PoS) terminal. Moreover, several fintech companies are focusing on developing innovative BNPL features for local shoppers worldwide. For instance, in March 2021, Payflex announced the launch of the BNPL feature for local shoppers in South Africa.

Through this launch, local consumers would be able to purchase items from 500 well-known stores, such as Superbalist, Cotton-on, and many more. The COVID-19 pandemic is expected to have a positive impact on the market.

A myriad of unexpected issues stemming from lockdowns, restrictions on the movement of people as well as goods, social distancing measures, and the growing awareness of BNPL payment method prompted various companies to adopt these solutions to provide a better customer experience.

As a result, BNPL solution providers witnessed exponential growth in their customer base and transaction volumes. For instance, the overall BNPL transactions on ZestMoney jumped 300% in 2021 compared to 2020.

Buy Now Pay Later Market Report Highlights

• In terms of channel, the online segment is anticipated to register the fastest CAGR over the forecast period. Numerous e-commerce companies are partnering with BNPL platforms. As a result, customers are shifting their preference toward online payment channels.
• Small & Medium Enterprises (SMEs) are widely adopting BNPL services to maximize their tax deductions. These services help enterprises in managing their expenses with flexible repayment options and transparent fees.
• In terms of end use, the fashion & garment segment is expected to register the fastest growth over the forecast period. Millennials are widely adopting BNPL services for paying for clothing in installments.
• The presence of a large number of BNPL service providers in the North America region is expected to create growth opportunities for the regional market over the forecast period.

Buy Now Pay Later Industry Outlook

Market driver analysis

• Increasing number of internet users
• Numerous benefits offered by BNPL platforms

Market challenge analysis

• High late fee charges

Market Size and Growth Prospects

Buy Now Pay Later Market-Value Chain Analysis

• Vendor landscape

Penetration and Growth Prospect Mapping

Buy Now Pay Later Market-Porter's Five Forces Analysis

Buy Now Pay Later Market-Key Company Ranking/Company Market Share Analysis, 2020

Buy Now Pay Later Market-PESTEL Analysis

Competitive Landscape

• Afterpay
• PayPal Holdings, Inc.
• Affirm, Inc.
• Klarna Inc.
• Splitit
• Sezzle
• Perpay Inc.
• Openpay
• Quadpay, Inc.
• LatitudePay

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SOURCE Research and Markets