Buy Now Pay Later (BNPL) Market Will Generate Record Revenue by 2029

Buy now pay later (BNPL) market is anticipated to grow at a significant CAGR of 32.7% during the forecast period. It is a type of short-term financing that allows consumers to make purchases and pay for them at a future date without paying the complete amount at the time of purchasing, which is often interest-free. The increasing adoption of BNPL service by retailers is increasing the market as it provides affordable and convenient payment service which influences the people to purchase more and hence increases sales. The customers are slowly moving away from traditional credit cards due to high-interest rates, declining credit limits, and others, due to which people are using BNPL services more. Retailers want to get paid right away, even if their customers want to spread the cost. A BNPL supplier such as Klarna, Affirm, or Sezzle will immediately transfer funds to the retailer upon a customer’s purchase, due to this reason the retailers are accepting the BNPL services, which is further influencing the customers to use more of this service and hence propelling the BNPL market.

According to Klarna Bank AB, BNPL accounted for 3.6% of all online retail sales in the UK in 2020, with over 10 million users 2020. Almost two-thirds (64%) 2 of adults that have previously used a BNPL service to make an online payment said that the flexibility had helped them manage their finances. With the growth of the online payments sector and the shift from credit to debit, new solutions in the form of BNPL products have rapidly risen in popularity, also it is anticipated that over 10 million people (one-fifth of the UK’s adult population) used a BNPL option to purchase goods online in 2020, with the payment method accounting for nearly 4% of all retail sales made online in 2020. Hence these factors are increasing the BNPL market during the forecast period.

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Buy Now Pay Later Market Segmentation

By Channel

Online
Point of Sale (POS)

By Application

Retail Goods
Media & Entertainment
Healthcare & Wellness
Automotive
Home Improvement
Others

By Enterprise Size

Large Enterprises
Small-Medium Enterprises

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Regional Analysis

North America

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Company Profiles

Afterpay Ltd.
Affirm
Klarna
LatitudePay Australia Pty Ltd.
Laybuy Group Holdings Ltd.
Openpay Group
Opy USA Inc.
PayPal Holdings, Inc.
Perpay, Inc.
Quadpay, Inc.
Sezzle
Splitit
Social Money Ltd.

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. It is a type of short-term financing that allows consumers to make purchases and pay for them at a future date without paying the complete amount at the time of purchasing, which is often interest-free. The increasing adoption of BNPL service by retailers is increasing the market as it provides affordable and convenient payment service which influences the people to purchase more and hence increases sales. The customers are slowly moving away from traditional credit cards due to high-interest rates, declining credit limits, and others, due to which people are using BNPL services more. Retailers want to get paid right away, even if their customers want to spread the cost. A BNPL supplier such as Klarna, Affirm, or Sezzle will immediately transfer funds to the retailer upon a customer’s purchase, due to this reason the retailers are accepting the BNPL services, which is further influencing the customers to use more of this service and hence propelling the BNPL market.