North America is projected to record strong growth in the market, exhibiting a CAGR of almost 26% during 2021-2031. Health sector to greatly alter the BNPL industry. Australia and New Zealand are expected to collectively account for nearly 26% of the South Asia-Pacific market by 2031

/EIN News/ — NEWARK, Del, September 01, 2022 (GLOBE NEWSWIRE) — The buy now pay later platform market It is expected to create an absolute dollar opportunity during the forecast period of 2021 to 2031 with an impressive CAGR of 22.4% with total market revenue of US$5.2 billion in 2020 and expected market revenue of around US$46,900. million by 2031. The historical market assessment of the Buy Now Pay Later platform exhibited a strong CAGR of 17.6% between 2016 and 2020.

Continuous advances in the e-commerce sector have led to significant transformations in payment processing sector with the emergence of new digital payment technologies and changing consumer values. This apparent shift in consumer preferences away from traditional credit options offers interest-free lending and budgeting features that are driving market growth.

According to IMF projections, the Buy Now Pay Later platform market is expected to stand out with the increasing competition prevailing across the globe. According to the forecast, the top 5 global players accounted for about 49.0% of the total market in 2020.

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key players. main players

  • The market of Buy Now Pay Later platform is gaining momentum for shopping purposes among Gen Z and Millennial customers, as there is a great need for convenient budgeting tools among this generation, and Buy Now Pay More platform late proves to be extremely helpful in easily meeting all your budgeting needs.
  • There is a growing tendency to save money among the younger generations at a high rate. Buy now, pay later platforms are proving to be more convenient as they allow customers to make purchases in installments, which is more reliable than traditional credit cards. This growing trend is gaining strength in several countries around the world.
  • This new wave of the Buy Now Pay Later platform allows consumers to make purchases on the spot and pay later in interest-free installments and has recently been a threat to traditional credit card companies.
  • Backed by several benefits, such as ease of use, low commitment, and affordable alternatives to conventional credit cards, BNPLs are preferred by customers as they are favored by tech-savvy Millennials and Gen Z, who distrust credit cards.
  • Consumers choose BNPL because of its many benefits, including a convenient payment model, budget support, associated consumption smoothing effects, convenient access to credit, and the ability to shop through online marketplaces offered by BNPL providers. It provides better financial control as there has been a significant shift in consumer preferences and it is dramatically becoming a vital component of retail spending around the world.
  • The Covid-19 pandemic created havoc across industries but is expected to have a positive impact on the market demand for the Buy Now Pay Later platform. The global crisis significantly limited income, so the search for liquidity has increased and is expected to continue like this throughout 2021.
  • The global pandemic revolutionized the retail shopping market by making the customer more confident to buy items online with a large number of online payment gateways. BNPL helped clients break down large expenses into smaller, interest-free EMIs, rather than digging through their wallets. Attributed to these benefits, the Buy Now Pay Later platform market is exhibiting phenomenal growth during the forecast period.

competitive landscape

Global market leaders in the Buy Now Pay Later platform industry are focusing on advanced and innovative solutions that meet the ever-evolving market demands in various organizations. A large number of retailers accept such online and POS installment loans as payment methods, creating affluent growth opportunities for BNPL solution providers.

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Learn more about the platform marketplace Buy now, pay later

Europe is expected to dominate the global buy now pay later platform market accounting for a total CAGR of 29% between 2021 and 2031. Retail financing is seen as a convenient way for shoppers in the UK. In fact, the market is attracting big giants. be part of the market like PayPal, Amazon and Apple.

The United States is expected to accelerate tremendously with an impressive CAGR of around 27% during the forecast period. There is significant growth registered in the market with the participation of BNPL in various sectors.

When it comes to offering financial flexibility with convenient interest-free monthly installments, it is certainly attractive to buyers in Mexico, resulting in a total revenue of US$145 Mn in 2020 from Buy Now Pay Later platform sales.

Buy now, pay later Platform perspective by category

By solution:

  • Buy Now Pay Later (BNPL) Software
  • Buy Now Pay Later (BNPL) API
  • Services
    • technology consulting
    • Integration and Deployment
    • Supporting services

By company size:

  • Small and Medium Enterprises (SMEs)
  • Big enterprises

By industry:

  • BFSI
  • Retail and eCommerce
  • Health care
  • media and entertainment
  • Travels and tourism
  • Automotive
  • Others

By region:

  • North America
  • Latin America
  • Europe
  • east asian
  • South Asia and the Pacific
  • Middle East and Africa (MEA)

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Table of Contents

1. Executive Summary

1.1. World Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key market trends

3.1. Key trends affecting the market

3.2. Technological innovation / Development trends

3.3. Pricing Model Analysis

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