Global Buy Now Pay Later Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Buy Now Pay Later Market Outlook

The global buy now pay later market size reached approximately USD 8.01 billion in 2023. The market is estimated to grow at a CAGR of 27.6% in the forecast period of 2024-2032, reaching a value of around USD 69.65 billion by 2032.

Key Trends in the Market

Buy now pay later (BNPL) is a short-term financing solution which offers customers the provision of purchase without paying the entire cost during checkout. It splits the purchase cost into equal instalments which can be paid later through credit or debit card, among other options.

• Increased integration of BNPL financial solutions in shopping apps is one of the crucial buy now pay later market trends. Several online platforms are offering the provision of interest-free BNPL to boost product sales, reduce the drop-off rate during checkout, and enhance the customer shopping experience. Moreover, the growing incorporation of BNPL financing solutions in brick-and-mortar shops or retail stores for a frictionless shopping experience is also a prominent trend in the market.

• BNPL providers are exploring the option of incorporating digital currencies into their platforms to cater to users who increasingly rely on cryptocurrencies for digital payments, further providing impetus to the buy now pay later market growth.

• Several market players are adopting strategic measures such as acquisition and partnerships to make their financial system more accessible for small merchants and offer BNPL service at checkout, further extending their market outreach.

Market Analysis

Based on channel, the market is bifurcated into online and PoS (point of sale). On the basis of enterprise size, the market is divided into large enterprise and small and medium enterprise (SME).

The buy now pay later market segmentation, based on end use, includes BFSI, consumer electronics, fashion and garments, healthcare, retail goods, media and entertainment, and automotive, among others. The major regional markets of buy now pay later are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the buy now pay later market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Affirm Holdings Inc.  

• Klarna Inc.  

• Splitit Payments, Ltd.  

• Sezzle Inc.  

• Perpay Inc.  

• Zip Co, Ltd.  

• PayPal Holdings, Inc.  

• AfterPay Limited  

• HSBC Group  

• Payl8r  

• Billie GmbH 

• Others

Market Share by Enterprise Size

Large enterprises occupy a significant portion of the buy now pay later market share due to the increased adoption of BNPL solutions by these enterprises to enhance customer experience by offering an affordable payment method. Many large enterprises also integrate BNPL facilities into their e-commerce platforms to offer a cost-effective method of payment for high-value products.

Meanwhile, small and medium enterprises (SMEs) are expected to witness considerable growth in the forecast period owing to growing partnerships between SME and BNPL providers to strengthen their market position.

Market Share by Region

As per the buy now pay later market analysis, North America accounts for a substantial share of the global market owing to the growing presence of market players who are readily adopting advanced solutions to stay ahead of their competitors. Increased research and development into financing solutions, coupled with the rise of startups, in the region also offers lucrative growth opportunities for the market expansion.

Additionally, the Asia Pacific is expected to foresee healthy growth in the future due to the flourishing e-commerce sector in the region.

Competitive Landscape

Affirm Holdings Inc. is a financial technology corporation, established in 2012 and headquartered in California, the United States. The company provides its services in the auto, electronics, home and furniture, and fitness and gear sectors, among others.

Klarna Inc., incorporated in 2005, is a provider of financial services, with its headquarters in Stockholm, Sweden. The company aims to promote sustainability through practices such as internal carbon tax and investments in forest reforestation.

Splitit Payments, Ltd., established in 2012 and headquartered in Georgia , the United States, is a fintech company. It offers card-based instalments to its clients in the automation, education, and home and furniture sectors, among others.

Other buy now pay later market players include Sezzle Inc., Perpay Inc., Zip Co, Ltd., PayPal Holdings, Inc., AfterPay Limited, HSBC Group, Payl8r, and Billie GmbH, among others.

Key Highlights of the Report