The buy now pay later platforms have become very popular in the recent 2-3 years. Various e-commerce companies and retail stores are partnering with BNPL platforms. Due to these partnerships, customers can now select buy now pay later platforms as their payment options. The main attracting feature of the buy now pay later platforms is that they do not charge interest to users for a defined period of time. The online account creation on BNPL platforms is very easy and users get instantaneous access to funds.
The Buy Now Pay Later Platforms Market is estimated to account for US$ 59.11 Bn in terms of value by the end of 2030.
Market Dynamics
The global buy now pay later platforms market is expected to grow significantly during the forecast period, owing to the entry of various banks in the buy now pay later platforms market. For instance, in June 2018, Commonwealth Bank, National Australia Bank, and Westpac Banking Corp together launched Beem App. The Beem App allows users to pay, receive, and split the bills. Beem will directly compete with the Overlay App. The Overlay App is a BNPL service provider, which is owned by the Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank, and Westpac. Moreover Zip, a BNPL service provider, announced in July 2019 that it will be raising US$ 400 Million through sales of asset backed securities. This amount will help Zip to expand its business. Owing to the above mentioned factors, BNPL platforms market is expected to show a significant growth during the forecast period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Buy Now Pay Later Platforms Market- Global forecast to 2030”.
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