The global buy now pay later platforms market was valued at US$ 5,001.4 Million in 2017 and is expected to surpass US$ 33,638.3 Million by 2027, registering a CAGR of 21.2% during the forecast period (2019-2027). According to the Global Buy Now Pay Later Platforms Market Report, By End-use Industry (Fashion & Garment Industry, Consumer Electronics, Cosmetic Industry, Healthcare, and Others), By Enterprise Size (SMEs and Large Enterprises), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The benefits offered by buy now pay later platforms is expected to propel growth of the market during the forecast period. BNPL service providers allow users to pay the bills in installments. Some BNPL service providers such as Afterpay do not charge interest to users for a duration of two weeks. Currently, credit card users are shifting towards BNPL platforms, as credit cards generally charges an interest of 15% to 20%, annually. The account registration on BNPL platforms is an easy method than the credit card applications.
Furthermore, the increasing number of BNPL users in countries such as Australia is expected to drive the market growth during the forecast period. According to Coherent Market Insights’ analysis, the percentage of online shoppers using BNPL platform in Australia increased from 8.3% in 2018 to 14.7% in 2019. Owing to these factors, the buy now pay later platforms market is expected to show a significant growth during the forecast period.
Buy Now Pay Later Platforms Market - Impact of Coronavirus (Covid-19) Pandemic
Many governments across the globe such as India, Spain, and Italy have imposed nationwide lockdown to prevent the spread of COVID-19 disease. For instance, India has imposed lockdown from March 25 to May 1 until further notice. In the lockdown imposed countries, people are spending more time at home. The online transactions during lockdown period are expected to increase. Many e-commerce platforms across the globe are accepting the buy now pay later platforms as their payment options along with Credit/Debit cards and digital wallets. For instance, e-commerce platform Shopify accepts Afterpay, a BNPL service provider, as a payment option. Owing to the increasing online transactions using BNPL platforms, the market is expected to show significant growth during the COVID-19 and forecast period.
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