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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/buy-now-pay-later-platforms-market-4013

Browse 150 market data tables* and 90 figures* on “Global Buy Now Pay Later Platforms Market” - Global forecast to 2027

Key Trends and Analysis of the Global Buy Now Pay Later Platforms Market:

  • North America held dominant position in the global buy now pay later platforms market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to growing e-commerce industry in North America region. According to Coherent Market Insights’ analysis, the e-commerce industry in North America accounted for US$ 637.8 Billion in 2019 and is expected to exhibit a CAGR of 8.4% during the forecast period. E-commerce platforms offer various payment options such as debit/credit cards, digital wallet, and BNPL platforms.
  • Asia Pacific is expected to show significant growth during the forecast period, owing to funding offered by various banks to BNPL platforms. For instance, according to a press release of Afterpay in May 2017, Afterpay received US$ 200 Million from the National Australian Bank as investment.
  • Europe, Middle East, and Africa are also expected to exhibit significant growth during the forecast period, owing to entry of giant retailers in the BNPL industry. For instance, Marks and Spencer Group plc, a U.K.-based multinational retailer, started offering buy now pay later services to its customers from October 2019.
  • Among end-use industry, the fashion & garment industry segment held dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to economic loans offered by the BNPL platforms.
  • Major players operating in the global buy now pay later platforms market include Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay
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