Buy Now Pay Later Platform Market Size, Share, Industry Analysis, Future Growth, Segmentation, Competitive Landscape, Trends and Forecast 2031

 

According to Future Market Insights, the buy now pay later platform market would generate around US$ 5.2 billion in 2020. (FMI). The total market is anticipated to develop at a CAGR of 22.4% from 2021 to 2031, reaching approximately US$ 46.9 Bn.

By the end of 2021, the market is expected to be valued at more than US$ 6.2 billion, according to the analysis. According to FMI, the availability of application programming interfaces (APIs) and the quick evolution of technology have opened up several options for buy now pay later (BNPL) platforms. These technologies have become vital in enhancing economic competitiveness, consequently boosting the market expansion.

Over the past few years, buy now pay later platforms have been witnessing a dramatic increase in popularity among e-Commerce retailers and their customers. This phenomenon was triggered by the COVID-19 consequences and it seems like the buy now pay later platforms industry will continue to develop even in the post-pandemic times. The reasons for this are simple – BNPL is a convenient and cheaper way to get instant loans for buying goods online.

Moreover, strong growth of the e-commerce sector helped startups and fintech giants to establish their footprint in the BNPL platform space across geographies. The growing popularity of credit among consumers has even forced traditional banking players to venture into the BNPL space.

For instance, in order to attract non-credit card users, conventional banking players in various countries have added buy now pay later platform offerings to their existing set of financial products.

Key Takeaways: Buy Now Pay Later (BNPL) Platform Market

·         By solution, the buy now pay later (BNPL) software segment is anticipated to account for the leading share in the global demand for buy now pay later (BNPL) platform during the forecast period. However, the buy now pay later (BNPL) APIs segment is estimated to grow at a robust CAGR of more than 24% through 2031.

·         By enterprise size, the integration of BNPL platform in small & medium enterprises (SMEs) is anticipated to increase at a CAGR of nearly 23% between 2021 & 2031, while large enterprises are currently dominating the market share.

·         The adoption of buy now pay later (BNPL) platform by retail & ecommerce sector is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a CAGR of around 27% between 2021 and 2031.

·         South Asia & Pacific is expected to lead the market followed by Europe in 2021. North America is anticipated to emerge as the fastest growing region between 2021 & 2031.

·         The market in Japan is expected to progress at a CAGR of around 24% through 2031.

·         In the U.K., sales are expected to increase at a CAGR of close to 29% over the next ten years.

COVID-19 Impact Analysis on Buy Now Pay Later (BNPL) Platform Market

The outbreak of COVID-19 has led to more usage of BNPL platforms because remote working and social distancing have helped BNPL service providers gain a huge customer base. The pandemic has made BNPL more popularity as it provides more flexible financing options and low-interest fees.

Therefore, those customers who experienced financial hardships during the pandemics can still afford to buy online. Whereas the BNPL providers can generate substantial revenues based on an increased number of customers who pay small to no interest fees and merchants who are charged for using the BNPL payment method to attract more buyers.

The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020. The reasons for the sudden hype around BNPL are various and are undoubtedly tied to the rapid growth of online shopping.

Furthermore, the increased acceptance of consumers to use mobile banking solutions and the growing awareness of BNPL as a payment alternative has paved the way for an extended offering. Finally, the COVID-19 pandemic has made this a ‘perfect storm’ shifting more business to online, increasing consumer confidence in shopping online and increasing the need for managing personal cash-flows at least for a part of consumers.

Thus, the demand for buy now pay later (BNPL) platform is estimated to grow around 1.4X from 2019 to 2021.

Click For More Info: https://www.futuremarketinsights.com/reports/buy-now-pay-later-bnpl-platform-market

 

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