Buy Now Pay Later Market size was valued at USD 27,845.10 Million in 2022 and is poised to grow from USD 32,035.79 Million in 2023 to USD 1,22,778.17 Million by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).
The global Buy Now Pay Later market has gained significant popularity, mainly during high interest rates and high inflation. BNPL is an attraction to a large consumer base owing to facilities like short repayment terms, advantages of credit, and application-based spending. It has also progressed more than its conventional use to others like groceries, gas, travel, and more.
In the recent years, the Buy Now Pay Later Market has gained huge attraction, especially due to the growth of e-commerce, changing consumer needs, and association between BNPL providers and retailers. Lately, the consumers of BNPL are inclining from Quick Pay towards Buy Now Pay Later ideology due to several benefits. Among many, the top applications of BNPL include Affirm, PerPay, Sizzle, AfterPay, and Klarna, the key features of which are login, in-store, buy, account settings, EMIs (free of interest), auto debits, and reminders. While the present finance application areas majorly emphasize on the payments, especially Buy Not Pay Later services, the wider network plays are still in their beginner phases. The substitute lending technologies will be interested and focusing on data analysis to speed up the loan approvals depending on financial health of clients. Insurance will get fixed in all the retail and luxury purchasing journeys from e-shopping and travel planning to health applications and fitness and health assistants.
Download a detailed overview:
https://www.skyquestt.com/sample-request/buy-now-pay-later-market
Flexibility and Simplicity of BNPL to be a Key Attraction
With customers searching for substitutes of credit cards to help prevent accumulation of debit, Buy Now Pay Later has progressed as an attraction to end a purchase since it offers flexibility and simplicity of use that combines application-based shopping, short repayment terms, and advantages of credit. As per studies, more than 70% of millennials are expected to buy things from the retailers that employ BNPL service. They are most likely to avoid shopping if any retailer does not have the said service. This simply means that BNPL financial technologies must achieve economies of scale by increasing gross merchandise value to stay ahead in the competition. Also, they must essentially have sufficient cash to cover losses if any. Having said this, strategic alliances and mergers are more expected to happen. The high-value retailers like Klarna and Global-e and Affirm and Amazon, both will force BNPL to add products at check out and increase product distribution by giving access to multiple sellers. On return, such retailers will avail a novel approach to enhance their sales. This practice also signifies that the retailers gaining maximum number of customers will gain advantage over others.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/buy-now-pay-later-market
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/buy-now-pay-later-market
BNPL is more than just a trend; it is an effective tool that companies can use to improve customer experiences, increase sales, and expand into new market niches. Accepting embedded finance is becoming more and more necessary for individuals who want to stay ahead of the curve as the financial landscape changes.
Related Reports:
Artificial Intelligence Market
Visit Our Website: https://www.skyquestt.com/
Media ContactCompany Name: Skyquest TechnologyContact Person: Mr. Jagraj SinghEmail: Send EmailPhone: +1 351-333-4748Address:1 Apache Way, Westford,Country: United StatesWebsite: https://www.skyquestt.com/report/buy-now-pay-later-market