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Buy Now Pay Later Platforms Market - Global Industry Analysis

Buy Now Pay Later Platforms Market by End Use Industry (Fashion & Garment Industry, Consumer Electronics, Cosmetic Industry, Healthcare, and Others), by Enterprise Size (SMEs and Large Enterprises): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 30-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 135 Report Code: ZMR-6023 Status : Published

The global Buy Now Pay Later Platforms market accounted for USD 8,709.3 Million in 2020 and is expected to reach USD 39,945.1 Million by 2028, growing at a CAGR of 21.2% from 2021 to 2028.

Description

Market Overview

The global Buy Now Pay Later Platforms market accounted for USD 8,709.3 Million in 2020 and is expected to reach USD 39,945.1 Million by 2028, growing at a CAGR of 21.2% from 2021 to 2028.

The Buy Now Pay Later Platforms market is referring to the customer taking home their purchase but paying for it over time. Of the many digital payment methods used for e-commerce transactions, a relatively new entrant Buy Now Pay Later seems to have been gaining steam. The use of the ‘buy now pay later’ (BNPL) facility, which allows customers to turn purchases into EMIs, is growing fast across the regions as consumers find the instrument not only convenient but also affordable. Also, the majority of millennials as the decision maker and buyer for the family has made this method of payment to gain a boost.

COVID-19 Impact Analysis

The onset of the COVID-19 pandemic in 2020 nudged many consumers to switch to BNPL schemes. Pandemic for sure has unfavorably affected the economies of many countries across the world. Along with the GDP, purchasing power of the people has decreased which led them to switch to buy now pay later method in large numbers. Also, companies have offered buy now pay later payment method in the lockdown as e-Commerce took a leap and large number of customers shifted to online medium for buying and paying. The buy now pay later platforms are expected to grow further in the forecasted period owing to extended lockdown all across the globe.

Growth Factors

The major factor capturing growth of the global buy now pay later platforms market is majorly attributed to wide number of benefits offered like easy access, option for emergency purchases, Potential to pay no interest if payments met on time, Lowering and removing shoppers buying hesitations etc. the market is expected to experience a significant growth in the forecasted period. Also, the empirical data shows that the pandemic year has accelerated the growth of the digital payments industry. Users from tier 2 and tier 3 cities make the major part of user of buy now pay later platforms. Additionally, the consumer base which is chiefly consisting of Gen Z and millennials as buyers has made the payment method a trend. One of the retraining factors is complaints regarding the high late fees and mounting debts but still the virtues of it is expected to overshadow them and grow even further in coming times. Moreover, it helps merchants to Increasing average order value (AOV) and enticing shoppers to make bigger ticket purchases and increasing overall sales.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

End Use Industry Segment Analysis Preview

Among end-use industry, the fashion & garment industry segment is expected to hold dominant position in the global buy now pay later platforms market during the forecasted period. This is due to the partnerships done by BNPL platforms with the fashion and apparels brands. For example, Afterpay was launched in May 2014, since then it has partnered with various fashion brands such as Ray-Ban, ALLY shoes, NEU Nomads, STIO, KINFLYTE, and others. The retail and online stores of mentioned brands accept Afterpay as bill payment method. Also, due to the increase in e-commerce online sites and apps accepting buy now pay later are gaining market. The consumer electronics market too accounts for the largest share in this segment as they are high in prices consumers prefer part payment or later date payment resulting in increase in usage of buy now pay later platforms.

Enterprise Size Segment Analysis Preview

Although small and medium size industries are increasing the use of buy now pay later platforms but large enterprises hold a power over other in this market. However, medium and small enterprises are expected to grow considerably in coming years with relevance to usage of buy now pay later platforms.

Regional Analysis Preview

The North America region held a share of 40.2% in 2020. This is attributable to the presence of top companies such as Klarna, Afterpay, ViaBill, Twisto, Zilch, and Revo, among others.

The Asia Pacific region is projected to grow at a CAGR of 8.4% over the forecast period. This surge is due to the increasing adoption of online shopping in the region. Retailers are using buy now pay later methods to increase the customer base. Additionally, adoption of Internet of Things (IoT) in various industrial and business operations is expected to open new avenues for the buy now pay later platforms market over the coming years.

Key Market Players & Competitive Landscape

Some of key players in buy now pay later platforms market are Affirm, Afterpay, Alma, Amazon, Apple Pay, Blik, Clearbanc, Divido, Google Pay, Greensky, Klarna, Mastercard, Openpay, PayBright, PayPal, QuadPay, Revo, Splitit, Stripe, Twisto, Tymit, ViaBill, Visa and Zilch among others.

Dozens of market players now allow shoppers to order everyday items online, take delivery of them, and then pay for them over time. The Buy now pay later is also an option that’s available with e-commerce websites like Flipkart, Amazon, BigBasket and also players are collaborating with online players to grow the market.

The global buy now pay later platform market is segmented as follows:

By End Use Industry

  • Fashion & Garment Industry
  • Consumer Electronics
  • Cosmetic Industry
  • Healthcare
  • Others

By Enterprise Size

  • SMEs
  • Large Enterprises

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By End Use Industry
        • 2.1.1.2. Market Attractiveness Analysis, By Enterprise Size
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Buy Now Pay Later Platforms Market, 2016 – 2028 (USD Million)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Buy Now Pay Later Platforms Market – End Use Industry Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By End Use Industry, 2020 & 2028
    • 4.2. Fashion & Garment Industry
      • 4.2.1. Market Size and Forecast, By Region (USD Million)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Consumer Electronics
      • 4.3.1. Market Size and Forecast, By Region (USD Million)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Cosmetic Industry
      • 4.4.1. Market Size and Forecast, By Region (USD Million)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Healthcare
      • 4.5.1. Market Size and Forecast, By Region (USD Million)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.6. Others
      • 4.6.1. Market Size and Forecast, By Region (USD Million)
      • 4.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.6.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Buy Now Pay Later Platforms Market – Enterprise Size Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Enterprise Size, 2020 & 2028
    • 5.2. SMEs
      • 5.2.1. Market Size and Forecast, By Region (USD Million)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Large Enterprise
      • 5.3.1. Market Size and Forecast, By Region (USD Million)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Buy Now Pay Later Platforms Market – Regional Analysis
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.2.2. North America Market Revenue, By End Use Industry, 2016 – 2028
      • 6.2.3. North America Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.2.4. U.S.
        • 6.2.4.1. U.S. Market Revenue, By End Use Industry, 2016 – 2028
        • 6.2.4.2. U.S. Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.2.5. Canada
        • 6.2.5.1. Canada Market Revenue, By End Use Industry, 2016 – 2028
        • 6.2.5.2. Canada Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.2.6. Mexico
        • 6.2.6.1. Mexico Market Revenue, By End Use Industry, 2016 – 2028
        • 6.2.6.2. Mexico Market Revenue, By Enterprise Size, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.3.2. Europe Market Revenue, By End Use Industry, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.4. Germany
        • 6.3.4.1. Germany Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.4.2. Germany Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.5. France
        • 6.3.5.1. France Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.5.2. France Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.6. U.K.
        • 6.3.6.1. U.K. Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.6.2. U.K. Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.7. Italy
        • 6.3.7.1. Italy Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.7.2. Italy Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.8. Spain
        • 6.3.8.1. Spain Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.8.2. Spain Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.3.9. Rest of Europe
        • 6.3.9.1. Rest of Europe Market Revenue, By End Use Industry, 2016 – 2028
        • 6.3.9.2. Rest of Europe Market Revenue, By Enterprise Size, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.4.2. Asia Pacific Market Revenue, By End Use Industry, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.4. China
        • 6.4.4.1. China Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.4.2. China Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.5. Japan
        • 6.4.5.1. Japan Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.5.2. Japan Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.6. India
        • 6.4.6.1. India Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.6.2. India Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.7. South Korea
        • 6.4.7.1. South Korea Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.7.2. South Korea Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.8. South-East Asia
        • 6.4.8.1. South-East Asia Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.8.2. South-East Asia Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.4.9. Rest of Asia Pacific
        • 6.4.9.1. Rest of Asia Pacific Market Revenue, By End Use Industry, 2016 – 2028
        • 6.4.9.2. Rest of Asia Pacific Market Revenue, By Enterprise Size, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.5.2. Latin America Market Revenue, By End Use Industry, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.5.4. Brazil
        • 6.5.4.1. Brazil Market Revenue, By End Use Industry, 2016 – 2028
        • 6.5.4.2. Brazil Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.5.5. Argentina
        • 6.5.5.1. Argentina Market Revenue, By End Use Industry, 2016 – 2028
        • 6.5.5.2. Argentina Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.5.6. Rest of Latin America
        • 6.5.6.1. Rest of Latin America Market Revenue, By End Use Industry, 2016 – 2028
        • 6.5.6.2. Rest of Latin America Market Revenue, By Enterprise Size, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.6.2. The Middle-East and Africa Market Revenue, By End Use Industry, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.6.4. GCC Countries
        • 6.6.4.1. GCC Countries Market Revenue, By End Use Industry, 2016 – 2028
        • 6.6.4.2. GCC Countries Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.6.5. South Africa
        • 6.6.5.1. South Africa Market Revenue, By End Use Industry, 2016 – 2028
        • 6.6.5.2. South Africa Market Revenue, By Enterprise Size, 2016 – 2028
      • 6.6.6. Rest of Middle-East Africa
        • 6.6.6.1. Rest of Middle-East Africa Market Revenue, By End Use Industry, 2016 – 2028
        • 6.6.6.2. Rest of Middle-East Africa Market Revenue, By Enterprise Size, 2016 – 2028
  • Chapter No. 7 Buy Now Pay Later Platforms Market – Industry Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. Technulogy Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8 Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Buy Now Pay Later Platforms Market: Company Market Share, 2019
      • 8.1.2. Global Buy Now Pay Later Platforms Market, Company Market Revenue, 2016 – 2019 (USD Million)
      • 8.1.3. Global Buy Now Pay Later Platforms Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Buy Now Pay Later Platforms Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9 Company Profiles
    • 9.1. Affirm
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfulio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Afterpay
    • 9.3. Alma
    • 9.4. Amazon
    • 9.5. Apple Pay
    • 9.6. Blik
    • 9.7. Clearbanc
    • 9.8. Divido
    • 9.9. Google Pay
    • 9.10. Greensky
    • 9.11. Klarna
    • 9.12. Mastercard
    • 9.13. Openpay
    • 9.14. PayBright
    • 9.15. PayPal
    • 9.16. QuadPay
    • 9.17. Revo
    • 9.18. Splitit
    • 9.19. Stripe
    • 9.20. Twisto
    • 9.21. Tymit
    • 9.22. ViaBill
    • 9.23. Visa
    • 9.24. Zilch
  • Chapter No. 10 Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11 Research Methodulogy
    • 11.1. Research Methodulogy
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions

Methodology


Frequently Asked Questions

The global Buy Now Pay Later Platforms market was valued at USD 8,709.3 Million in 2020.

The global Buy Now Pay Later Platforms market is expected to reach USD 39,945.1 Million by 2028, growing at a CAGR of 21.2% between 2021 to 2028.

Some of the key factors driving the global Buy Now Pay Later Platforms market growth are increasing number of smartphone users, rising demand for credit payments, major population of youth and benefits from no interest terms.

North America region held a substantial share of the Buy Now Pay Later Platforms market in 2020. This is attributable to the presence of major players such as Google Pay, Amazon and Apple Buy among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for Buy Now Pay Later Platforms in developing economies such as China and India.

Some of the major companies operating in the Buy Now Pay Later Platforms market are Affirm, Afterpay, Alma, Amazon, Apple Pay, Blik, Clearbanc, Divido, Google Pay, Greensky, Klarna, Mastercard, Openpay, PayBright, PayPal, QuadPay, among others.

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