Buy Now Pay Later Platforms Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Technology & Media Report Format : PDF Report Code: ZMR-6023 Status : Upcoming

Description

Global Buy Now Pay Later Platforms Market: Overview

Buy now pay later platforms facilitate users to buy products immediately and pay for them later on. The platforms have become extensively popular in recent years due to the ‘no interest’ advantage offered by them. Moreover, the retailers are paid in full payment for the transaction. The service providers bear all the credit risk. So both the parties, consumers as well as retailers, need not to be worried regarding the issues in the payment process.

Global Buy Now Pay Later Platforms Market: Growth Factors

One of the major factors driving the growth of the global buy now pay later platforms market is the consumer-friendly financing alternative nature of the platform. Customers prefer such payment options as they can immediately buy their product without paying any finances in advance. However, these emerging scenarios also boost the conversion rate of the businesses. Thus, merchants are widely adopting these options to boost the sales of their organization. The growing demand for buy now pay later platforms will create many lucrative growth opportunities in the global market during the forecast period. The growing investments to boost the research and development activities to innovate unique platforms for attracting consumers and merchants is likely to positively shape the trajectory of the global buy now pay later platforms market during the forecast period. High penetration of smartphones all across the globe along with the developments and advancements in the internet technology is further propelling the growth of the global buy now pay later platforms market vigorously. There are two types of buy now pay later solutions namely, shopper interest loan and merchant transaction fee loan. The shopper interest loan is a point of scale loan where consumers are offered the loan by a third party on the spot. In these cases, the consumers receive the item immediately but pay over time with interest. Merchants are not charged any kind of fee in this model. However, in merchant transaction fee loans, consumers are not charged any kind of interest rather a small transaction fee is charged from the merchant. Various new buy now pay later platforms are offering interest-free solutions that are expected to boost the growth of the global buy now pay later platforms market significantly during the forecast period.

Global Buy Now Pay Later Platforms Market: Segmentation

The global buy now pay later platforms market can be segmented into enterprise size, end-use, type, and region.

By enterprise size, the market can be segmented into healthcare, cosmetic industry, consumer electronics, fashion & garment industry, type, and others. The consumer electronics segment accounts for the largest share in the global market.

By end-use, the market can be segmented into large enterprises and small & medium enterprises. The large enterprise segment holds hegemony over others in the global buy now pay later platforms market.

By type, the market can be segmented into 6 months interest-free, 4 months interest-free, and others.

Global Buy Now Pay Later Platforms Market: Regional analysis

North America accounts for the largest share in the global buy now pay later platforms market due to the growing number of internet users in the region. Internet users have started using online payment widely through different payment channels like digital wallets, debit & credit cards, and buy now pay later platforms. The growth in the adoption of this buy now pay later platforms for payment can be attributed to the discounts and cashbacks associated with the bills.

Asia Pacific is anticipated to grow significantly during the forecast period due to the high penetration of smartphones in the region along with the constant development of internet technology. Moreover, the presence of prominent market players in the growing economies like India and China is further fueling the regional market growth.

Global Buy Now Pay Later Platforms Market: Competitive Players

Some of the significant players in the global buy now pay later platforms market are Sezzle, Afterpay, Zip Pay, Klarna, Affirm, Overlay, Humm, Latitude Financial Services, Openpay, Paypal, Splitit, and Zippay.

Global Buy Now Pay Later Platforms Market: Regional Segment Analysis

  • 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

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

Table Of Content


Frequently Asked Questions

One of the major factors driving the growth of the global buy now pay later platforms market is the consumer-friendly financing alternative nature of the platform. Customers prefer such payment options as they can immediately buy their product without paying any finances in advance.

Some of the significant players in the global buy now pay later platforms market are Sezzle, Afterpay, Zip Pay, Klarna, Affirm, Overlay, Humm, Latitude Financial Services, Openpay, Paypal, Splitit, and Zippay.

Asia Pacific is anticipated to grow significantly during the forecast period due to the high penetration of smartphones in the region along with the constant development of internet technology. Moreover, the presence of prominent market players in the growing economies like India and China is further fueling the regional market growth.

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