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Buy Now Pay Later Market is Expected to Grow with a CAGR 24.9% from 2022 to 2028

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Channel, Application, End User and Region); the Global Buy Now Pay Later Market accounted for USD 4,829.1 Million in the 2021.

“Key Factors Likely to Drive Growth of Buy Now Pay Later Market”

Buy Now, Pay Later a temporary subsidy that allows customers to buy and allows them to pay later on a future date, usually without interest. There are many companies that offer purchases now, paying later services to consumers like Klarna and Affirm. BNPL arrangements become an increasingly popular payment option, especially when shopping online. E-commerce businesses, fintech companies, and even banks have started offering offers now paying later services to customers. This payment option is available on Amazon and Flipkart websites, as well as banks such as ICICI bank and HDFC bank. The recent repayment loan also expands the number of applications based on fintech firms, including LazyPay, PayTM, Moneytap, PhonePe, and CASHe, among others. This option is now available in a wide range of shopping, from gadgets to fashion, as well as food delivery, travel bookings, grocery shopping, and other expenses.

The introduction of online payment methods by people in developing countries accelerates the growth of the now-paying purchasing market. The economical and easy-to-purchase payment service now pay for the latest forums, as well as the expansion of the e-commerce sector, the main reasons driving the growth of global purchases now paying for the market later.

Increasing acceptance of online payment methods among people around the world accelerates the growth of the payment market later. The availability of high-speed internet connection, increased smartphone penetration, and increased awareness about digital payment services are some of the key factors that enhance the adoption of online payment technology among people. The high number of internet users in the region is expected to create market growth opportunities.

Buy Now, Pay Later Many of the challenges offered by BNPL are for customers with very high credit scores. With only Prime Lending offered, many consumers are “locked out” of BNPL practice. For retailers, this means that a large proportion of consumers may have a bad credit experience and eventually stop selling.

Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. Many businesses including small and medium enterprises around the world are expected to focus on adopting fast online payment methods and thus the increase in digital payment services between developing countries such as China, Japan, and India increase digital trading and buy now pay later in the market.

Some of the key players in the Global Buy Now Pay Later Market include- Affirm Holdings Inc., Afterpay, Klarna Bank AB, Laybuy Group Holdings Limited, PayPal Holdings Inc., Payl8r (Social Money Ltd.), Perpay, Quadpay, Sezzle, Splitit and others.