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Buy Now Pay Later Market to Reach Valuation of USD 1,8333.3 Million by 2028 - Increasing Demand for Buy Now Pay Later Market for Growing Popularity as People Seek Alternative Methods of Financing to Drive the Market Growth
From the period of 2022 to 2028, the Global Buy Now Pay Later Market is expected to reach USD 1,8333.3 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 24.9%.
Buy now, pay later is a sort of short-term financing that allows people to buy everyday necessities like clothes, electronics, and home renovation items. It is a point of sale (POS) installment loan mechanism that allows customers to buy things and controls the repayment. Retailers are now offering buy now, pay later options, allowing customers to acquire everyday necessities by selecting an affordable financing plan and paying in installments rather than in one lump sum. Several business owners throughout the world have been using the Buy Now Pay Later Market payment platform to finance significant equipment, purchase raw materials, and pay staff salaries, fueling the worldwide Buy Now Pay Later Market. Furthermore, because of the increased adoption of Buy Now Pay Later Market payment technology among the youth, which provides several benefits such as purchasing high-cost smartphones and laptops, paying tuition fees and stationery products, and paying the canteen bill, the Buy Now Pay Later Market is expected to grow. Financial service providers may now offer customers fresh digital offerings thanks to technological improvements and a significant increase in internet access around the world. The growing use of mobile-based apps for making payments is driving up demand for internet banking.
Key Highlights from the Report
Market Dynamics:
Increase in Adoption of Online Payment Methods Among the People
The adoption of online payment methods by people all across the developing world is speeding up the growth of the purchase now pay later business. The primary digital payment technologies are mobile payment, debit card, and credit card, which provide individuals with several benefits such as lower transaction costs, faster fund transfers, and increased payment security, all of which contribute to the expansion of the purchase now pay later industry. The availability of high-speed internet access, a boom in smartphone adoption, and increased awareness of digital payment services are all essential elements that encourage people to use online payment technology.
Affordable and Convenient Payment Service of Buy Now Pay Later Market Platforms
The purchase now pay later payment method provides individuals with various advantages, including affordable and convenient payment services, fast credit card fund transfer service at the point-of-sale platform, and increased personal information security, all of which contribute to the market's growth. Furthermore, the purchase now pays later platform supports a QR-code option, which allows individuals to make payments using a scan code and to conduct transactions using UPI techniques, further propelling the market's growth. Furthermore, the Buy Now Pay Later Market platform enables customers to make secure payments without having to swipe their debit cards, boosting market growth globally.
Over the projection period, North America is expected to have tremendous growth. Many clients in the North American region have started using online payment through digital wallets, purchase now pay later platforms, and credit and debit cards because of the numerous benefits it gives, such as bill discounts and cashback.
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Buy Now Pay Later Market to Reach Valuation of USD 1,8333.3 Million by 2028 - Increasing Demand for Buy Now Pay Later Market for Growing Popularity as People Seek Alternative Methods of Financing to Drive the Market Growth
06 Jun 2022
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Buy Now Pay Later Market to Reach Valuation of USD 1,8333.3 Million by 2028 - Increasing Demand for Buy Now Pay Later Market for Growing Popularity as People Seek Alternative Methods of Financing to Drive the Market Growth
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