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(GlobeNewswire) - The "Global Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets. com's offering.
Global BNPL payments are expected to grow by 16. 2% on an annual basis to reach US$484. 7 billion in 2024.
The medium to long-term growth story of the global BNPL industry remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11. 1% during 2024-2029. The BNPL gross merchandise value in the region will increase from US$417. 0 billion in 2023 to reach US$822. 2 billion by 2029.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
The global buy now pay later industry is poised to grow at an accelerated pace over the medium term. The adoption of the flexible payment solution is growing across regions. While the unbanked and underbanked consumers are driving the adoption in markets like Latin America and Africa, higher inflation and cost of living crisis has resulted in more Europeans using the payment solution.
In the Middle East, too, consumers are using the BNPL schemes for purchases, including essentials and luxury. Providers are also raising funding rounds to scale their business across the region. In Asia Pacific, as well, the market is poised for accelerated growth, with India and Southeast Asian countries projected to lead regional market. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years.
Firms are entering into strategic partnerships to widen the distribution of their BNPL products
Amid the pent-up demand for credit services among consumers globally, providers are entering into strategic collaborations to reach more consumers, while targeting higher gross merchandise value. Klarna, for instance, entered into strategic partnership with Walmart Canada, enabling shoppers to make deferred payments at the...