Online shopping is not just a necessity but an obsession today and this is not restricted to any specific age group. People from various age group are extensively using online shopping apps and this is creating a demand for buy now pay later payment model. The companies in this domain are cashing on the e-commerce boom and are drafting their strategies as per it. The global buy now pay later market is forecasted to witness tremendous growth over the period of next few years. While the majority of industries suffered during the recent coronavirus pandemic, the e-commerce industry not only managed to sustain but also succeeded to emerge profitable.
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Extensive use of online payments courtesy of apps like Gpay and Alipay, majority of people are avoiding use of cash. The adoption of online payment methods has gone up drastically and this drives the growth of the global buy now pay later market. Also, the fact that these buy now pay later platforms are offering easy and extremely convenient payment services, also contributes to the growth of this market.
Just like credit card, buy now pay later option has been encouraging impulse spending among everyone, especially youngsters and this is a major restraining factor for the growth of this market. Despite couple of hindrances, the buy now pay later payment model is here to stay and the recent surge in online shopping is a proof of it.
Global Buy Now Pay Later Market Share in 2021, By Region
The detailed research study provides qualitative and quantitative analysis of global buy now pay later market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Takeaways - Global Buy Now Pay Later Market:
- The online distribution channel of the global buy now pay later market is forecasted to grow at the fastest rate courtesy of the rising use of online shopping apps.
- Apple’s iOS has been a craze among youth and hence the use of this operating system will grow rapidly. This is exactly why this segment is likely to generate more revenue for this market.
- The electronics section of the industry segment will bring tremendous amount of business for the global buy now pay later market.
- The region of Asia Pacific is forecasted to witness growth at the fastest rate for the global buy now pay later market. Most populated countries on this planet India and China are seeing a boom in use of online shopping apps. Better logistics services, even in extremely remote areas is driving the growth of this market.
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Few of the major players operating in the global buy now pay later market are listed below:
- Affirm, Inc.
- Apple Pay
- CLEAR FINANCE TECHNOLOGY CORP.
- Google Pay
- Klarna Inc.
- PayPal Holdings, Inc.
- Perpay Inc.
- Square Inc (Afterpay)
- Zip Co US, Inc’s
- Other Market Participants
Global Buy Now Pay Later Market
By Operating System
By Payment Model
- Pay in 4
- Apparel and Accessories
- Sports and Wellness
- Beauty and Health
- Home and Furniture
- Media and Entertainment
By End User
- Small and Medium Businesses
- Large Businesses
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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