PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421725
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421725
The global buy now pay later market size is expected to reach USD 80.52 billion by 2032, according to a new study by Polaris Market Research. The report "Buy Now Pay Later Market Share, Size, Trends, Industry Analysis Report, By Channel (Online, POS), By End-use (Retail, Automotive), By Enterprise Size, By Region, And Segment Forecasts, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Market expansion is accredited to the substantial purchasing capability facilitated by Buy Now Pay Later (BNPL) platforms, accompanied by advantages like interest-free transactions and user-friendly payments. Conversely, a rise in the desire for deferred payments in online shopping and an upswing in expenditures on high-value goods are poised to present promising prospects for the market's growth throughout the projected duration.
Various providers of BNPL solutions are forging partnerships with other fintech enterprises to deliver efficient BNPL services. For instance, in July 2023, At Home unveiled a fresh financing alternative, "Synchrony Pay Later." This offering was introduced to provide customers with a BNPL solution. Through this program, individuals can apply for interest-free loans that facilitate the ease of making equal payments over three months for individual purchases ranging from USD 75 to USD 400, all the while not adversely impacting their credit ratings.
The COVID-19 pandemic yielded a favorable influence on the BNPL market. An array of unforeseen challenges arising from widespread lockdowns, restrictions on mobility, both for individuals and goods, the implementation of social distancing measures, and the amplified recognition of BNPL solutions prompted numerous companies to embrace these solutions. This strategic shift was primarily aimed at elevating the quality of the customer experience in a dynamically changing landscape.
In the wake of the pandemic's disruptions, businesses sought innovative avenues to accommodate evolving consumer preferences and circumstances. With physical stores shuttered and traditional payment methods potentially less feasible, the attraction of BNPL solutions grew significantly. These solutions offered consumers an appealing alternative to make purchases without immediate financial strain, aligning well with the uncertainties posed by the pandemic.
As a result of this trend, BNPL solution providers experienced remarkable surges in both their customer base and transaction volumes. The appeal of spreading payments over time, often without incurring interest, resonated strongly with consumers seeking financial flexibility during a time of economic uncertainty. This in turn led to the exponential growth witnessed by BNPL providers, solidifying their position as a convenient and reliable option for modern-day transactions.
Polaris Market Research has segmented the buy now pay later market report based on, channel type, enterprise size, end use, and region: