ASIA PACIFIC BUY NOW PAY LATER SERVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

Asia Pacific Buy Now Pay Later Services Market is segmented by Channel (Online, and POS), by Enterprise (Large enterprise, and small & medium enterprise), by End User (Consumer Electronics, Fashion & Garments, Healthcare, Leisure and entertainment, Retail, and others), and by Country (China, India, Australia, Singapore, Hongkong, and the Rest of Asia-Pacific).

Market Snapshot

Asia Pacific Buy Now Pay Later Service Market Size
Study Period: 2018-2027
Base Year: 2021
CAGR: >15 %
Asia Pacific Buy Now Pay Later Service Market Major Players

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Market Overview

Due in great part to the increase in e-commerce and digital banking during the COVID-19 epidemic, the Buy Now Pay Later (BNPL) business experienced substantial growth. The BNPL market has expanded unevenly throughout Asia Pacific (AP) jurisdictions, regardless of how quickly it has done so. The Australian Securities and Investments Commission (ASIC) reports that during the first year of the COVID-19 epidemic, the amount of BNPL transactions in Australia surged by 43%. However, BNPL transactions only make up a minor part of all consumer transactions in other AP jurisdictions.

Pandemic turned people towards online shopping, increasing digital payments and easy tax-free loans driving. 71% have been purchasing more items online since the pandemic, Clothing and Electronics are the major products purchased by BNPL service.

The demand and market expansion are mostly being driven by a sizable young population.  The region would likely draw more investment in the near to medium term due to the increasing demand for BNPL. One of the top BNPL markets in this area is Australia. The market in the nation experienced substantial growth as more and more customers are gravitating toward BNPL services, particularly because of interest-free delayed payment options. The sector is anticipated to draw additional investment opportunities in the short to medium term thanks to a supportive regulatory environment and the presence of the top BNPL firms in the world.

Scope of the Report

Asia Pacific Buy Now Pay Later Services Market is segmented by Channel (Online, and POS), by Enterprise (Large enterprise, and small & medium enterprise), by End User (Consumer Electronics, Fashion & Garments, Healthcare, Leisure and entertainment, Retail, and others), and by Country (China, India, Australia, Singapore, Hongkong, and the Rest of Asia-Pacific).

By Channel
Online
POS
By Enterprise
Large Enterprises
Small & Medium Enterprises
Others
By End User
Consmer electronics
Fashion & garments
Healthcare
Leisure & entertainment
Retail
Others
By Country
India
China
Japan
Australia
New Zealand
Rest of Asia Pacific

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Key Market Trends

Increase in Adoption of Online Payment Methods Among the People

The market for buy now pay later payments is expanding more quickly thanks to the increased use of online payment methods throughout Asia - Pacific Region. One of the key elements that encourage the adoption of online payment technologies among people is the availability of high-speed internet access. Other important drivers include the increase in smartphone penetration and the rise in awareness of digital payment services. The region's large population of internet users is also anticipated to open up new market expansion potential.

Numerous businesses including small & medium-sized businesses across the globe are expected to focus on adopting the fastest-growing online payment methods and thus the increase in digital payment transactions among developing nations such as China, Japan, and India is boosting the digital transaction and buy now pay later market.

Asia Pacific Buy Now Pay Later Service Market Trends

Investment in Major BNPL Start-Up

Atome, a Buy Now, Pay Later (BNPL) startup based in Singapore, had received the biggest amount of money in the Asia-Pacific area as of March 2022, totalling 500,000,000 USD. Openpay, an Australian fintech firm with a BNPL service, came in second with more than 281 million dollars in total funding as of March 2022.

Asia Pacific Buy Now Pay Later Service Market Forecast

Competitive Landscape

The report covers major players operating in Asia Pacific Buy Now Pay Later services market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets.

Recent Development

  • In September 2021, Zip revealed that the company is spending US$50 million to buy a small part in ZestMoney, an Indian BNPL platform. Its aspirations to enter new growth markets include this tactical investment in ZestMoney. India has a sizable young consumer population that is increasingly drawn to cashless payment methods.
  • In 2021, Zest Money and Colive, a prop-tech platform for rental housing team up to provide customers with the convenience of Pay Later/equivalent monthly instalments (EMI) on their stay rent.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Landscape

    5. 4.5 Insights on impact of technology and innovation in the Market

    6. 4.6 Value Chain Analysis

    7. 4.7 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitutes

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Channel

      1. 5.1.1 Online

      2. 5.1.2 POS

    2. 5.2 By Enterprise

      1. 5.2.1 Large Enterprises

      2. 5.2.2 Small & Medium Enterprises

      3. 5.2.3 Others

    3. 5.3 By End User

      1. 5.3.1 Consmer electronics

      2. 5.3.2 Fashion & garments

      3. 5.3.3 Healthcare

      4. 5.3.4 Leisure & entertainment

      5. 5.3.5 Retail

      6. 5.3.6 Others

    4. 5.4 By Country

      1. 5.4.1 India

      2. 5.4.2 China

      3. 5.4.3 Japan

      4. 5.4.4 Australia

      5. 5.4.5 New Zealand

      6. 5.4.6 Rest of Asia Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Reepay

      2. 6.2.2 Akulaku

      3. 6.2.3 Hoolah

      4. 6.2.4 Atome

      5. 6.2.5 Pine Lab

      6. 6.2.6 Zest Money BNPL

      7. 6.2.7 Openpay (Australia)

      8. 6.2.8 Rely (Singapore)

      9. 6.2.9 Limepay (Australia)

      10. 6.2.10 PayRight (Australia)

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

**Subject to Availability

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Frequently Asked Questions

The Asia Pacific Buy Now Pay Later Service Market market is studied from 2018 - 2027.

The Asia Pacific Buy Now Pay Later Service Market is growing at a CAGR of >15% over the next 5 years.

Reepay, Akulaku, Hoolah, Atome, Pine Lab are the major companies operating in Asia Pacific Buy Now Pay Later Service Market .

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