Market Size of Asia Pacific Buy Now Pay Later Service Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 155.72 Billion |
| Market Size (2029) | USD 335.04 Billion |
| CAGR (2024 - 2029) | 16.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia Pacific Buy Now Pay Later (BNPL) Services Market Analysis
The Asia Pacific Buy Now Pay Later Service Market size is estimated at USD 155.72 billion in 2024, and is expected to reach USD 335.04 billion by 2029, growing at a CAGR of 16.56% during the forecast period (2024-2029).
Buy Now Pay Later is emerging as a credit-facilitating service in the Asia Pacific region. Despite a continuous rise in the banking population in the region which exists at around 75%, the availability of credit facilities for small households and low-income category groups is still a challenge. As a remedy to this problem, BNPL services have emerged as credit facilitators providing short and long-term run credit to borrowers with different interest and payment options. With intra-regional variation existing in the region Japan, Hong Kong, South Korea, and New Zealand have emerged as countries with the highest penetration of credit cards, and India, China, and Indonesia exist as markets with low credit card penetration creating a credit gap in Asia Pacific and providing opportunities for the BNPL service providers to increase their service penetration and further investing in the region.
Share of Buy Now, Pay Later payments in e-commerce payments is observing a continuous rise in the region with Australia and New Zealand having BNPL transaction share of 10% in e-commerce. Rising fintech and the adoption of digital transactions has resulted in a rise of BNPL payment products offering by various financial intermediaries. BNPL allows users to pay transaction amounts in interest-free tranches over a period of time or through EMI payments on long-term loans with interest. Increasing fintech companies in India and China is expanding the launch of BNPL services products and this trend is expected to observe a continuous growth over the period. Among few service providers Atome, Rely, and Fundiin in Singapore and Openpay, lime pay, and pay right in Australia have emerged as major APAC startups offering BNPL services in the region.
