Market Trends of Asia Pacific Buy Now Pay Later Service Industry
Rising Digital Payments
The market for buy now pays later payments is expanding continuously due to the increased use of online payment methods in the Asia-Pacific Region. With an expanding market of E-commerce and digital payments in the region, retailers are providing with option of BNPL in their goods to make it more flexible for users to purchase commodities and increase their sales. Thailand, South Korea, Taiwan, and Hong Kong are among the APAC countries with the largest share of BNPL in their E-commerce sales. In Asia Pacific's fastest emerging economies such as India value of the digital lending market is observing a y-o-y growth of more than 50%, creating a positive externality for businesses and investment of BNPL services in the region.
Australia Leading the Asia Pacific Market
Australia exists as a leading country in the adoption of BNPL in the Asia Pacific market. As a share in the E-commerce platform, the country exists with 14% of its payments through the BNPL methods with leading economies of China and India still existing at a significantly low share of 4%. Gen Z and Gen Y exist among the population segment in Australia driving the BNPL market with a higher frequency of Uning BNPL methods. Existing with an increasing number of BNPL providers Australia exists with more than 7 million BNPL account holders with a y-o-y growth rate of around 30%. Among the BNPL digital payment services in Australia Afterpay, Zip and Latitude Pay exist with the largest usage share. Australia is observing a continuous increase in the share of the population accumulating debt in the form of BNPL which is leading to an increasing number of services offering BNPL as an option.
