Market Trends of Australia Buy Now Pay Later Services Industry
This section covers the major market trends shaping the Australia Buy Now Pay Later Services Market according to our research experts:
Increase of Non-Cash Payments helps in Market growth
The increase in the adoption of online payment methods among people across the world is accelerating the growth of the buy now pay later payment market. Non-cash payments account for most of the value of payments in the Australian economy. On average, in 2021 non-cash payments worth around USD 260 billion were made each business day, equivalent to around 12 per cent of annual GDP.
Around 75 per cent of the value of non-cash transactions is accounted for by a small number of high-value payments made through Australia's real-time gross settlement (RTGS) system. Most of the value of these payments relates to the settlement of foreign exchange and securities markets transactions.
Adoption of Digital payment technology boost the market
The availability of high-speed internet connectivity, the surge in smartphone penetration, and the rise in awareness about digital payment services are some of the important factors that boost the adoption of online payment technology among people. The high number of internet users in the region is further expected to create growth opportunities for the market.
Numerous businesses including small & medium-sized businesses are expected to focus on adopting the fastest-growing online payment methods and thus the increase in digital payment transactions is boosting the digital transaction and buy now pay later market.
