Market Size of Buy Now Pay Later (BNPL) Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 22.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Buy Now Pay Later (BNPL) Services Market Analysis
The Buy Now Pay Later Market is projected to register a CAGR of 22.4% during the forecast period 2022- 2027.
Buy now, pay later (BNPL) solutions, which allow consumers to pay in interest-free installments, fixed payment schedule, zero-interest, and fast approval options for customers looking to make purchases. This allows customers to spend more than they can with other payment methods.
Buy Now Pay Later (BNPL) provides a payment option for customers to make purchases online and at stores without having to pay the complete amount at once. BNPL solutions offer monthly or bi-weekly payments to enable easy purchases. The increasing awareness about digital payment has provided growth for installments-based payment methods.
BNPL Solution has increased among Millennials and Generation Z customers as they look for a convenient budgeting tool. The popularity of the buy now, pay later (BNPL)service has surged after the Global pandemic as the need for splitting the price over a period for online shopping has increased. Various platforms like Klarna, PayPal, Afterpay have stated offering BNPL services.
