Market Trends of Buy Now Pay Later (BNPL) Services Industry
This section covers the major market trends shaping the Buy Now Pay Later (BNPL) Services Market according to our research experts:
Increase in Adoption of Online Payment Methods Among the People
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. 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 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 is going to dominate the BNPL Market
BNPL services in Sweden and Germany are larger than their market in the United States. Northwestern Europe is a predominant market for BNPL services. Australia and New Zealand also have BNPL services holding considerable market share in online shopping payments. BNPL payment industry in the Asia Pacific has recorded strong growth over the last year through the increase in e-commerce penetration.
Asia is home to the leading BNPL companies in the world. Countries such as Australia, India, China, Singapore, Indonesia, and Malaysia recorded strong demand for BNPL payment options in this period.
BNPL trend is becoming popular across the region as it enables customers to access credit and defer payments. The growing mobile internet penetration in the region is further expected to create growth opportunities for the regional market over the forecast period.
