Allied Market Research

2024

Buy Now Pay Later Application Market

Buy Now Pay Later Application Market Size, Share, Competitive Landscape and Trend Analysis Report by Channel, by End User and by Enterprise Size : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : Financial Services

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Author's: | Onkar Sumant
Publish Date:

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Platforms that allow users to buy now and pay later provides an access to purchase products immediately and pay for them later. Due to the ‘No Interest' benefit, this platform has become extremely popular in the last 2-3 years. Many buy-now-pay-later services, such as after pay, do not charge interest for a set period. Furthermore, several banks are pressuring FinTech companies to deploy and provide offline solutions to overcome internet network constraints, particularly in rural areas. The easy accessibility of the financing services, cost saved by the consumer, and rise in consumer service experience are expected to boost the buy now pay later application market in the near future.

The global buy now pay later application market is segmented on the basis of enterprise size, end user, and region. Based on enterprise size, the market is bifurcated into large enterprises, and small & medium-sized enterprises. On the basis of end user, the market is divided into fashion & garment industry, consumer electronics, cosmetic industry, healthcare, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global buy now pay later application industry include humm BNPL, Openpay, Klarna Inc.,  Latitude Group, Splitit, PayPal,  Affirm Inc., Sezzle,  Zip Co. Limited, and Afterpay US Services LLC. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global buy now pay later application market. 

Top Impacting Factors

Higher transparency due to the adoption of digitalization, providing a better consumer experience, and early adoption by rural areas are driving the growth of the buy now pay later application market share. However, high barriers to entry are expected to hamper the growth of the market. Contrarily, the rise in demand for smart devices for safety and security concerns during transactions can be seen as an opportunity for the market.

Rise in Demand For Smart Devices For Safety & Security Concerns During Transactions

The increase in adoption of the smart band for payment such as business transactions, and other cashless transactions is having a rapid penetration of buy now pay later transactions through the use of online platforms. Furthermore, increasing cyber-attacks on mobile payment systems globally have shifted the preference of the majority of consumers towards paying later payment methods. 

Moreover, the majority of banks & financial institutions introduced discounted bill receivable payments to improve the security & convenience of the transaction process. For instance, in 2020, a study report by Apple, Inc. witnessed 90% of transactions were executed via smart devices in Australia & New Zealand. Therefore, a rise in demand for buy now pay later is expected to foster market growth during the forecast period.

High Barriers in Entry

Buy now and later involves a high volume of funds. As a result, companies bidding for such projects must have a larger free cash flow and a high level of technical expertise in the relevant field, as well as a larger team to recover money from the market. Moreover, high-net-worth businesses are generally eager to recover their money to manage their day-to-day expenses and high involvement in larger projects requires funds, therefore It becomes important to recover money from customers without failure. High-profit margins, licenses, and skilled labor requirements make the buy now pay later application market very competitive and therefore become a barrier to entry in this market.

Key Benefits of the Report

  • This study presents an analytical depiction of the buy now pay later application market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the buy now pay later application market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed buy now pay later application market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

  • The COVID-19 has harmed the economies of many countries around the world. According to an analysis by the International Monetary Fund, the global economy is expected to contract by 3% in 2020. Along with the decline in GDP, consumers purchasing power is expected to fall globally.
  • Furthermore, consumers have been increasingly using BNPL platforms primarily for paying their bills during the pandemic. Buy now pay later (BNPL) platforms are expected to see an increase in online transactions during the forecasted period.

 

Questions Answered in the Buy Now Pay Later Application Market Research Report

  • Which are the leading players active in the buy now pay later application market?
  • What would be the detailed impact of COVID-19 on the buy now pay later application market size?
  • What are current buy now pay later application market trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global market?
  • What are the projections for the future that would help in taking further strategic steps?

Buy Now Pay Later Application Market Report Highlights

Aspects Details
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By Channel
  • Online
  • POS
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By End User
  • Fashion & garment industry
  • Consumer electronics
  • Cosmetic industry
  • Healthcare
  • Leisure & Entertainment
  • Retail
  • Others
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By Enterprise Size
  • Large Enterprises
  • Small & Medium Enterprises
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Rest Of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Quadpay, Inc., Splitit, PayPal Holdings, Inc., Klarna Inc., LatitudePay, Afterpay, Sezzle, Openpay, Perpay Inc., Affirm, Inc.

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Buy Now Pay Later Application Market

Global Opportunity Analysis and Industry Forecast, 2023-2032