Global buy now pay later market was valued at US$ 5.01 billion in 2021, and the market size is estimated to reach US$ 25.26 billion by 2028, at a CAGR of 26% over the forecast period (2022–2028).

Westford, USA, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The demand for buy now pay later market is on the rise. With more people wanting to avoid the hassle of dealing with bills and debt, these products are becoming increasingly popular across the globe. There are a number of benefits to using buy now pay later products, including being able to avoid interest charges on credit cards and getting money sooner rather than later.

There are a number of different buy now pay later products available on the market. Some allow customers to purchase items and pay for them over time, while others require customers to make small payments each month. Whatever the type of product, there are several reasons why it could be a good choice for someone looking to save money.

A recent study by SkyQuest and data obtained from World Bank found that buy now pay later market grew from 0.2 percent of total e-commerce sales in 2014 to 3.1 percent of total e-commerce sales in 2021 This suggests that there is a growing trend of consumers wanting to take advantage of deferred payments. This could be due to several reasons, including changes in consumer behavior and the growth of e-commerce platforms. For example, many people are now shopping online instead of in physical stores, which means they are more likely to make purchases using BNPL products.

On the other hand, BNPY can be beneficial for retailers. It allows them to promote and sell items that might not be appealing to buyers who are looking for an outright purchase. For example, if an item is on sale but requires a down payment, BNPY could be a good option for buyers.

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62% Consumers are Opting for Buy Now Pay Later to Save Money, Says SkyQuest Recent Survey

Recently, there has been a surge in the popularity of buy now pay later market. BNPL schemes allow people to defer payment for goods and services until a later date. The main reasons people use BNTL schemes are to save money and to delay commitments. As per SkyQuest’s recent survey on Buy Now Pay Later market found that out 10,000 participants, almost 64% of respondents said that they use BNTL schemes because they want to save money, while nearly 32% use it to delay commitments. A further 33% say that BNTL is sometimes useful when they need the product but do not have the money right then to pay for it.

Interestingly, there are varied reasons why people choose to use BNTL schemes depending on where they are in the world. Across all regions studied, those in North America were most likely to report using BNTL for financial reasons (72%), while those in Asia Pacific were least likely to do so (30%).

Interestingly, there is growing awareness of the benefits of BNTL schemes across different socio-economic groups. Financial motivations remain the main reason cited by those from higher socio-economic groups.

India has Untapped Revenue Potential of 94 billion in Digital Lending and Buy Now Pay Later Market by 2028

Indians are notoriously latecomers in this regard. Going by 2021 data, India accounted for just 4.8% of all online shoppers in the world and is expected to reach 10.7% by 2024. With 46% of them belonging to the 18-35 age bracket, we can rest assured that there is an untapped revenue potential. As per recent findings and analysis of India buy now pay later market, the country is expected to witness the fastest growth of over 90% growth with each passing year. In fact, the country digital lending and BNPL market is expected to surpass the market value of over 6.91 billion by the end of 2022.

Buy now, pay later market has become increasingly popular in India in recent years. These services allow customers to purchase items now and pay for them later, either in installments or in one lump sum. BNPL providers typically partner with merchants to offer their services at checkout.

Recent data suggests that BNPL use is on the rise in India. A 2021 report from SkyQuest found that 48% of Indian consumers had used BNPL services in the past 12 months, up from 20% in 2018. This growth is largely driven by younger consumers: the report also found that 60% of BNPL users in India are aged 18-34.

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The popularity of buy now pay later market in India can be attributed to a number of factors. One is the growing availability of such services: as of 2022, there were at least 16 BNPL providers operating in the country, up from just two in 2016. Another is the country's burgeoning e-commerce sector: according to SkyQuest Technology consulting, online retail sales in India are expected to grow from $30 billion in 2017 to $200 billion by 2026. This growth is creating new opportunities for BNPL providers to partnering with merchants.

The Indian appetite for buying stuff on credit is insatiable. And, right now, there's nothing standing in the way of consumers satisfying their hunger for purchases.

No matter what the financial headwinds may be, it seems that Indian consumers will always find a way to buy what they want. Whether it's through traditional loans, credit cards, or newer "buy now, pay later" (BNPL) platforms, Indians always seem to find a way to keep buying.

This is good news for merchants and businesses who rely on consumer spending to drive their growth. As long as Indian consumers keep buying, businesses will continue to thrive.

SkyQuest has done a detailed analysis of the India and other leading countries in global buy now pay later market. The report provide understanding about the current active players in the market, their market share, business model, consumers behavior, their buying decision, and impact of e-commerce on growth of BNPL. Apart from this, the report provides in-depth market analysis based on challenges, threat, and opportunities in the market.

Recent Development on Global Buy Now Pay Later Market

• In July 2022, Zip and Sezzle cancel proposed merger

• In July 2022, Samsung entered into buy now pay later for its flagship offerings

• In July 2022, LazyPay stopped operation of its UPI based BNPL services on account of growing concerns over PPI

• In June 2022, Apple announced to enter into buy now pay later market and start lending

• In April 2022, Payroc Acquired Worldnet, a payments platform provider

• In January 2022, Payroc Acquired East Commerce

• In July 2021, Klarna acquired Stocard

• In July 2021, Bharpe entered into India buy now pay later market in the name of PostPe

• In July 2021, PayPal Entered into Australia BNPL market

SkyQuest has published a report on buy now pay later market that covers over 100 recent developments and its impact on the market and existing players. The report also provides deep analysis about new entrants and their business models with comparative analysis. This analysis can provide a market participant an edge over understanding the market opportunities over other market players.

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Key Players in Global Buy Now Pay Later Market

• Affirm Holdings Inc. (US)

• Paypal (US)

• Klarna Bank AB (publ) (Sweden)

• Laybuy Group Holdings Limited (New Zealand)

• Perpay Inc. (Philadelphia)

• Quadpay (US)

• Sezzle (US)

• Payl8r (UK)

• Splitit (US)

• Billie (Germany)

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