Asia Pacific Buy Now Pay Later (BNPL) Services Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 155.72 Billion |
| Market Size (2029) | USD 335.04 Billion |
| CAGR (2024 - 2029) | 16.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Buy Now Pay Later (BNPL) Services Market Analysis
The Asia Pacific Buy Now Pay Later Service Market size is estimated at USD 155.72 billion in 2024, and is expected to reach USD 335.04 billion by 2029, growing at a CAGR of 16.56% during the forecast period (2024-2029).
Buy Now Pay Later is emerging as a credit-facilitating service in the Asia Pacific region. Despite a continuous rise in the banking population in the region which exists at around 75%, the availability of credit facilities for small households and low-income category groups is still a challenge. As a remedy to this problem, BNPL services have emerged as credit facilitators providing short and long-term run credit to borrowers with different interest and payment options. With intra-regional variation existing in the region Japan, Hong Kong, South Korea, and New Zealand have emerged as countries with the highest penetration of credit cards, and India, China, and Indonesia exist as markets with low credit card penetration creating a credit gap in Asia Pacific and providing opportunities for the BNPL service providers to increase their service penetration and further investing in the region.
Share of Buy Now, Pay Later payments in e-commerce payments is observing a continuous rise in the region with Australia and New Zealand having BNPL transaction share of 10% in e-commerce. Rising fintech and the adoption of digital transactions has resulted in a rise of BNPL payment products offering by various financial intermediaries. BNPL allows users to pay transaction amounts in interest-free tranches over a period of time or through EMI payments on long-term loans with interest. Increasing fintech companies in India and China is expanding the launch of BNPL services products and this trend is expected to observe a continuous growth over the period. Among few service providers Atome, Rely, and Fundiin in Singapore and Openpay, lime pay, and pay right in Australia have emerged as major APAC startups offering BNPL services in the region.
Asia Pacific Buy Now Pay Later (BNPL) Services Market Trends
Rising Digital Payments
The market for buy now pays later payments is expanding continuously due to the increased use of online payment methods in the Asia-Pacific Region. With an expanding market of E-commerce and digital payments in the region, retailers are providing with option of BNPL in their goods to make it more flexible for users to purchase commodities and increase their sales. Thailand, South Korea, Taiwan, and Hong Kong are among the APAC countries with the largest share of BNPL in their E-commerce sales. In Asia Pacific's fastest emerging economies such as India value of the digital lending market is observing a y-o-y growth of more than 50%, creating a positive externality for businesses and investment of BNPL services in the region.
Australia Leading the Asia Pacific Market
Australia exists as a leading country in the adoption of BNPL in the Asia Pacific market. As a share in the E-commerce platform, the country exists with 14% of its payments through the BNPL methods with leading economies of China and India still existing at a significantly low share of 4%. Gen Z and Gen Y exist among the population segment in Australia driving the BNPL market with a higher frequency of Uning BNPL methods. Existing with an increasing number of BNPL providers Australia exists with more than 7 million BNPL account holders with a y-o-y growth rate of around 30%. Among the BNPL digital payment services in Australia Afterpay, Zip and Latitude Pay exist with the largest usage share. Australia is observing a continuous increase in the share of the population accumulating debt in the form of BNPL which is leading to an increasing number of services offering BNPL as an option.
Asia Pacific Buy Now Pay Later (BNPL) Services Industry Overview
Asia Pacific Fintech Market is fragmented with a large number of market players offering their BNPL services in the region. Rising financial inclusion and increasing E-commerce purchases using credit in the region are leading to domestic and international players increasing their market presence and tapping new markets. Some of the existing players in the Asia Pacific Buy Now Pay Later market are Reepay, Akulaku, Hoolah, Atome, and Pine Lab.
Asia Pacific Buy Now Pay Later (BNPL) Services Market Leaders
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Reepay
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Akulaku
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Hoolah
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Atome
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Pine Lab
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Buy Now Pay Later (BNPL) Services Market News
- In June 2022, China E-commerce firm Kuaishou launched Sesame Credit's buy now and pay later (BNPL) service. Under the service users with a Sesame score of 550 and above will be able to order, receive, and try the products before paying on its e-commerce platform allowing its customers to easily return and exchange goods.
- In February 2023, CRED launched its buy now and pay later service in India. The feature will allow customers to make payments on the app and across different partner merchants, including Swiggy, Zepto, and Urban Company, and allow users to clear the bill at no charge within 30 days.
Asia Pacific Buy Now Pay Later (BNPL) Services Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Lack Of Credit Availability In Small Transaction Driving BNPL Services
- 4.2.2 Rise In The Value Of Digital Transaction In Asia Pacific
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4.3 Market Restraints
- 4.3.1 BNPL Availability To Users With Poor Credit History Affecting The Market
- 4.3.2 High Rate Of Interest In Long Term Credit Affecting Demand
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4.4 Market Opportunities
- 4.4.1 Customized BNPL Product Demand With Expansion Of Service In Different Assets
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4.5 Industry Attractiveness - Porters' Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Technological Innovations in the Asia Pacific Buy Now Pay Later Service Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Channel
- 5.1.1 Online
- 5.1.2 POS
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5.2 By Enterprise
- 5.2.1 Large Enterprises
- 5.2.2 Small & Medium Enterprises
- 5.2.3 Others
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5.3 By End User
- 5.3.1 Consmer electronics
- 5.3.2 Fashion & garments
- 5.3.3 Healthcare
- 5.3.4 Leisure & entertainment
- 5.3.5 Retail
- 5.3.6 Others
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5.4 By Country
- 5.4.1 India
- 5.4.2 China
- 5.4.3 Japan
- 5.4.4 Australia
- 5.4.5 New Zealand
- 5.4.6 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Reepay
- 6.2.2 Akulaku
- 6.2.3 Hoolah
- 6.2.4 Atome
- 6.2.5 Pine Lab
- 6.2.6 Zest Money BNPL
- 6.2.7 Openpay (Australia)
- 6.2.8 Rely (Singapore)
- 6.2.9 Limepay (Australia)
- 6.2.10 PayRight (Australia)*
- *List Not Exhaustive
7. MARKET FUTURE TREND
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityAsia Pacific Buy Now Pay Later (BNPL) Services Industry Segmentation
BNPL has emerged as an alternative finance payment method that allows the user to make a purchase and make its payment over a period of time with different options of interest-free payments for short-term credit and fixed interest payments in the form of fixed EMI for long-term credit. This product resulted in an increase in purchasing power of the people in the Asia Pacific region.
Asia Pacific's Buy Now Pay Later Services Market is segmented by channel, enterprise, end user, and by country. By channel the market is segmented by online, and pos. By Enterprise the market is segmented into large enterprises, small, and medium Enterprises. By End User the market is segmented into consumer electronics, fashion and garments, healthcare, leisure and entertainment, Retail, and others. By Country, the market is segmented into China, India, Australia, Singapore, Hongkong, and the Rest of Asia-Pacific. The report offers market size and forecasts for the Asia Pacific buy now pay later services market in value (USD) for all the above segments.
| By Channel | Online |
| POS | |
| By Enterprise | Large Enterprises |
| Small & Medium Enterprises | |
| Others | |
| By End User | Consmer electronics |
| Fashion & garments | |
| Healthcare | |
| Leisure & entertainment | |
| Retail | |
| Others | |
| By Country | India |
| China | |
| Japan | |
| Australia | |
| New Zealand | |
| Rest of Asia Pacific |
Asia Pacific Buy Now Pay Later (BNPL) Services Market Research FAQs
How big is the Asia Pacific Buy Now Pay Later Service Market?
The Asia Pacific Buy Now Pay Later Service Market size is expected to reach USD 155.72 billion in 2024 and grow at a CAGR of 16.56% to reach USD 335.04 billion by 2029.
What is the current Asia Pacific Buy Now Pay Later Service Market size?
In 2024, the Asia Pacific Buy Now Pay Later Service Market size is expected to reach USD 155.72 billion.
Who are the key players in Asia Pacific Buy Now Pay Later Service Market?
Reepay, Akulaku, Hoolah, Atome and Pine Lab are the major companies operating in the Asia Pacific Buy Now Pay Later Service Market.
What years does this Asia Pacific Buy Now Pay Later Service Market cover, and what was the market size in 2023?
In 2023, the Asia Pacific Buy Now Pay Later Service Market size was estimated at USD 129.93 billion. The report covers the Asia Pacific Buy Now Pay Later Service Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Buy Now Pay Later Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Buy Now Pay Later Services Industry Report
Statistics for the 2024 Asia Pacific Buy Now Pay Later Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Buy Now Pay Later Service analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
