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 |
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.
Buy Now Pay Later (BNPL) Services Industry Segmentation
The Buy now pay later market is segmented by Channel (Online and POS), By End User Type (Kitchen Appliances, Other Consumer Electronics, Fashion & Personal Care, Healthcare, Other Products), and By Geography (North America, Europe, Asia-Pacific, Latin America and Rest of the World). For each segment, the market sizing and forecasting have been done in value terms of USD million.
The report also offers a complete background analysis of the Global Buy now, Pays later market, including the analysis and forecast of market size, market segments, industry trends, major players, and growth drivers.
| By Application | |
| Online | |
| POS |
| By Product Category | |
| Kitchen Appliances | |
| Other Electronic Appliances (TVs, Mobiles, Laptops, Tablets, etc) | |
| Fashion and Personal Care | |
| Healthcare | |
| Other Products |
| By Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
| Rest of The World |
Buy Now Pay Later (BNPL) Services Market Size Summary
The Buy Now Pay Later (BNPL) services market is experiencing significant growth, driven by the increasing adoption of digital payment methods and the rising demand for flexible payment solutions among consumers, particularly Millennials and Generation Z. BNPL allows customers to make purchases online and in stores without paying the full amount upfront, offering interest-free installments and fixed payment schedules. The popularity of these services has surged, especially post-pandemic, as consumers seek convenient budgeting tools. The market is further bolstered by the proliferation of high-speed internet, smartphone penetration, and heightened awareness of digital payment services, which are encouraging the adoption of BNPL solutions globally.
Regionally, Northwestern Europe, Australia, and New Zealand are prominent markets for BNPL services, with Sweden and Germany leading in market size. In the Asia Pacific, countries like Australia, India, China, Singapore, Indonesia, and Malaysia are witnessing strong demand for BNPL options, fueled by e-commerce growth and mobile internet penetration. The market is moderately fragmented, with major players such as Afterpay, Affirm, Inc., Klarna Inc., and PayPal Holdings, Inc. playing significant roles. The COVID-19 pandemic has accelerated the adoption of BNPL platforms as consumers increasingly turned to online shopping and sought flexible payment options amid economic challenges. This trend is expected to continue, with BNPL services becoming a crucial payment method for both consumers and merchants, driven by the expanding e-commerce industry.
Buy Now Pay Later (BNPL) Services Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.1.1 Prominence of E-commerce - B2B vs B2C markets Across The Globe
-
1.1.2 A Spotlight on Spending Behaviour of Online Shopping Platforms
-
-
1.2 Market Drivers (Covid Imposed Lockdowns made BNPL more popular than ever, lack of credit cards/ bad credit scores of buyers, etc)
-
1.3 Market Challenges (BNPL can have similar impact of credit card debts)
-
1.4 Key Trends Impacting The Market
-
1.5 A Deepdive into Demographics of Consumers Preferring BNPL
-
1.6 Porter's Five Forces Analysis
-
1.6.1 Threat of New Entrants
-
1.6.2 Bargaining Power of Buyers/Consumers
-
1.6.3 Bargaining Power of Suppliers
-
1.6.4 Threat of Substitute Products
-
1.6.5 Intensity of Competitive Rivalry
-
-
1.7 PESTLE Analysis
-
1.8 Impact of Covid-19 on the market
-
-
2. MARKET SEGMENTATION
-
2.1 By Application
-
2.1.1 Online
-
2.1.2 POS
-
-
2.2 By Product Category
-
2.2.1 Kitchen Appliances
-
2.2.2 Other Electronic Appliances (TVs, Mobiles, Laptops, Tablets, etc)
-
2.2.3 Fashion and Personal Care
-
2.2.4 Healthcare
-
2.2.5 Other Products
-
-
2.3 By Geography
-
2.3.1 North America
-
2.3.1.1 US
-
2.3.1.2 Canada
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 UK
-
2.3.2.3 France
-
2.3.2.4 Russia
-
2.3.2.5 Spain
-
2.3.2.6 Sweden
-
2.3.2.7 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 India
-
2.3.3.2 China
-
2.3.3.3 Japan
-
2.3.3.4 Australia
-
2.3.3.5 New Zealand
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Latin America
-
2.3.4.1 Mexico
-
2.3.4.2 Brazil
-
2.3.4.3 Rest of Latin America
-
-
2.3.5 Rest of The World
-
-
Buy Now Pay Later (BNPL) Services Market Size FAQs
What is the current Buy Now Pay Later (BNPL) Services Market size?
The Buy Now Pay Later (BNPL) Services Market is projected to register a CAGR of greater than 22% during the forecast period (2024-2029)
Who are the key players in Buy Now Pay Later (BNPL) Services Market?
Affirm Holdings, Inc, Afterpay, Paypal Holdings, Inc, Klarna Inc and Sezzle are the major companies operating in the Buy Now Pay Later (BNPL) Services Market.
