Buy Now Pay Later Services Market Size (2024 - 2029)

The buy now pay later services market in Canada has experienced significant growth, driven by the increased adoption of online shopping during the COVID-19 pandemic and partnerships between major payment providers to offer flexible financing options. This market expansion is further supported by retailers providing installment payment plans for everyday purchases and businesses utilizing these services for operational financing. The technology's popularity among the youth, who benefit from financing options for high-cost items and educational expenses, also contributes to the market's growth trajectory.

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Market Size of Buy Now Pay Later Services Industry

canada buy now pay later services market size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 20.00 %
Market Concentration Medium

Major Players

canada buy now pay later services market share

*Disclaimer: Major Players sorted in no particular order

Canada Buy Now Pay Later Market Analysis

Due to an increase in customers purchasing items through online channels to limit the transmission of the coronavirus during the COVID-19 pandemic, the buy now pay later payment platform has seen a large surge. Furthermore, major payment solution providers like Visa and Mastercard have established partnerships to offer reasonable insinstallmentnancing options, which will help the industry thrive throughout the epidemic. Furthermore, during the COVID-19 pandemic, consumer spending on health care, the cost of luxury electronic devices, and the usage of online payment services are all major elements that boosted the expansion of the purchase now pay later market.

Retailers are increasingly offering buy now, pay later options, allowing customers to acquire everyday necessities by selecting an affordable financing plan and paying in installments rather than paying the whole pricinstallmentsce. Several business owners across Canada have been utilizing the buy now pay later payment platform to finance significant equipment, purchase raw materials, and pay staff salaries, fueling the buy now pay later market's expansion. Furthermore, as a result of the increased adoption of buy now pay later payment technology among the youth, which provides several benefits such as purchasing high-cost smartphones and laptops, paying tuition fees and stationery products, and paying the canteen bill, the buy now pay later market is expected to grow.

Canada Buy Now Pay Later Industry Segmentation

Customers may now purchase everyday essentials by picking a reasonable financing plan and paying in installments rather than paying the whole amount up front, as businesses increasingly offer to buy now pay later choices. Several business owners worldwide have used the buy now pay later platform to finance large equipment, purchase raw materials, and pay employee wages, accelerating the buy now pay later market growth in countries like Canada. Canada Buy Now Pay Later Services Market is segmented By Channel (Online, POS), By Enterprise Size (Large, SME), and By End Use (Consumer Electronics, Fashion & Garment, BFSI, HealthCare, and Others).

By Channel
Online
POS
By Enterprise Size
Large
SME
By End Use
Consumer Electronics
Fashion & Garment
BFSI
HealthCare
Others
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Buy Now Pay Later Services Market Size Summary

The Canada Buy Now Pay Later (BNPL) services market has experienced significant growth, driven by the shift towards online shopping during the COVID-19 pandemic. This shift was further supported by partnerships between major payment solution providers like Visa and Mastercard, which offered installment financing options. The pandemic also saw increased consumer spending on healthcare, luxury electronics, and online payment services, all contributing to the market's expansion. Retailers have increasingly adopted BNPL options, allowing customers to purchase everyday items through affordable financing plans. This trend is not only benefiting consumers but also business owners who utilize these platforms for financing equipment, raw materials, and salaries, thereby fueling market growth.

The adoption of BNPL services is further accelerated by the rise of digital payment methods in Canada, including mobile payments, debit, and credit cards, which offer benefits like lower transaction costs and enhanced security. The proliferation of high-speed internet, smartphone usage, and awareness of digital payment services are key factors encouraging the use of these technologies. The BNPL method provides economical and convenient payment services, fast credit card transfers, and increased personal information security. Additionally, features like QR-code payments and UPI techniques are propelling market growth. The market is also witnessing technological advancements and product innovations, with key players focusing on improving production capacity to enhance exports. Notable companies in this space include Afterpay, Sezzle, ZIP, Klarna, and Affirm, with recent collaborations like Yapstone's partnership with Sezzle expanding BNPL options into new sectors such as vacation rentals.

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Buy Now Pay Later Services Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Various Regulatory Trends

    5. 1.5 Insights on impact of technology and innovation

    6. 1.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Channel

      1. 2.1.1 Online

      2. 2.1.2 POS

    2. 2.2 By Enterprise Size

      1. 2.2.1 Large

      2. 2.2.2 SME

    3. 2.3 By End Use

      1. 2.3.1 Consumer Electronics

      2. 2.3.2 Fashion & Garment

      3. 2.3.3 BFSI

      4. 2.3.4 HealthCare

      5. 2.3.5 Others

Buy Now Pay Later Services Market Size FAQs

The Buy Now Pay Later Services Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)

Afterpay, Sezzle, ZIP, Klarna and Affirm are the major companies operating in the Buy Now Pay Later Services Market.

Buy Now Pay Later Market in Canada Report Snapshots

Canada Buy Now Pay Later Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)