Global Buy Now Pay Market , Trends and Players 2022

April 2022 •
77 pages •
Report ID: 6266789 •
Format: PDF

Summary
Table of contents

The rapid expansion of Buy Now Pay Later services detailed in a new report

The global Buy Now Pay Later market has experienced rapid growth over the past few years. This rapid expansion is projected to continue, with BNPL sales expected to more than double between 2021 and 2026, according to the report’s findings. Several market players are seeing even stronger growth than the industry’s average. These include the world’s three largest BNPL specialists, Affirm, Afterpay and Klarna. Last year alone, Klarna added around 60 million users to its customer base, while both Affirm and Afterpay increased their sales by more than three-quarters. Also regional players are benefitting from the market’s strong potential. For example, in MENA, Saudi Arabia-based Tamara and UAE’s Tabby each raised more than EUR 100 million in funding to further boost their BNPL offerings.

The secret behind BNPL’s rapid expansion is the smooth integration of these services into E-Commerce checkouts, attractive financing options like interest-free pay-in-four loans, and a relatively easy application process. Among the top motivations for consumers to use BNPL services is the ability to afford items that would otherwise be beyond their budgets and the desire to avoid paying credit card interest. Overall, BNPL is projected to grow faster than some other leading payment methods, to account for nearly a one-fourth of the world’s online retail sales in five years’ time, according to a forecast included in the report.

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