With a 29.20% CAGR, the Buy Now Pay Later Market (BNPL) poised to reach $80.52 Billion by 2032

Buy Now Pay Later Market (BNPL) Size Worth $80.52 Billion By 2032 | CAGR: 29.20%


The global buy now pay later market size is expected to reach USD 80.52 billion by 2032, according to a new study by Polaris Market Research. The report “Buy Now Pay Later Market Share, Size, Trends, Industry Analysis Report, By Channel (Online, POS), By End-use (Retail, Automotive), By Enterprise Size, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Market expansion is accredited to the substantial purchasing capability facilitated by Buy Now Pay Later (BNPL) platforms, accompanied by advantages like interest-free transactions and user-friendly payments. Conversely, a rise in the desire for deferred payments in online shopping and an upswing in expenditures on high-value goods are poised to present promising prospects for the market's growth throughout the projected duration.

Various providers of BNPL solutions are forging partnerships with other fintech enterprises to deliver efficient BNPL services. For instance, in July 2023, At Home unveiled a fresh financing alternative, "Synchrony Pay Later." This offering was introduced to provide customers with a BNPL solution. Through this program, individuals can apply for interest-free loans that facilitate the ease of making equal payments over three months for individual purchases ranging from USD 75 to USD 400, all the while not adversely impacting their credit ratings.

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The COVID-19 pandemic yielded a favorable influence on the BNPL market. An array of unforeseen challenges arising from widespread lockdowns, restrictions on mobility, both for individuals and goods, the implementation of social distancing measures, and the amplified recognition of BNPL solutions prompted numerous companies to embrace these solutions. This strategic shift was primarily aimed at elevating the quality of the customer experience in a dynamically changing landscape.

In the wake of the pandemic's disruptions, businesses sought innovative avenues to accommodate evolving consumer preferences and circumstances. With physical stores shuttered and traditional payment methods potentially less feasible, the attraction of BNPL solutions grew significantly. These solutions offered consumers an appealing alternative to make purchases without immediate financial strain, aligning well with the uncertainties posed by the pandemic.

As a result of this trend, BNPL solution providers experienced remarkable surges in both their customer base and transaction volumes. The appeal of spreading payments over time, often without incurring interest, resonated strongly with consumers seeking financial flexibility during a time of economic uncertainty. This in turn led to the exponential growth witnessed by BNPL providers, solidifying their position as a convenient and reliable option for modern-day transactions.

Buy Now Pay Later Market Report Highlights

  • POS segment will grow at substantial pace, as it provides competitive advantage to the retailers,
  • SME segment will grow rapidly, as they using BNPL to maximize profits and to reduce tax burden, and enables flexible re-payment options & and the transparent fees
  • Retail segment dominated the market, owing to rise in awareness of among millennials seeking urgent cash
  • Key players include Affirm, Klarna, Splitit Payments, Sezzle, Perpay, Zip, PayPal Holdings, and AfterPay Limited.

Polaris Market Research has segmented the buy now pay later market report based on, channel type, enterprise size, end use, and region:

Buy Now Pay Later, Channel Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Online
  • POS

Buy Now Pay Later, Enterprise Size Outlook (Revenue - USD Billion, 2019 - 2032)

  • Large Enterprises
  • Small & Medium Enterprises

Buy Now Pay Later, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Retail
    • Consumer Electronics
    • Fashion & Garment
    • Others
  • Healthcare
  • Leisure & Entertainment
  • Automotive
  • Others

Buy Now Pay Later, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Buy Now Pay Later Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 10.38 billion

Revenue forecast in 2032

USD 80.52 billion

CAGR

29.20% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Channel, By Enterprise Size, By End Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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