Buy Now Pay Later Market Size To Reach $38.57 Billion By 2030

August 2023 | Report Format: Electronic (PDF)

Buy Now Pay Later Market Growth & Trends

The global buy now pay later market size is projected to reach USD 38.57 billion by 2030, registering a CAGR of 26.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the high purchasing power offered by the Buy Now Pay Later (BNPL) platforms, coupled with benefits such as interest-free and convenient payments. On the other hand, an increase in the demand for delayed payments for online shopping and a surge in spending on high-cost products are expected to offer lucrative opportunities for the market over the forecast period.

Several BNPL solution providers are striking partnerships with other fintech companies to offer BNPL services efficiently. For instance, in July 2023, At Home, a prominent home furnishing store chain in the U.S., introduced a new financing option, Synchrony Pay Later, to offer customers a BNPL solution. Through this program, consumers can apply for interest-free loans to make convenient equal payments over three months for single purchases ranging from USD 75 to USD 400 without negatively impacting their credit scores. This initiative complements At Home's existing At Home Insider Perks credit card, which provides six-month special financing options for qualifying purchases at the store. By integrating Synchrony Pay Later, At Home aims to provide customers with flexible and accessible payment alternatives for a seamless shopping experience.

Moreover, several fintech companies are focusing on developing innovative BNPL features for local shoppers worldwide. For instance, in March 2021, Payflex announced the launch of the BNPL feature for local shoppers in South Africa. Through this launch, local consumers would be able to purchase items from 500 well-known stores such as Superbalist, Cotton-on, and many more.

The COVID-19 pandemic had a positive impact on the BNPL market. A myriad of unexpected issues stemming from lockdowns, restrictions on people and goods movement, social distancing measures, and the growing awareness of BNPL solutions prompted various companies to adopt BNPL solutions to provide a better customer experience. As a result, BNPL solution providers witnessed exponential growth in their customer base and transaction volumes. For instance, overall BNPL transactions on ZestMoney jumped 300% in 2021 compared to 2020.

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Buy Now Pay Later Market Report Highlights

  • In terms of channel, the POS segment is anticipated to register a significant CAGR over the forecast period. The availability of BNPL services at the POS provides a competitive advantage for retailers, as it can boost sales and increase customer loyalty. By offering BNPL as a payment option, retailers can attract more customers, particularly those who may have hesitated to purchase due to budget constraints or upfront payment requirements

  • Based on enterprise size, the small & medium enterprises (SMEs) segment is anticipated to register the fastest CAGR of 27.4% over the forecast period. SMEs are widely adopting the BNPL services to maximize their tax deductions. These services help enterprises manage their expenses with flexible repayment options and transparent fees

  • In terms of end-use, the retail segment dominated the market in 2022 with a revenue share of more than 73% as a result of rising awareness among millennials who are rapidly adopting BNPL services for paying for clothing, electronics, and others

  • In terms of region, with the presence of a large number of BNPL service providers, the North America region dominated the market in 2022 with a revenue share of more than 29%, and is expected to create growth opportunities for the regional market growth over the forecast period

Buy Now Pay Later Market Segmentation

Grand View Research has segmented the global buy now pay later market based on channel, enterprise size, end-use, and region:

Buy Now Pay Later Channel Outlook (Revenue, USD Billion, 2017 - 2030)

  • Online

  • POS

Buy Now Pay Later Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

  • Large Enterprises

  • Small & Medium Enterprises

Buy Now Pay Later End-use Outlook (Revenue, USD Billion, 2017 - 2030)

  • Retail

    • Consumer Electronics

    • Fashion & Garment

    • Others

  • Healthcare

  • Leisure & Entertainment

  • Automotive

  • Others

Buy Now Pay Later Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Sweden

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • UAE

    • Kingdom Saudi Arabia (KSA)

    • South Africa

List of Key Players in the Buy Now Pay Later Market

  • Affirm, Inc.

  • Klarna Inc.

  • Splitit Payments, Ltd.

  • Sezzle

  • Perpay Inc.

  • Zip Co, Ltd

  • PayPal Holdings, Inc.

  • AfterPay Limited

  • Openpay

  • LatitudePay Financial Services

  • HSBC Group

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