NEW YORK, September 6, 2021 / PRNewswire / – According to the findings of Zion Market Research, the buy now, pay later platform industry generated revenues of approximately $ 8.7 billion in 2020 and should generate a turnover of around $ 39.9 billion by 2028. The buy now pay later platforms market is expected to register the highest gains of around 21.2% during the period 2021-2028. Additionally, Buy Now Pay Later platforms are the tools that promote buy now pay later services which include merchant adoption, digitization, increased repeat use among end users. and a large number of companies lending at the point of sale. In addition, FinTech companies have been key lending companies offering buy-it-now credits worth nearly 8 billion US dollars To US $ 10 billion to customers in recent years, leading to market trends. With Buy Now Pay Later Loans Witnessing a Huge Increase Due to the COVID Pandemic, market to buy now pay later platforms is expected to grow significantly over the forecast period.
In addition, people who have their first job and employees working in the unorganized sector prefer to buy now and pay loans later to buy products. With buy now pay later sector processing almost US $ 15.2 billion payments and this number is expected to grow exponentially in the near future, the buy now, pay later platform market is expected to grow profitably in the years to come. In addition, consumer credit loans are integrated with online payment processes which will further drive the growth of the buy now pay later industry during the forecast period. In addition, the concept of buy now pay later has gained ground in rural areas and lower-tier towns in countries such as India, Bangladesh, Thailand, and Indonesia. This will inflate the reach of the shopping platform market now and later over the next decade.
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In addition, the use of buy-now loans does not require significant paperwork and comes with low interest charges for the client, which is expected to create a paradigm shift in the finance industry, thus mainly contributing to the buy it now platform market revenue. Plus, great features, including integration of shopping apps, card-linked payout offers, virtual rental models with option to buy, SME sales financing, off-card services, and more. larger, vertically oriented sets of banknotes will stimulate market proliferation. Apart from this, the use of vertically focused big ticket games and on and off board solutions in the elective health and powersports industries will accelerate the growth of the shopping platform industry now, d ‘purchase later in the years to come. The increase in layoffs, wage cuts, suspension of evaluations, and reduction in the scope of employment opportunities due to the wide spread of COVID have resulted in huge demand to buy now pay later. loans, thus embellishing the market value of platforms to buy now pay later.
Customer growth to buy now and pay later to drive market expansion
The massive increase in the number of customers opting for immediate purchase and subsequent payment of credits with the COVID-19 outbreak will drive the market for both buy now and pay platforms to expand over the next few years. On top of that, with an increase of over 41% in daily transactions of essential goods by hyper-local traders, the buy now pay later market is expected to grow at a high rate in the years to come. The thriving e-commerce industry and online retail business will also significantly contribute to the expansion of the market size of Buy Now and Buy On Platforms over the next two years. Citing one example, e-commerce giants such as Amazon and Flipkart offer buy-it-now platforms such as Amazon Pay and Flipkart Pay Later to help customers access a micro-credit facility. This will not only benefit the customers, but also lead to increased product sales for these ecommerce businesses.
Additionally, buy-now and check-out tools provide a seamless shopping experience for end users and as a result, a large number of brands are trying to increase the sales of their products by introducing buy-now tools. and subsequent payment in their payment options for customers. This, in turn, will lead to a rise in market profits over a long period.
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Asia-Pacific market to register highest CAGR of 8.4% during 2021-2028
Expansion of the platform market buy now pay later in Asia Pacific during the forecast period is due to the large-scale presence of businesses, including pure late payment businesses, card-led organizations, and in-store post-payment businesses offering Buy It Now credits and subsequent payment in countries such as India. With e-commerce businesses and retail stores offering customers buy now, pay later options, the buy now and pay later platform business is expected to experience multi-faceted growth of Asia Pacific area for years to come.
Major players influencing market growth and featured in the report include Klarna, Greensky, PayPal, Affirm, Afterpay, QuadPay, Tymit, Alma, Splitit, Amazon, Apple Pay, Blik, Clearbanc, Divido, Google Pay, Mastercard, Twisto, Openpay, PayBright, Revo, Stripe, Visa, ViaBill and Zilch.
This review is based on a report by Zion Market Research, titled “Global Platforms Market Buy Now, Pay Later – by end-use industry (fashion and apparel industry, consumer electronics, healthcare and others) and by company size (SMEs and large companies): Global industry outlook, full analysis and forecast, 2020– 2028. “
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The global buy now pay later platform market is segmented as follows:
By end-use industry
- Fashion and clothing industry
- Consumer electronics
- Cosmetics industry
- Health care
By company size
- North America
- Great Britain
- Rest of Europe
- Asia Pacific
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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