The buy now pay later platform market revenue totaled ~US$ 5.2 Bn in 2020, according to Future Market Insights (FMI). The overall buy now pay later platform market Size is expected to reach ~US$ 46.9 Bn by 2031, growing at a CAGR of 22.4% for 2021 – 31.

The buy now pay later platform market growth will continue to accelerate, increasing competition prevalent across the globe. FMI has forecast the top 5 providers to account for around 49.0% of total market in 2020.

The payments sector is undergoing significant transformation with the continued growth of e-commerce, digital payment technologies and changing consumer values. This includes a shift in consumer preferences, away from traditional credit options in favor of alternative products that offer interest-free borrowing and budgeting features.

Request a Sample of this Report @ 
https://www.futuremarketinsights.com/reports/sample/REP-GB-14116

As a low-commitment, user-friendly, and budget-focused alternative to credit cards, BNPLs are particularly favored by tech-savvy Millennials and Generation Z, who are wary of credit cards. A new wave of buy now pay later platforms, which allow consumers to buy an item and pay later in interest-free instalments, have lately been shaking up the traditional credit card business.

The buy now pay later platform Market demand is estimated to rise at 22.4% CAGR between 2021 and 2031 in comparison with 17.6% CAGR registered during 2016-2020.

Nowadays, the use of buy now pay later platform for shopping has particularly increased among millennials and Gen Z customers. Since these customers look for convenient budgeting tools, buy now pay later platform help them to easily meet their budget needs.

Consumers choose to use buy now pay later platform for various reasons – the installment payment model and associated consumption smoothing effects, budgeting support, convenient access to credit and the ability to shop through online marketplaces offered by BNPL providers. As a result, BNPL is supporting the shift in consumer preferences toward better financial control and is rapidly becoming a significant component of retail spending around the globe.

The global buy now pay later platform Market solution is anticipated to witness an increase in market revenue from ~US$ 6.2 Bn in 2021 to ~US$ 46.9 Bn by 2031.

Younger generations are hopping on the trend to save money, buy clothing and keep up with their peers instead of using traditional credit cards. Buy now pay later platforms that allow customers to make purchases in installments are growing in popularity in various countries.

Request Methodology @
https://www.futuremarketinsights.com/request-report-methodology/REP-GB-14116

Millennials and Gen Z represent a disproportionate percentage of users bolstering BNPL companies, with the average customer for Afterpay, Klarna, and Australia-based Zip Co. Limited. Nearly 70% of Afterpay’s user base falls into the 18-34 age group. While over 70% of millennials and roughly half of Gen Z across established and emerging credit markets have credit cards, BNPL is increasingly coming into focus as an attractive alternative to paying with credit.

Since Buy Now Pay Later payments became more mainstream, Gen Z digital buyers have been flocking to these alternative payment services in larger numbers than their millennial counterparts have. A major driver of buy now pay later (BNPL) platform, particularly for younger cohorts, is financial flexibility.

These solutions provide younger consumers, whose cash flow tends to be more limited, with greater flexibility in payments, especially for larger-ticket items. As buy now pay later (BNPL) platform move more into services like travel, business services, and even healthcare, the adoption among older consumers is also likely to grow in the coming years.

Buy Now Pay Later Platform Outlook by Category

By Solution:

  • Buy Now Pay Later (BNPL) Software
  • Buy Now Pay Later (BNPL) APIs
  • Services
    • Technology Consulting
    • Integration & Deployment
    • Support Services

By Enterprise Size:

  • Small & Medium Enterprises (SMEs)
  • Large Enterprises

By Industry:

  • BFSI
  • Retail & eCommerce
  • Healthcare
  • Media & Entertainment
  • Travel & Tourism
  • Automotive
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Get In Touch With Our Team For 20% Flat Discount, Request Customization @ 
https://www.futuremarketinsights.com/customization-available/rep-gb-14116

TIME BUSINESS NEWS

JS Bin