Global Buy Now Pay Later Business Databook 2023: BNPL Payments are Expected to Grow by 21.7% to Reach $527.9 Billion in 2023 - Forecasts to 2028 - ResearchAndMarkets.com

The "Global Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.

Global BNPL payments are expected to grow by 21.7% on an annual basis to reach US$527.9 billion in 2023.

Medium to long term growth story of Global BNPL industry remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 12.7% during 2023-2028. The Global BNPL Gross Merchandise Value will increase from US$433.7 billion in 2022 to reach US$960.6 billion by 2028.

Global BNPL Payment industry has recorded strong growth over the last four quarters, supported by increased ecommerce penetration.

The buy now pay later payment method garnered mainstream adoption during the Covid-19 pandemic outbreak, along with the surging trend of online shopping globally. This has resulted in high transaction volume and value for BNPL providers.

The number of global BNPL users is also projected to increase significantly over the next five years, as major retailers such as Walmart are also planning to use introduce their own BNPL payment solutions. This along with the rising market for B2B BNPL is expected to assist the industry growth from the short to medium-term perspective.

The macroeconomic environment, while impacting the profit margins for BNPL firms, have again driven the demand for flexible payment solution among consumers. As the trend continues in 2023, the publisher expects robust growth for the global BNPL industry over the next three to four years.

Firms are forging strategic alliances to offer BNPL services to travelers in the Asia Pacific region

After two years of pandemic-induced restrictions, travel and tourism have recorded a strong rebound in 2022 and the trend is expected to further continue in 2023. Amid this pent-up travel demand, BNPL providers and travel-focused platforms are entering into strategic partnerships.

In November 2022, Atome, one of the leading BNPL providers in the Asia Pacific region, announced that the firm had entered into a strategic collaboration with Trip.com. Under the partnership, Trip.com will allow travelers to book flights and accommodations using the BNPL payment service offered by Atome. Initially, the service will be launched in Singapore, before rolling out across the Asia Pacific region in 2023.

These trends are visible across the world. In November 2022, Afterpay also forged a similar collaboration with Expedia, allowing travelers to fund their travel activities through the BNPL payment method. In 2023, more such strategic collaborations are expected to take place globally.

BNPL providers are targeting in-store transactions to drive the next growth phase in the segment

The online BNPL space has saturated with several providers fighting for the same consumer. With the competition in the space increasing, firms are now targeting in-store BNPL transactions globally.

In December 2022, Tabby, one of the leading BNPL providers in the Middle East region, announced that the firm had entered into a strategic collaboration with Al-Futtaim Malls. Under the partnership, Tabby will offer flexible payment methods to in-store shoppers at Dubai Festival City Mall and Festival Plaza.

In October 2022, Zip, an Australia-based BNPL provider, forged a strategic partnership with WebBank to launch a physical BNPL card as it seeks to make inroads into the growing in-store shopping trends. The physical payment card allows consumers to make BNPL payments wherever Visa is accepted.

The move to drive market share through capturing in-store transactions comes at a time when online BNPL space is saturating. With little to no-differentiating factor, more BNPL players are projected to refocus their efforts on driving growth through in-store transactions from the short to medium-term perspective.

Fintech firms continue to raise funding to expand their BNPL products globally

Despite the regulatory hurdles faced by BNPL providers around the world, fintech firms have continued to raise funding rounds from investors amid the growing consumer demand for flexible payment solutions.

In December 2022, Curve, the UK-based fintech firm, announced that the firm had entered into a strategic agreement and landed US$1 billion in funding from Credit Suisse. The credit facility will enable Curve to further expand its BNPL product across the United Kingdom, the European Union, and the United States. In 2023, the firm is also planning to launch a new feature, similar to the BNPL lending product for consumers both in-app and in-browser. Currently, the firm has more than 4 million users globally.

The B2B BNPL space has also gained rapid momentum in 2022. Many of the leading B2B BNPL providers, such as Mondu, Billie, Playter, and Kontempo, have raised multi-million dollars in investment from venture capital and private equity firms. With the demand for credit expected to further increase among businesses, that are struggling with cash flow due to the pandemic ripple effects, unstable macroeconomic conditions, and ongoing supply chain issues, the publisher expects B2B BNPL firms to further raise funding rounds from the short to medium-term perspective.

Key Attributes:

A bundled offering, combining the following 22 reports

• Global Buy Now Pay Later Insight Brief
• Global Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Argentina Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Australia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Brazil Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Canada Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• China Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• France Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Germany Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• India Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Indonesia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Italy Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Kenya Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Mexico Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Nigeria Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Philippines Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Russia Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• South Africa Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• Thailand Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United Arab Emirates Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United Kingdom Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook
• United States Buy Now Pay Later Business and Investment Opportunities (2019-2028) Databook

Global Buy Now Pay Later Market Share Analysis by Key Players

• Wipei
• PagoMisCuentas
• Uala
• Afterpay
• Zippay
• Humm
• OpenPay
• Payright
• Affirm
• After Pay
• Klarna
• Sezzle
• Paypal
• Alipay
• Tencent
• JD Baitio
• Meituan
• Alma
• Cofidis
• RatePay
• Afterpay
• Simpl
• PineLabs
• Zest Money
• Paytm
• Lazypay
• Akulaku
• Kredivo
• Atome
• Splitit
• GoJek Paylater
• Klarna
• ScalePay
• Mash and Domec JV
• SplittyPay
• Aspira
• Lipa Later
• Miti
• Flexpay Technologies
• Julla
• Nelo
• Kueski
• finvero
• Aplazo
• Atrato
• PayQart
• CD Care
• Buynowpaylater.com
• Jumia Flex
• Carnon
• TendoPay
• Cashalo
• BillEase
• Plentina
• Zip
• Mokka
• Halva
• Tinkoff
• Zoodpay
• Mobicred
• More Tyme
• Payflex
• Pay Just Now
• PayUp
• Shopee PayLater
• Zilingo
• PowerBuy
• Pacepay
• Tabby
• Postpay
• Tamara
• Spotii
• Clearpay
• Paypal Credit
• Laybuy
• Paypal
• Affirm
• Futurepay
• Addi
• Cleo
• DiniePay
• Truepay

For more information about this report visit https://www.researchandmarkets.com/r/ttss98

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