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E-commerce Buy now Pay Later Market to Reach $57.8 Billion, Globally, by 2032 at 30.4% CAGR: Allied Market Research
The global e-commerce buy now pay later market is experiencing growth due to several factors, such as low cost and practical payment options, growth in the number of e-commerce websites, and an increase in the number of smartphone users.
PORTLAND, Ore., July 6, 2023 /PRNewswire/ — Allied Market Research published a report titled, “E-Commerce Buy Now Pay Later Market by Product Type (Fashion Accessories, Mobiles and Laptops, Electronics Appliances, Others), by Repayment Model (Manual Repayment Schedules, Automatic Repayment), by End User (Gen Z (21–25), Millennials (26–40), Gen X (41–55), Baby Boomers (56-75)): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global e-commerce buy now pay later industry generated $4.2 billion in 2022 and is anticipated to generate $57.8 billion by 2032, witnessing a CAGR of 30.4% from 2023 to 2032.
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Prime Determinants of Growth-
The global e-commerce buy now pay later market is experiencing growth due to several factors, such as low costs and practical payment options, growth in the number of e-commerce websites, and an increase in the number of smartphone users. However, the e-commerce buy now and pay later services are not available on all the products, services, and websites, which limits the growth of the market to some extent. In addition, an increase in bad debts is one of the most significant obstacles limiting the expansion of the e-commerce buy now pay later business. On the contrary, as consumers increasingly turn to online shopping amid lockdowns and social distancing measures, the demand for flexible payment options has increased, which has provided opportunity for the growth of the e-commerce buy now pay later market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4.2 Billion |
|
Market Size in 2032 |
$57.8 Billion |
|
CAGR |
30.4 % |
|
No. of Pages in Report |
435 |
|
Segments Covered |
Product Type, Repayment Model, End User, and Region |
|
Drivers |
Low-cost and practical payment options |
|
The growing number of E-commerce websites |
|
|
An increasing number of smartphone users |
|
|
Opportunities |
The growing consumer demand for flexible payment options |
|
Restraints |
Increase in bad debts |
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Buy Now Pay later options not available for several goods on e-commerce websites |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the e-commerce buy now pay later market. Due to the growth in penetration of buy now pay later platforms among consumers for purchasing expensive household items and other items for general use.
- Furthermore, the pandemic has driven new norms in online shopping, where consumers are confident in purchasing products with various online payment gateways. Moreover, banks are often deterred from providing credit facilities that allow customers to pay their bills in installments.
- Hence, the market has significantly increased post-pandemic.
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The mobiles and laptops segment to maintain its leadership status throughout the forecast period-
Based on product type, the mobiles and laptops segment held the highest market share in 2022, accounting for more than two-fifths of the global e-commerce buy now pay later market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because the increasing use of mobile devices for online shopping has led to the emergence of mobile wallet solutions that offer BNPL options. These solutions enable consumers to pay for their purchases in installments directly from their mobile devices. However, the fashion accessories segment is projected to manifest the highest CAGR of 33.7% from 2023 to 2032. This is due to the fact that consumers are increasingly turning to online shopping and looking for flexible payment options that suit their budget and lifestyle. As a result, retailers are expanding their buy now pay later offerings to include a wider range of products, including fashion accessories like handbags, jewelry, and sunglasses.
The automatic repayment segment to maintain its lead position throughout the forecast period-
Based on repayment model, the automatic repayment segment held the highest market share in 2022, accounting for more than two-thirds of the global e-commerce buy now pay later market revenue, and is expected to maintain its lead position throughout the forecast period. The same segment would also showcase the fastest CAGR of 31.2% from 2022 to 2032. The growth is attributed to the automatic repayment features, which reduce the risk of default, which can be a major concern for merchants offering buy now pay later services. This helps customers stay on top of their payments and avoid late fees or penalties.
The millennials (26-40) segment to rule the roost by 2032-
Based on end user, the millennials (26–40) segment held the highest market share in 2022, accounting for nearly half of the global e-commerce buy now pay later market revenue, and is projected to rule the roost by 2032. Use them more frequently, leading to further growth in the BNPL market. However, the Gen Z (21-25) segment is projected to manifest the highest CAGR of 33.3% from 2022 to 2032. This is because Gen Z is a generation that has grown up with technology and is comfortable making purchases online. This is also a generation that is highly conscious of their finances, and they often seek out cost-effective solutions when shopping online.
Asia-Pacific to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global e-commerce buy now pay later market revenue. Due to the rise of millennials and Gen Z shoppers, who are looking for flexible payment options and are more inclined to make purchases online. In addition, as online shopping continues to grow in popularity, consumers are looking for flexible payment options that fit their budget and lifestyle. On the other hand, the Asia-Pacific to maintain its dominance throughout the forecast period. However, the same region is expected to witness the fastest CAGR of 33.4% from 2023 to 2032. This is because many retailers in Asia-Pacific are offering buy now pay later services to attract customers and increase sales. Furthermore, another trend is the expansion of buy now pay later services into physical retail stores, allowing customers to use the service in-store as well as online.
Leading Market Players: –
- Affirm Holdings Inc.
- Klarna Bank
- Paypal
- Sezzle Inc.
- Zip Co Limited
- Splitit Payments Ltd
- Laybuy Holdings Limited.
- Payright Limited.
- QuickFee Group LLC.
- Bread Financial Walmart Inc.
The report provides a detailed analysis of these key players in the global e-commerce buy now pay later market. These players have adopted different strategies, such as partnerships, product launches, and expansion, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the e-commerce buy now pay later market forecast from 2023 to 2032 to identify the prevailing e-commerce buy now pay later market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the e-commerce buy now pay later market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global e-commerce buy now pay later market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/e-commerce-buy-now-pay-later-market/purchase-options
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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Fintech PR
2025 Will See Increased QR Code Payments but Payment Card IC ASPs Will Not Return to Pre-Covid Levels
ABI Research’s 5th annual Trend Report identifies the key Digital Payment Technologies trend that will come to fruition —and the 1 that won’t—in 2025
NEW YORK, Dec. 24, 2024 /PRNewswire/ — As 2025 kicks off, predictions abound on the technology innovations expected in the year ahead. In its new whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025, analysts from global technology intelligence firm ABI Research. ABI Research analysts identify 54 trends that will shape the technology market and 47 others that, although attracting vast amounts of speculation and commentary, are less likely to move the needle over the next twelve months. In the Digital Payment Technologies space, 2025 will see increased QR code payment acceptance but little growth for payment card IC ASPs.
“2024 has been marked by challenges, from global conflicts and inflationary pressures to political uncertainty. These factors have strained enterprise and consumer spending, leading to market inertia, short-term technology investments, sidelined capital, and the exposure of vulnerable suppliers,” says Stuart Carlaw, Chief Research Officer at ABI Research. “From a technology perspective, many industries and end markets are in that awkward stage of technology adoption where they are formulating implementation strategies, assessing solutions and partners, and trying to see if they have the resources needed to roll out solutions at scale. This is a particularly sensitive time, which tends to suggest 2025 will have tech implementers and end users on the brink of a period of a massive technology shift as they work through these issues.”
What Will Happen in 2025:
QR code payment acceptance will continue to increase with use cases expanding
Although QR code payment acceptance is prevalent in countries such as China and growing in emerging digital payment markets, including in India, use cases and potential growth areas are not limited to these countries. Significant and continued investments by vendors, including PayPal, Stripe, and SumUp, are setting the foundation for increased adoption in other mature and established economies with use cases expanding. Although QR codes are already being used by many Small and Medium Enterprises (SMEs) and pop-up retail businesses, 2025 will mark the year when the technology begins to shift from one niche to partial mainstream.
What Won’t Happen in 2025:
Payment card IC ASPs will not return to pre-COVID-19 levels
Since the COVID-19 pandemic, chipset pricing has been on a continual rise, driven by increased pricing in myriad manufacturing areas, including energy, raw material, transit pricing, and inflation, driving up wages. The chip shortage further compounded this, and according to ABI Research, the Average Selling Price (ASP) for a payment card Integrated Circuit (IC) increased by approximately +30% between 2020 and 2023. However, despite pricing pressures returning, the cost of payment ICs is some years away from matching pre-COVID-19 levels. Although 2025 will mark another year of pricing deprecation, it will not be until around 2028 when pricing is expected to drop to levels similar to those achieved in 2019 steadily.
For more trends that will and won’t happen in 2025, download the whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
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