Global Buy Now Pay Later Markets and Investment Opportunities Report 2022: Payments are Expected to Grow by 44.2% to Reach $614.6 Billion by the End of 2022 - Forecasts to 2028
Dublin, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q3 2022 Update" report has been added to ResearchAndMarkets.com's offering.
Global BNPL payments are expected to grow by 44.2% on an annual basis to reach US$614.6 billion in 2022.
Global BNPL Payment industry has recorded strong growth over the last four quarters, supported by increased ecommerce penetration along with the impact of economic slowdown due to disruption caused by Covid-19 outbreak.
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 25.0% during 2022-2028. Global BNPL Gross Merchandise Value will increase from US$426.2 billion in 2021 to reach US$2,341.1 billion by 2028.
Over the past four to eight quarters, the use of buy now, pay later (BNPL) goods and services has steadily increased in the Africa & Middle East region. The e-commerce sector's explosive rise in the Middle East and North Africa will also help the BNPL market expand. Over the next three to four years, more businesses are anticipated to increase investment and expand their presence throughout the MENA area as the market expands and competition continues to heat up.
BNPL providers are targeting the B2B segment to drive the next growth phase in South Africa
Globally, BNPL providers are targeting the B2B segment to drive the next growth phase after gaining widespread popularity among consumers over the last two years. Similar trends are visible in South Africa, where BNPL providers target the B2B segment in 2022.
In March 2022, Payflex and Merchant Capital, the two South African Fintech firms, announced the launch of a cash advance solution that aims to offer credit services to small and medium-sized retailers in the country. Under the collaboration, the firms have launched FlexiAdvance, the service which will offer SMEs access to funding within 24 hours of application.
In South Africa, Payflex merchants have achieved 30% higher average order values by offering the BNPL service to customers. The new value-added service, FlexiAdvance, is projected to further assist SMEs in accelerating their business growth by accessing funding through the Payflex platform.
As the credit demand among SMEs grows in South Africa in times of global economic uncertainties, the publisher expects more firms to enter into the B2B BNPL segment in South Africa in short to medium-term.
The global pandemic-induced lockdowns and social distancing measures accelerated the consumer shift to online payment and other digital financial services. Following the worldwide pandemic epidemic, markets like Saudi Arabia also have experienced a rapid increase in short-term credit options, such as buy now pay later (BNPL).
While Gen Z and millennials have been the early adopters of the BNPL payment method in Saudi Arabia, the trend is expected to accelerate among consumers across different age groups over the next three to four years.
Domestic BNPL firms are considering regional expansion to drive market share and growth
In 2022, the adoption of deferred payment services is expected to grow significantly, especially in the United Arab Emirates. Consequently, domestic BNPL firms are considering regional expansion to capitalize on the high growth potential of the Middle Eastern BNPL industry.
In June 2022, Tamara, one of the leading BNPL platforms based in Saudi Arabia, announced that the firm is set to expand its operations in the United Arab Emirates. Notably, the expansion comes after a February 2022 report from Checkout.com, one of the lead investors in Tamara, stated that BNPL usage is expected to grow by 31% in the next 12 months in the United Arab Emirates.
UAE-based BNPL startups are raising funding rounds to support the expansion of their firm across the region
The BNPL market is expected to record accelerated growth amid growing consumer demand in the Middle East and North Africa region. Consequently, firms are raising funding rounds to capitalize on the trend and expand their market share by extending their presence in more Middle Eastern countries.
In March 2022, tabby, one of the leading BNPL players in the UAE, announced that the firm had raised US$54 million in an extended Series B round, which was led by Sequoia Capital India and STV. The GCC region's sector is still in its early phases, but adoption has greatly increased over the past year, and this trend is anticipated to continue.Consequently, tabby is planning to use the funding round to expand its presence in more Middle Eastern countries.
In May 2022, Cashew announced that the firm had raised US$10 million from Mashreq Bank. As part of the investment, the BNPL payment platform of Cashew will be integrated with Neopay, the payments subsidiary of Mashreq. Notably, like tabby, the firm is expected to strengthen its presence in the MENA region from the short to medium-term perspective. Mashreq is expected to support Cashew in launching services in Egypt in Q4 2022.
This title is 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
Reasons to buy
In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.
Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.
Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.
Scope
BNPL Market Size and Spending Pattern
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Buy Now Pay Later Operational KPIs
Buy Now Pay Later Revenues, 2019 - 2028
Buy Now Pay Later Share by Revenue Segments
Buy Now Pay Later Merchant Commission, 2019 - 2028
Buy Now Pay Later Missed Payment Fee Revenue, 2019 - 2028
Buy Now Pay Later Pay Now & Other Income, 2019 - 2028
Buy Now Pay Later Accounts, 2019 - 2028
Buy Now Pay Later Market Share Analysis by Key Players (20+Players)
Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
Online Channel
POS Channel
Buy Now Pay Later in Retail Shopping: Market Size and Forecast
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Buy Now Pay Later in Home Improvement: Market Size and Forecast
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Buy Now Pay Later in Other: Market Size and Forecast
Gross Merchandise Value Trend Analysis
Average Value Per Transaction Trend Analysis
Transaction Volume Trend Analysis
Companies Mentioned
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/v7jbo7
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