![]() Also, rising online transactions during the pandemic situations have strengthen the demand for this services. According to United Nations Conference on Trade and Development (UNCTAD), the e-commerce sale of retail products increased from 16% to 19% in 2020. This growth is attributed to surge in online shopping trend and rising e-commerce sale of the consumer electronics and retail products. The buy now pay later market witnessed an enormous growth rate of 48.3% in 2020 as compared to 25.5% in 2019. The more than average growth is primarily attributed to the significant acceleration of the banking and healthcare insurance sector services. The impact of COVID-19 has resulted in staggering demand for services during the forecast period. Rising Consumer Preference towards Online Shopping to Boost Demand for Services This product targets merchants for the insurance services such as insurers, underwriting agencies, brokers and authorized representatives. The company received an investment of around USD 2.5 million. In September 2021: Coverpay launched its buy now, pay later service for the general insurance sector. ![]() Zinnia app helps consumers to purchase with monthly interest free installment payments across European countries. In January 2022, Santander, Spanish Bank launched its buy now, pay later application 'Zinnia' for the European market.Also, leading players in the market are investing in developing advanced BNPL applications and services. since 2018, with 45 million users in 2021, and their spending was valued at around USD 20.8 billion.įurther, several e-commerce companies across retail, banking and healthcare insurance sectors are adopting these services to facilitate their customers around the globe. According to Accenture plc, BNPL users have increased by 300% in the U.S. The increasing number of e-commerce platforms, and rising services adoption across millennials in developed countries, have propelled the buy now pay later market growth. This industry also uses buy now pay later flights, buy now pay later electronics offered by the leading players. These leading players are offering services for various categories such as travel & tourism, consumer electronics, e-commerce & retail, healthcare insurance, and banking, financial services. The buy now pay later paypal offers four interest free payments through online payments system in the major countries. In the scope of work, we have included services offered by companies such as Affirm Holdings, Inc., Perpay, Inc., Afterpay Limited, and PayPal Holdings Inc. Based on our analysis, the global market had exhibited a higher growth of 48.3% in 2020 compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The market is projected to grow from USD 22.86 billion in 2022 to USD 90.51 billion by 2029, exhibiting a CAGR of 21.7% during the forecast period. The global buy now pay later market size was valued at USD 15.91 billion in 2021.
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