Buy Now Pay Later Market Size To Expand By 78% In 2022
September 19, 2022 (Investorideas.com Newswire) Buy Now Pay Later is still a relatively new payment method for most customers. Its reach among online customers is still developing in most countries; hence, the market presents massive room for growth.
According to the numbers available on Statista.com, the value of BNPL transactions is set to reach $214 billion in 2022. In comparison to $120 billion in 2021, the 2022 figure represents a 78% increase. Before this, the market had doubled in value in 2021 (from $60 billion in 2020 to $120 billion in 2021). The market will continue to thrive in the coming years.
In the next four years, after 2022, the market size is expected to more than double. According to the estimates, the annual BNPL transactional value will reach $576 billion by 2026. From 2021 to 2026, the BNPL market size is expected to grow at a CAGR of 36.8%.
Sweden With Biggest BNPL Reach At 25%
As things stand, Buy Now Pay Later is most prevalent in Nordic (or North Western European) countries. BNPL accounted for 25% of eCommerce transactions in Sweden in 2021. Klarna is the most popular BNPL service in Sweden currently. The Scandinavian country was followed by Germany (20%), Norway (18%), Finland (13%), and Denmark (12%).
The share of BNPL payments was only 3% of all global e-commerce transactions during the same year. Hence, one can conclude that BNPL still have a lot of room to grow in some major markets. For instance, the share of BNPL payments was just 4% in the United States and 3% in India. Furthermore, the countries where BNPL payments are currently popular are all developed economies.
BNPL payments allow customers to make payments later at zero (or with little interest). Hence, Buy Now Pay Later is particularly more attractive to lower and lower-middle-income demographics. One can expect the BNPL market size to grow significantly once these payment options become popular in developing economies.
You can read the entire report with additional statistics and information at: https://www.safebettingsites.com/2022/09/19/buy-now-pay-later-market-size-to-expand-by-78-in-2022/
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com