Buy Now Pay Later Apps Gain Momentum, Paving the Way for Future Financial Transactions Forecast, 2023-2032

Platforms that allow users to buy now and pay later provides an access to purchase products immediately and pay for them later.

WILMINGTON, DELAWARE, UNITED STATES, November 28, 2023 /EINPresswire.com/ -- Due to the ‘No Interest' benefit, this platform has become extremely popular in the last 2-3 years. Many buy-now-pay-later services, such as after pay, do not charge interest for a set period. Furthermore, several banks are pressuring FinTech companies to deploy and provide offline solutions to overcome internet network constraints, particularly in rural areas. The easy accessibility of the financing services, cost saved by the consumer, and rise in consumer service experience are expected to boost the buy now pay later application market in the near future.

The global buy now pay later application market is segmented on the basis of enterprise size, end user, and region. Based on enterprise size, the market is bifurcated into large enterprises, and small & medium-sized enterprises. On the basis of end user, the market is divided into fashion & garment industry, consumer electronics, cosmetic industry, healthcare, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

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Rise in Demand For Smart Devices For Safety & Security Concerns During Transactions

The increase in adoption of the smart band for payment such as business transactions, and other cashless transactions is having a rapid penetration of buy now pay later transactions through the use of online platforms. Furthermore, increasing cyber-attacks on mobile payment systems globally have shifted the preference of the majority of consumers towards paying later payment methods.

High Barriers in Entry

Moreover, high-net-worth businesses are generally eager to recover their money to manage their day-to-day expenses and high involvement in larger projects requires funds, therefore It becomes important to recover money from customers without failure. High-profit margins, licenses, and skilled labor requirements make the buy now pay later application market very competitive and therefore become a barrier to entry in this market.

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Key Benefits of the Report

This study presents an analytical depiction of the buy now pay later application market forecast along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.

The current market is quantitatively analyzed to highlight the buy now pay later application market growth scenario.

Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

The report provides a detailed buy now pay later application market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

The COVID-19 has harmed the economies of many countries around the world. According to an analysis by the International Monetary Fund, the global economy is expected to contract by 3% in 2020. Along with the decline in GDP, consumers purchasing power is expected to fall globally.
Furthermore, consumers have been increasingly using BNPL platforms primarily for paying their bills during the pandemic. Buy now pay later (BNPL) platforms are expected to see an increase in online transactions during the forecasted period.

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Buy Now Pay Later Application Market Report Highlights

By Channel

Online
POS

By End User

Fashion & garment industry
Consumer electronics
Cosmetic industry
Healthcare
Leisure & Entertainment
Retail
Others

By Enterprise Size

Large Enterprises
Small & Medium Enterprises

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Spain, Rest Of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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