The global buy now pay later market size was US$ 51 billion in 2021. The global buy now pay later market is forecast to grow to US$ 419 billion by 2030, registering a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

• Retailers have started offering buy now pay later solutions that help consumers purchase the daily essential goods. In addition, buy now pay later method is popular among businesses as it is being used for financing large equipment, buying raw materials, and paying employee salaries. All of these factors are forecast to contribute to the growth of the global buy now pay later market. 
• The rising inclination of youth towards buy now pay later payment technology is forecast to benefit the market. Youngsters are adopting buy now pay later technology for purchasing high-cost products such as smartphones and computers. In addition, it also helps them pay tuition fees and buy stationery products. Thus, all of these factors will accelerate the growth of the global buy now pay later market during the study period. 
• The rising adoption of online payment methods is forecast to propel the growth of the global buy now pay later market. In addition, the key benefits of buy now pay later technology, such as affordable and convenient payment service, will propel the market growth. In addition, the growing use of e-commerce platforms is forecast to benefit the global market during the study period. 
• The increasing use of smartphones is forecast to boost the growth of the global buy now pay later market. However, late fees charges may hamper the growth of the global buy now pay later market.

Regional Analysis

On the basis of region, the buy now pay later market is dominated by North America. The increasing penetration of the internet is expected to create ample market growth opportunities. Customers in the region have been using online payment via digital wallets, buy now pay later platforms, and debit/credit cards due to the numerous benefits such as bill discounts and cashback. As a result, it will fuel the growth of the regional buy now pay later market during the study period. 

COVID-19 Impact Analysis

The introduction of COVID-19 is forecast to have a significant positive impact on the global buy now pay later market. The popularity of the buy now, pay later payment platform has grown significantly during the COVID-19 pandemic due to the growing demand for goods and online purchases. Furthermore, major payment solution providers such as Visa and Mastercard have announced a partnership to offer affordable services to consumers. As a result, it has accelerated the market growth during the pandemic outbreak. 

Competitors in the Market

• PayPal Holdings, Inc.
• Affirm, Inc.
• Klarna Inc.
• Splitit
• Sezzle
• Perpay Inc.
• Openpay
• Quadpay, Inc.
• LatitudePay
• Other Prominent Players

Market Segmentation

The global buy now pay later market segmentation focuses on Channel, Application, End-User, and Region. 

By Channel

• Online Channel
• POS Channel
• By Application
• Retail Goods
• Media & Entertainment
• Healthcare & Wellness
• Automotive
• Home Improvement
• Others

By End-User

• Generation X
• Generation Z/Millennials
• Baby Boomers

On the basis of Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America