The increasing adoption of online payment methods across industries such as banking, health insurance, retail & consumer goods, and others has propelled the global point of sale installment loans market growth. Rising Number of E-commerce Platforms with Online Payment Methods is Accelerating Market Growth The increasing adoption of AI technology to improve the real-time consumer base will propel the global market. Credit Intelligence Limited aims to bring AI capabilities for buy now, pay later and financial management for small and medium enterprises. Credit Intelligence Limited acquired the YOZO fintech platform for adopting advanced technology AI for business expansion in several areas such as debt restructuring, debt collection, and debt factors in Australia and Asia. In February 2021, Credit Intelligence Limited partnered with the Sydney-based University of Technology to enhance AI capabilities.The platform is based on AI technology that offers both consumers and merchant’s opportunities through alternative credit products.
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online transactions increased from 11% to 14% in 2020. observed a spike in online transactions from 15.8% to 23.3% whereas China’s online transactions increased from 20.7% to 24.9%. Also, rising online transactions during the pandemic strengthened the demand for this service. According to the 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 trends and rising e-commerce sales of consumer electronics and retail products. The global market witnessed an enormous growth rate of 48.3% in 2020 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 resulted in staggering demand for services during the pandemic period. Rising Consumer Preference toward Online Shopping Boosted Demand for Services This product targets merchants for 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 BNPL application 'Zinnia' for the Europe 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, Buy Now Pay Later 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 global 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 the report, we have included services offered by companies such as Affirm Holdings, Inc., Perpay, Inc., Afterpay Limited, and PayPal Holdings Inc. The global buy now pay later market size was valued at USD 23.22 billion in 2022 and is projected to grow from USD 30.38 billion in 2023 to USD 122.19 billion by 2030, exhibiting a CAGR of 22.0% during the forecast period.
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