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BUSINESS

Buy Now Pay Later users to surpass 900 million globally by 2027 -- Juniper Research

08/08/2022 05:16 PM

KUALA LUMPUR, Aug 8 (Bernama) --  A study by Juniper Research has predicted that the number of Buy Now Pay Later (BNPL) users will surpass 900 million globally by 2027, increasing from 360 million in 2022.

This substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions, it said in a statement.

BNPL schemes enable consumers to spread the cost of their purchases without interest charges and make them a highly attractive alternative to credit cards.

Additionally, BNPL services do not require hard credit checks and an increasing number of merchants are accepting this payment method, making it easier to access for consumers than traditional credit.

The research identified India as having potential for rapid growth in BNPL, with users predicted to grow from 25 million in 2022 to 116 million by 2027.

This is due to rising eCommerce usage and growing interest in international goods available through online retailers.

The research predicts that the adoption of virtual cards, where digital only cards are used for purchases, will increase the usage of BNPL solutions, as they only require merchants to accept card payments and overcome previous limitations on growth.

The advancement of virtual cards allows BNPL schemes, particularly in-store, to compete with credit cards where single-use BNPL cards can be used within a digital wallet to complete contactless transactions.

In order to compete in this highly competitive landscape, Juniper Research recommends that BNPL vendors must differentiate their services which include offering virtual cards, browser extensions that automatically facilitate BNPL payment services, and digital loyalty schemes.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports, and industry commentary.

-- BERNAMA


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