The Buy Now Pay Later Platforms Market is estimated to be valued at US$ 10.42 Bn in 2021 and is expected to exhibit a CAGR of 21.5 % over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Buy now pay later platforms allow consumers to purchase products and pay off amounts over time, usually in four interest-free installments. This payment method provides flexibility and convenience to buyers by not requiring them to pay bills in full at the time of purchase. It is gaining popularity among both merchants and consumers as an alternative to credit cards.

Market key trends:
The rising adoption of e-commerce is a major factor driving the growth of the buy now pay later platforms market. According to various reports, e-commerce sales worldwide have increased significantly over the past few years on account growing internet and smartphone penetration. Buy now pay later service provides shoppers with a convenient way to pay for online purchases in installments. This has boosted the adoption of such platforms, especially among millennial and Gen Z consumers. The flexibility and ease of payment in installments has made buy now pay later an attractive option for online shoppers.

Porter's Analysis
Threat of new entrants: Low capital requirements and digital nature of BNPL platforms has lowered entry barriers slightly, however strong network effects, data assets and brand loyalty of incumbents pose challenges to new entrants.
Bargaining power of buyers: Buyers have moderate power as they can choose from multiple BNPL providers. However, deferred payment allows buyers access to credit which increases switching costs.
Bargaining power of suppliers: BNPL platforms face low bargaining power from merchants as platforms provide access to new customers and increase cart conversion rates for merchants.
Threat of new substitutes: Alternatives like traditional credit cards, cash, debit cards etc pose a threat. However, BNPL's seamless checkout experience and interest-free payments is retaining customers.
Competitive rivalry: Intense competition among major players to expand merchant base and acquire new users. Players differentiate through customer experience, fees, repayment options and operational scope.

SWOT Analysis
Strengths: Convenient interest-free payment options, affordability for customers with poor or no credit history, growing merchant acceptance.
Weaknesses: Default and late payment risks, regulatory compliance costs, dependence on growth of e-commerce retail.
Opportunities: Expanding into new sectors like utilities, healthcare, geographical expansion.
Threats: Stringent regulations around consumer data privacy, debt risks if users take on too many BNPL plans.

Key Takeaways
The global Buy Now Pay Later Platforms Market Trend is expected to witness high growth, exhibiting a CAGR of 21.5% over the forecast period of 2022 to 2030 due to increasing e-commerce penetration and preferences for flexible payment options among millennial and Gen Z consumers.

Regional analysis: North America dominates currently, accounting for more than 35% of total market share in 2021. This is attributed to rapid adoption of BNPL services in US e-commerce. Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of over 25% due to economic growth, increasing internet penetration in countries like India and increasing youth population in the region.

Key players: Key players operating in the Buy Now Pay Later Platforms market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. Major players are focused on strategic partnerships with merchants and introducing innovative repayment plans and platforms to gain market share in fast expanding sectors.

Read more @ https://www.insightprobing.com/global-buy-now-pay-later-platforms-market-demand-trend-and-insights/