[SHENZHEN, January 2024] - The buy now, pay later market has experienced significant growth, with a projected increase from $156.58 billion in 2023 to $232.23 billion in 2024 and further growth to $1014.82 billion in 2028. The rise of e-commerce, demand for flexible payment options, and increased adoption of digital wallets and mobile payments contributed to this growth. The growing millennial and Gen Z consumer base, as well as the competition among payment service providers, fuel the market's expansion.

Buy Now, Pay Later Payment Method

Buy Now, Pay Later (BNPL) is a popular payment method in e-commerce, allowing shoppers to defer payment and split costs into instalments. This flexible option enhances the shopping experience, enabling easy, interest-free payments over time. With the expected growth of e-commerce, the BNPL market is set to thrive.

Increase in BNPL Services

Factors such as the expansion of BNPL services to physical retail, cross-border e-commerce, and adoption by traditional retailers, drive the forecasted growth of the buy now, pay later market. Other trends include the personalization of BNPL offers, integration with point-of-sale (POS) systems, and cooperation between BNPL merchants and providers. Additionally, the rise of online payment methods, mainly buy now pay later options, is expected to propel market growth further.

Digital Services

Technological advancements are driving the growth of the buy now, pay later market, with major players focusing on cutting-edge digital services to stay competitive. For example, Temenos launched an AI-driven buy now, pay later banking service, offering transparency and personalized loan offers. This trend provides additional revenue options, expands into new areas, and strengthens connections with customers and partners.

Innovative Solutions

Major companies in the buy now, pay later market are developing innovative solutions to maintain their position, such as the Galileo Buy Now, Pay Later solution. This unique solution offers single-use virtual cards and comprehensive loan servicing. Galileo recently launched this solution to make customizable options accessible to banks and fintech companies.
With real-time bespoke offers through mobile applications, customers can receive prefunded virtual cards for in-store or online purchases. This solution allows financial institutions to enter the highly sought-after BNPL market and empower their clients with greater purchasing power.

About E-Commerce Express

Established in 2019, E-Commerce Express provides order fulfilment and product sourcing services to e-commerce entrepreneurs. The professional fulfilment company is based in China and covers every aspect of product sourcing and e-commerce fulfilment to provide cost-effective solutions.

Visit https://www.ecommerce-express.com/ to learn more.