Buy Now Pay Later in Australia - Industry Market Research Report

Buy Now Pay Later in Australia - Industry Market Research Report

Buy Now Pay Later in Australia

Technology is up-ending the way consumers manage their finances and pay for goods. In this shifting landscape, buy now pay later (BNPL) services have emerged to challenge traditional credit cards and short-term loans. Convenient BNPL services have been well integrated into the buying cycle, as consumers, particularly younger demographics, embrace payment instalments at the point-of-sale. Booming online shopping, amid extended COVID-19 lockdowns, has further fuelled merchant and consumer uptake of BNPL platforms. Revenue has surged by an anticipated 29.3% over the past five years, with a 4.5% rise in 2022-23, to reach $1.1 billion.

Operators in the industry provide payment solutions to merchants and consumers that allow consumers to purchase goods and services immediately but make interest-free repayments in instalments over a specified period of time. Industry services are more commonly known as buy now pay later (BNPL) services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.