Global Buy Now Pay Later Market and Trends 2022
Buy now, pay later to maintain strong growth through 2026: new yStats.com report.
BNPL services expanding their share of global B2C E-Commerce
According to findings in the new yStats.com report, the number of BNPL users worldwide has increased significantly last year and is projected to maintain strong growth through 2026. By that year, close to a quarter of online retail sales is expected to stem from BNPL. The adoption is mainly driven by the younger generations which show the highest BNPL user penetration rates among all demographic groups, according to surveys in the U.S. and the UK. Moreover, a sampling of U.S. consumers highlighted the most popular products purchased using the BNPL payment method in 2021. These were “Electronics”, “Clothing and fashion items” and “Furniture appliances”.
BNPL service providers double their users and Klarna launches new features to drive market expansion
As a result of an increased demand for BNPL services, leading service providers Klarna, Afterpay, and Affirm each doubled their user base during 2021. Even with such rapid growth, the three BNPL specialists still face increasing competitive pressure as more players are entering the space and pushing retailer fees down. In response, the BNPL leaders expand beyond their traditional offerings. For example, Klarna recently launched a super-app supporting all services around online shopping.
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