It is projected to reach USD 335.04 billion by 2029 with a compound annual growth rate (CAGR) of 16.56%

Asia Pacific Buy Now Pay Later Services Marketplace Digital Payments Trans

Asia Pacific Buy Now Pay Later BNPL Market Share

Dublin, June 27, 2024 (GLOBE NEWSWIRE) — The Asia Pacific Buy Now Pay Later Service – Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020-2029 report has been added to ResearchAndMarkets.com offering.

Expansive growth in Asia Pacific BNPL Services

The Asia-Pacific Buy Now Pay Later (BNPL) market has shown solid growth and is expected to continue on this trajectory. Forecasts show that the market will expand from an estimated USD 155.72 billion in 2024 to USD 335.04 billion by 2029. This market segment exhibits a significant compound annual growth rate (CAGR) of 16.56% during the forecast period.

Fintech and e-commerce developments driving BNPL adoption

The growing penetration and adoption of digital transactions and Fintech innovations are catalyzing the growth of BNPL services in the Asia-Pacific region. Despite a large banking population, there is a lack of credit facilities for lower-income groups and small households, providing fertile ground for the expansion of BNPL services. Countries such as Japan, Hong Kong, South Korea and New Zealand with high credit card penetration contrast with countries such as India, China and Indonesia, where low credit card penetration has created significant opportunities for BNPL service providers.

The impact of BNPL on e-commerce

E-commerce payments are gradually embracing BNPL services, as evidenced by the growing share of transactions in countries like Australia and New Zealand, where BNPL accounts for around 10% of e-commerce payments. The ease of paying in interest-free installments or through manageable EMI options is contributing to this trend.

Australia: leader in the BNPL market

Australia is a leader in BNPL market integration in the Asia Pacific region, with 14% of e-commerce payments made via BNPL. This is significantly higher compared to large economies such as China and India, which have a share of around 4%. Australian Generation Z and Millennials are significant drivers of the BNPL trend, with over 7 million active BNPL accounts representing an annual growth rate of around 30%.

The story continues

The competitive landscape in the BNPL space

The BNPL market in the Asia Pacific region is witnessing a rise in the number of domestic and international players, indicating a fragmented landscape of the industry. Increased financial inclusiveness and growth in e-commerce credit purchases are key factors driving the market growth. Prominent players in this market continue to expand their presence and enter emerging markets across the region.

This growth trend marks a significant shift in consumer payment behavior and retail strategies, signaling a transformation phase of digital finance in the Asia-Pacific region. As the BNPL market matures, its impact on the broader financial ecosystem will be closely monitored by industry stakeholders.

The report lists the following companies:

• Repayment

• Akulak

• Hoola

• Atom

• Pine laboratory

• Money Zest BNPL

• Openpay (Australia)

• Rely (Singapore)

• Limepay (Australia)

• PayRight (Australia)

For more information on this report, please visit https://www.researchandmarkets.com/r/jh4hrf

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