United States Buy now pay later Business Report 2024: The market is growing at an accelerating pace, but new regulations may threaten future prospects

US market Buy now, pay later

Dublin, May 31, 2024 (GLOBE NEWSWIRE) — US Buy Now, Pay Later Business and Investment Datasheet – 75+ KPIs across BNPL market size, end-use sectors, market share, product analytics, business model , demographic data – The “Update for Q1 2024” report has been added. ResearchAndMarkets.com offering.

BNPL payments are expected to grow at an annual rate of 14.8% to reach $109.00 billion in 2024. The medium to long-term growth prospects for the BNPL (Buy Now, Pay Later) industry in the United States remain solid, at an expected CAGR of 9.5% from 2024 to 2029, driven by growing consumer adoption amid high inflation. However, the CFPB issued a rule ensuring that BNPL providers provide consumers with protections similar to credit card providers, including the right to dispute charges and obtain refunds, which could hinder future expansion as the BNPL market is projected to grow from $94.94 billion in 2023 to USD 171.59 billion in 2029

The United States is seeing a surge in BNPL programs. According to an Adobe Analytics report, record numbers of holiday shoppers were expected to use this payment method for Cyber ​​Monday shopping to reduce the inflationary burden on their wallets. Online shoppers were expected to spend between $12 billion and $12.4 billion. Interestingly, approximately $782 million of these purchases will be made using services like Klarna and Affirm. According to Adobe Analytics, this represents an increase of almost 19% compared to last year.

Use is increasing even at a time when most BNPL companies are moving away from zero-interest payment models towards interest-bearing installment loans. Affirm, one of the leading companies in the industry, announced that in Q3 2023, 74% of gross merchandise volume was interest-bearing loans. This demonstrates the growing popularity of the BNPL payment method among consumers in the United States. The publisher expects this trend to continue in 2024, supporting the development of the broadly understood industry in the short and medium term.

New companies are piloting the BNPL payment method to capitalize on the growing demand for this solution

The BNPL industry is poised to see continued growth over the next three to four years due to greater adoption and use of payment tools. As a result, to capitalize on the growing market, more and more players are entering the sector with their own BNPL payment service.

For example, Google Pay announced a strategic partnership with Zip and Affirm to offer its users a BNPL payment option. Under the partnerships announced in December 2023, the payment solution will be rolled out across the United States in 2024. Integration with Zip will begin in January 2024 as part of a pilot project. In turn, Affirm will be available on Google Pay in the first quarter of 2024. Google Pay plans to make an installment payment tool available to its global user base in the medium term.

The story continues

Google Pay competitor Apple has already launched the payment method for US consumers in 2023. Google Pay’s entry into the US BNPL industry will drive competitiveness in a rapidly growing market in the medium term. Increasing competition is therefore expected to support innovation in the industry over the next three to four years.

The companies are forming strategic alliances to further expand the distribution of their BNPL product offerings in the United States

Demand for BNPL has increased steadily over the last 12 months and this trend is expected to continue in the US market in the medium term. Therefore, to serve more customers and increase gross merchandise volume, companies are entering into strategic partnerships to expand distribution.

Zip Co., an Australian BNPL company and one of the leading players in the United States, partnered with Primer in September 2023. The partnership is part of the company’s strategy to further increase penetration of the United States market through the term medium. As part of the collaboration, Primer will integrate Zip BNPL offerings, thereby strengthening the position of merchants in sectors such as retail, travel and fashion.

Key Features:

Range

United States BNPL Market Size and Spending Structure, 2020–2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now, Pay Later Revenue Analysis, 2020-2029

• Buy now, pay later. Revenue

• Buy now Pay later Split by revenue segments

• Buy now Pay later Revenue by seller commission

• Buy now Pay later Revenue by missed payment fee revenue

• Buy Now Pay Later Pay Now Revenue and Other Income

United States Buy Now Pay Later Operational KPIs and Statistics, 2020-2029

United States BNPL by Purpose, 2020–2029

United States BNPL by business model, 2020–2029

United States BNPL by Merchant Ecosystem, 2020–2029

• Open loop system

• Closed loop system

United States BNPL by Distribution Model Analysis, 2020–2029

United States Buy Now Pay Later Market Share Analysis by Key Players
US BNPL analysis by channel, 2020-2029

• Online channel

• POS channel

United States Buy Now Pay Later Retail Shopping: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later Home Renovation: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later Travel: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later Media & Entertainment: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later for Services: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later Automotive Industry: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast 2020-2029

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States Buy Now Pay Later in Others: Market Size and Forecast

• Analysis of gross merchandise value trends

• Trend analysis of average transaction value

• Transaction volume trend analysis

United States “Buy now, pay later” analysis by consumer attitudes and behavior

More information about this report can be found at https://www.researchandmarkets.com/r/1x0ccq

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