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BUY NOW PAY LATER – THEMATIC RESEARCH

Pages: 46 Published: May 12, 2022 Report Code: GDRB-TR-S047

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Overview
 * Overview
 * Key Players
 * Contents
   
 * FAQ

The global Buy Now Pay Later (BNPL) market reached $120 billion in 2021. The
market recorded a CAGR of more than 85% from 2019 to 2021. Millennials and
Generation Z are the main demographics driving the adoption of BNPL. Buy now pay
later (BNPL) providers disrupt the lending sector by simplifying access to loans
to consumers and reducing friction at payment points. The sector has been around
for many years, but it has seen rapid growth recently as key players expanded
into new regions. Long dominated by key BNPL providers such as Klarna, Clearpay,
and Affirm, the sector is now being challenged by incumbent card networks and
banks such as Visa, Mastercard, and Barclays.



The sector has been able to grow so rapidly partly due to a lack of regulation.
However, governing bodies are reviewing the sector and considering imposing
rules to protect consumers from accumulating unmanageable debt. This will likely
have an impact on BNPL providers’ revenues – which will prove problematic given
that many of the industry’s major players are already reporting significant
losses.




WHAT ARE THE KEY TRENDS THAT WILL IMPACT THE BNPL MARKET IN THE COMING MONTHS?

The key trends that will impact the BNPL market in the coming months can be
divided into three categories: technology trends, macroeconomic trends, and
regulatory trends.

Technology trends

The main technology trends that will impact the BNPL market are online payments,
mobile payments/mobile commerce, social media, super apps, and machine learning.

Macroeconomic trends

The main macroeconomic trends that will impact the BNPL market are millennials
and generation Z, BNPL providers collaborating with card scheme networks,
low-income consumers, credit cards, inflation, consumers’ online shopping
expectations, open banking, acquisitions, COVID-19 impact, and Russia-Ukraine
conflict.

Regulatory trends

The main regulatory trends that will impact the BNPL market are BNPL regulation,
failure to properly disclose terms and conditions, strong customer
authentication (SCA), and the BNPL credit approval process.


WHAT ARE THE DIFFERENT BNPL VALUE CHAINS?

The value chains in the BNPL market can be divided into segments: lending, open
banking, security provider, and credit bureaus.

Lending

BNPL providers become the intermediaries between consumers and merchants as they
facilitate the purchase for consumers by spreading the cost over multiple
installments, but also take on all the risk by paying merchants upfront.

Open Banking

BNPL providers use open banking as an alternative to traditional credit checks.
It can provide them with insights into a consumer’s financial data across
multiple institutions and can help determine their creditworthiness. In
addition, BNPL providers take advantage of open banking to automatically debit
payments from their customers by directly connecting to their bank accounts.

Security Provider

Security payment providers oversee transactions and protect participants from
potential issues when making an online transaction. They are responsible for
providing solutions that verify and authenticate consumer and merchant
information. They are also effective at detecting and preventing potential
fraud.

Credit Bureaus

Credit bureaus are critical to the credit scoring ecosystem as lenders rely on
them to assess consumers’ creditworthiness before approving a loan. But current
credit bureau scoring models are only suited for traditional lenders such as
credit cards, while not reporting BNPL loans creates a blind spot in the sector
that prevents lenders from having a fair assessment of the risk they are taking
on when approving a client.


WHICH ARE THE MAJOR COMPANIES THAT ARE MAKING THEIR MARK WITHIN THE BNPL THEME?

Some of the major companies that are making their mark within the BNPL theme are
Addi, Affirm, American Express, Amount, Ant Group, Apple, Barclays, Behalf,
Biller, Billie, Bread, Bumper, Citi, Curve, and Goldman Sachs.

For more insights on the BNPL market, download a free report sample


BNPL MARKET OVERVIEW

Market size (2021) $120 billion CAGR (2019–2021) >85% Key trends Technology
Trends, Macroeconomic Trends, and Regulatory Trends Value chains Lending, Open
Banking, Security Provider, and Credit Bureaus Major companies Addi, Affirm,
American Express, Amount, Ant Group, Apple, Barclays, Behalf, Biller, Billie,
Bread, Bumper, Citi, Curve, and Goldman Sachs

Scope

This report discusses the disruptive potential of the BNPL sector on the
payments industry. It identifies the leading companies that are driving growth
in the space as well as the benefits BNPL provides to both merchants and
consumers. The report also discusses the risks around BNPL loans and the future
regulatory outlook.


REASONS TO BUY

   

 * Understand key technology, macroeconomic, and regulatory trends driving BNPL.

   

 * Find out how BNPL challenges the payment card market.

   

 * Find out how incumbent financial institutions are responding to BNPL.

   

 * Identify the key players in the sector.

   




KEY PLAYERS

 * Affirm
 * Amazon
 * American Express
 * Amount
 * Ant Group
 * Apple
 * Barclays
 * Block
 * Citibank
 * CreditLadder
 * Experian
 * Equifax
 * Goldman Sachs
 * Klarna
 * JPMorgan Chase
 * Mastercard
 * Monzo
 * NovaCredit
 * PayPal
 * Paytm
 * Revolut
 * Santander
 * Sezzle
 * TransUnion
 * Zilch
 * Zip


TABLE OF CONTENTS

Executive Summary


Players


Trends


Technology trends


Macroeconomic trends


Regulatory trends


Industry Analysis


Regulation


Mergers and Acquisitions


Timeline


Value Chain


Companies


Sector Scorecards


Payments sector scorecard


Ecommerce sector scorecard


Glossary


Secondary Sources


Further Reading


| Our Thematic Research Methodology


| About GlobalData


| Contact Us




FREQUENTLY ASKED QUESTIONS

 *  * What was the BNPL market size in 2021?
      
      * The BNPL market size was valued at $120 billion in 2021.
        
        
    * What was the BNPL market growth rate?
      
      * The BNPL market recorded a CAGR of more than 85% from 2019 to 2021.
        
        
    * What are the key trends that will impact the BNPL market?
      
      * The key trends that will impact the BNPL market can be divided into
        three categories: technology trends, macroeconomic trends, and
        regulatory trends.
        
        
    * What are the different BNPL value chains?
      
      * The different value chains in the BNPL market are lending, open banking,
        security provider, and credit bureaus.
        
        
    * Which are the major companies that are making their mark within the BNPL
      theme?
      
      * Some of the major companies that are making their mark within the BNPL
        theme are Addi, Affirm, American Express, Amount, Ant Group, Apple,
        Barclays, Behalf, Biller, Billie, Bread, Bumper, Citi, Curve, and
        Goldman Sachs.
        
        
      


Buy Now

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