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Science & Technology

BNPL Spend to Reach Over 437 Billion Globally by 2027

Almost 300% growth will be fueled by escalating financial pressures and deteriorating macro-economic factors

BNPL

Source: depositphotos.com

A new study from Juniper Research estimated that consumer spending using BNPL (Buy Now, Pay Later) platforms will accelerate, rising from $112 billion in 2022 to $437 billion globally in 2027. The accelerated growth of 291% will be driven by the rising cost of living which boosts the demand for cheap credit solutions.?

Perhaps, the growth would be even more significant if it were not for the possibility of a debt trap. BNPL’s lack of credit checks makes it more popular than traditional loans. However, it is also dangerous for one’s financial well-being. Thus, consumers are often approved for larger loans than they are actually able to repay.?

Nevertheless, the report predicts that the introduction of stricter financial regulations will help alleviate this issue. Meanwhile, in markets with softer regulations, Juniper Research calls for the vendors to act responsibly and clearly communicate all incurred debts promptly to users, to help minimise repayment default rates.

In addition, the study predicts that BNPL vendors should provide services in alternative verticals to diversify their monetisation opportunities. Due to the high demand for BNPL payment methods, e-Commerce becomes oversaturated with solutions.?

Moreover, the research identified the healthcare sector as an emerging opportunity for vendors. It has a lower risk of defaulting payments from overspending in comparison to the e-Commerce market. Therefore, vendors who make strategic partnerships with established healthcare providers to offer BNPL services to healthcare users will ensure successful entry into the market.

SEE ALSO:

Zip Card is Now Live: Details of BNPL Offline Offering

Mediobanca Enhances BNPL Operations with New Acquisitions

Amazon and Affirm expand BNPL offering to Canada

Nina Bobro

1604 Posts 0 Comments

https://www.edeals2day.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.