DUBLIN--(BUSINESS WIRE)--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's offering.
The burgeoning Buy Now Pay Later (BNPL) service is reportedly experiencing a significant upsurge in the Asia Pacific market, with a projection to escalate from USD 155.72 billion in 2024 to USD 335.04 billion by 2029.
This represents a compound annual growth rate (CAGR) of 16.56% over the forecast period. This growth is attributed to the increasing demand for credit facilities within the region, especially among small households and low-income groups. Despite a relatively high banking population, the prevalence of BNPL services has filled a critical gap in the credit market, offering an array of payment options to consumers.
Digital Payments and E-commerce Driving BNPL Adoption
A contributing factor to the rise of BNPL services is the continued integration of digital payment systems in Asia Pacific economies. These developments are particularly noted in countries like Thailand, South Korea, Taiwan, and Hong Kong, where BNPL accounts for a substantial portion of e-commerce sales. India's digital lending market showcases a significant year-over-year growth rate, strengthening the BNPL services industry outlook.
Australia’s Dominance in the BNPL Sector
Australia remains at the forefront of the BNPL market within the Asia Pacific, accounting for a 14% share of e-commerce payments made using BNPL methods. In contrast, economic giants such as China and India have a much lower share. Australian demographics point to Gen Z and Gen Y as the main adopters of BNPL services, with their usage fueling the market's expansion. With an increased number of BNPL account holders and providers, Australia is witnessing a rise in consumer debt accrued through BNPL services, indicating the growing normality of this payment option.
Fintech Innovations Steer BNPL Services
The Asia Pacific Fintech landscape is highly competitive, yet fragmented, with numerous key players offering BNPL services aimed at fostering financial inclusion and accommodating the credit-utilizing behaviors of online shoppers. The industry’s burgeoning expansion is enticing both domestic and international entities to fortify their market positions and explore new opportunities.
The continuously rising adoption rates of BNPL services across Asia Pacific not only foster financial inclusion but also signify a profound transformation in consumer payment behaviors, reinforcing the potential for sustained growth within the Fintech sector.
Companies Featured
- Reepay
- Akulaku
- Hoolah
- Atome
- Pine Lab
- Zest Money BNPL
- Openpay (Australia)
- Rely (Singapore)
- Limepay (Australia)
- PayRight (Australia)
For more information about this report visit https://www.researchandmarkets.com/r/u1am23
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