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The European Buy Now, Pay Later Market
The European Buy Now, Pay Later Market
Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) — The “European Buy Now Pay Later Business and Investment Opportunity Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics” report has been added to ResearchAndMarkets.com.
BNPL payments are expected to grow by 15.2% annually, reaching US$167 billion by 2024.
The mid-to-long term growth story of the BNPL industry in the region remains strong: adoption of BNPL payments is expected to grow steadily over the forecast period, registering a CAGR of 10.1% from 2024 to 2029. Total BNPL transaction value in the region will increase from USD 145 billion in 2023 to USD 269.7 billion by 2029.
The report provides a data-centric and in-depth analysis of the BNPL (Buy Now Pay Later) industry covering market opportunities and risks for various retail verticals. With 75+ KPIs at country level, the report offers a comprehensive understanding of BNPL market dynamics, market size & forecast, market share statistics.
The European market is expected to witness accelerated growth in the 'pay later' sector in the medium term. Growing adoption among consumers of all age groups will drive the industry's growth in Europe. As inflation continues to put pressure on household incomes, not only younger shoppers but also older generations are turning to payment solutions to fund their everyday purchases.
Margin pressure from rising interest rates and an inflationary environment has led several global providers to close their European operations. However, this has created growth opportunities for others who are expected to expand aggressively in the European market, resulting in accelerated growth rates. Overall, publishers maintain a positive growth outlook for the European BNPL industry over the next three to four years.
Companies are expanding into European markets to boost usage and spur growth in the region.
With the market expected to expand in Europe over the next 3-4 years, companies are expanding their operations in the region to tap untapped markets. This expansion strategy is also driving a trend of strategic collaboration in the sector.
In October 2023, Marqeta formed a strategic partnership with Scalapay to accelerate the use of “buy now, pay later” in Europe. As part of the partnership, the two companies will issue virtual cards to Scalapay's BNPL users for online and in-store transactions. Marqeta's scalable platform will help Scalapay drive a better shopping experience for its users.
Meanwhile, Klarna is also planning to expand across Europe as it seeks in-store partnerships to capitalize on the growing use of BNPL products among consumers across a range of age groups. Its aggressive expansion in Europe comes at a time when several companies are taking cost-cutting measures.
The story continues
For example, Zip has withdrawn from 10 of its 14 markets, including the UK, in 2023. Clearpay also ceased operations in a number of European countries, including Italy, France and Spain, in 2023. This provides growth opportunities for companies such as Klarna, which is well-positioned to accelerate its growth rate in Europe on the back of increasing demand.
More and more Brits are taking up postpaid plans in the UK.
The inflationary environment has put a strain on consumer purchasing power, with the majority of Brits struggling to even pay their bills. As a result, millions of shoppers have turned to payment solutions such as buy now, pay later to cover their purchases and everyday living costs.
A Citizens Advice report found that 11% of consumers use the payment method for grocery shopping; among frequent BNPL users, this figure rises to 35%. Another report published by the Financial Conduct Authority found that around 14 million Britons made purchases using BNPL schemes in the six months to January 2023.
Publishers expect this trend to continue in the UK market in 2024. The growing adoption of BNPL schemes will help providers increase total value and volume, but it will also lead to increased delinquencies, with many users unable to repay on time.
BNPL startup seeks funding to offer innovative payment solution in Italy
As demand for installment payment solutions grows across the region, several startups have entered the space to tap into the growing market. These startups are also raising capital to reach more customers in the region.
Qomodo, an Italy-based payment aggregator, announced it had raised €34.5 million in a pre-seed funding round in November 2023. The BNPL service offered by the company is targeted specifically at in-store retailers and is expected to drive the next stage of growth for the BNPL industry across Europe in the medium term.
The firm expects to see more startups raise capital, driving a more competitive landscape in the coming months, and also sees companies forming strategic partnerships to expand distribution of BNPL products in the brick-and-mortar sector.
Key topics:
European Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Austria Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Belgium Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Denmark Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Finland Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
France Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Germany Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Greece Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Italy Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Dutch Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Norway Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Poland Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Spain Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Sweden Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Switzerland Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
UK Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Key attributes:
Report Attributes
detail
Number of pages
1479
Forecast Period
2024 – 2029
Estimated market value in 2024 (USD)
$167 billion
Market value forecast to 2029 (USD)
$269.7 billion
Compound Annual Growth Rate
10.1%
Target area
Europe
range
BNPL Market Size and Spending Patterns, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Revenue Analysis, 2020-2029
Buy now, pay later returns
Buy now, pay later share by revenue segment
Buy now pay later revenue (excluding merchant fees)
Deferred earnings (excluding unpaid fees)
Buy Now Pay Later Revenue (separately Buy Now and Other Revenue)
Buy Now, Pay Later Operational KPIs and Statistics, 2020-2029
BNPL by purpose, 2020-2029
BNPL by Business Model, 2020-2029
BNPL by Merchant Ecosystem, 2020-2029
Open Loop System
Closed Loop System
BNPL Distribution Model Analysis, 2020-2029
BNPL Analysis by Channel 2020-2029
Online Channels
Point of Sale Channel
Buy Now, Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Home Improvement Market: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Travel: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Media and Entertainment Market: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Postpaid Services: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Automotive Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Other “Buy Now, Pay Later” Market Size and Forecast
Total Product Value Trend Analysis
Trend analysis of average value per transaction
Trading volume trend analysis
Buy Now, Pay Later Analysis by Consumer Attitudes and Behavior
For more information on this report, please visit: https://www.researchandmarkets.com/r/xvzdo3
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