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Buy Now, Pay Later Market in Asia Pacific
Buy Now, Pay Later Market in Asia Pacific
Dublin, Aug. 22, 2024 (GLOBE NEWSWIRE) — The “Asia Pacific 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 – Updated Q1 2024” report has been added to ResearchAndMarkets.com.
BNPL payments are expected to grow by 17.1% annually, reaching US$181.3 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 12.0% from 2024 to 2029. Total BNPL transaction value in the region will increase from USD 154.8 billion in 2023 to USD 319.8 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.
Rising consumption and credit demand are expected to drive growth of the postpaid loan industry across Asia Pacific in the medium term. Companies are forming strategic alliances to launch new products to cater to the growing demand for BNPL products in Asia Pacific. In 2024, the publisher expects startups to raise funding from venture capital and private equity firms to expand their product offerings.
Markets such as India and Southeast Asia have thriving e-commerce sectors that will support the growth trajectory of the postpaid industry in the medium term. In Asia Pacific, India is expected to lead the regional market growth amid growing adoption of payment solutions. Overall, publishers believe that the market's growth prospects over the next three to four years are favorable.
Visa and Standard Chartered Bank have partnered to bring BNPL to the Asia-Pacific market.
As demand for “buy now, pay later” credit products grows, companies are entering into strategic alliances to enter new markets and increase their total transaction value over the next three to four years.
In December 2023, Visa partnered with Standard Chartered Bank to accelerate the delivery of BNPL solutions to the bank's Visa cardholders in Asia Pacific. The partnership will enable eligible consumers to use Visa's installment solution at participating stores and e-commerce merchants. Initially, the payment service will be available to cardholders in Malaysia and Singapore. Going forward, the two companies plan to launch the service in other markets in Asia Pacific. The partnership comes at a time when awareness of BNPL solutions is rapidly growing in the Asia Pacific region.
BNPL startups are raising funds to strengthen their technology and boost adoption in India.
Demand for credit is growing rapidly among Indian consumers. Rising inflation and falling disposable income are driving the demand for credit. As a result, BNPL companies are raising funds from venture capital and private equity firms to reach more consumers.
SalarySe, a BNPL focused financial services app, announced that it has raised $5.25 million in a funding round in January 2024. The round was led by Surge Ventures with participation from other investors including Pravega Ventures. The company will use the funds to strengthen its technology and also expand adoption of its product in the Indian market.
Going forward, SalarySe also aims to launch a UPI credit system for salaried employees. For this, the company has formed strategic partnerships with banking institutions, HR SaaS platforms, and employers. Notably, the National Payments Corporation of India (NPCI) has launched a credit line for UPI facility in India in 2023.
The firm expects more venture capital and private equity funding to flow into the Indian BNPL sector in 2024. This will drive innovation and competition in the BNPL market over the next three to four years.
Rising consumption and demand for credit are fuelling growth of the BNPL industry across Southeast Asia
Southeast Asia is poised for a growth in the 'pay later' market, driven by a surge in smartphone and internet usage, a booming e-commerce market and a growing proportion of the population that is unbanked. While Indonesia is leading the market growth, other countries such as Malaysia and the Philippines are also aggressively adopting 'pay later' schemes, resulting in new product launches and strategic partnerships in the sector.
For example, Atome Financial revealed that it has partnered with HSBC Singapore to renew a $100 million debt facility, a move aimed at increasing its presence in the Philippine market. The partnership will not only support Atome's expansion efforts, but also leverage HSBC Singapore's global network, regional presence and banking knowledge to strengthen Atome's influence and outreach in the Philippine market.
In November 2023, Fundiin signed a strategic partnership with Vietnam's Pharmacity. Fundiin's presence in Pharmacity, one of the leading retail pharmacy chains with nearly 1,000 stores across Vietnam, will enable BNPL companies to attract more customers. This will also increase the company's total product value and transaction volume as a BNPL provider. In Vietnam, Fundiin provides BNPL services in various industry sectors, including film, fashion, cosmetics, and travel.
These strategic alliances in this sector are expected to drive the competitive landscape while supporting the growth of the “buy now, pay later” market across Southeast Asia in the medium term.
The BNPL payments industry in Asia Pacific has registered robust growth over the past four quarters, fuelled by increasing adoption of e-commerce.
This bundled product of 11 reports contains 638 tables and 825 figures:
Asia Pacific Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Australia Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
China “Buy Now, Pay Later” Business and Investment Opportunities (2020-2029) Databook
India Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Indonesia Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Japan Postpaid Business and Investment Opportunities (2020-2029) Databook
Malaysia Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Philippines Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Singapore Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Korea Buy Now, Pay Later Business and Investment Opportunities (2020-2029) Databook
Thailand Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
Key attributes:
Report Attributes
detail
Number of pages
1044
Forecast Period
2024 – 2029
Estimated market value in 2024 (USD)
$181.3 billion
Market value forecast to 2029 (USD)
$319.8 billion
Compound Annual Growth Rate
12.0%
Target area
Asia Pacific
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/r4t6ra
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