The Buy Now Pay Later (BNPL) industry has seen a massive surge in popularity over the past few years. According to Statista, by the end of 2020 there were over 55 million users of BNPL services globally and this number is expected to continue growing at an impressive rate. In 2020, the global BNPL transaction value was approximately 60 billion USD and it is projected that this market will grow at a CAGR of 21.20% from 2020 to 2030.
In 2021, different regions have experienced varying levels of growth for their respective BNPL markets; Australia had 43.7% YoY growth while North America achieved 14%. Additionally, 69% millennials in UK are either current or desired users of these services whereas 30% adults in UK have used them already with 45% being aged between 18-36 years old respectively. Similarly 75%, 63%, 35.7%, 10 % and 56 % people belonging to age group 18-34 use such services in Australia , Singapore , India , US & Europe respectively . Moreover 41000 consumers filed complaints related to bnpl schemes during Jan - March 2021 according tot he Financial Ombudsman Service(FOS). Furthermore 20 million adult Americans utilized such service since 2019 & 10 percent Australians faced financial difficulty due outstanding debts as per ASIC report .
Overall it can be concluded that usage rates for buy now pay later plans are increasing rapidly across all major countries worldwide which makes it one interesting topic worth exploring further.
This statistic is a testament to the immense popularity of Buy Now Pay Later (BNPL) services, with over 55 million users worldwide by the end of 2020. It is a clear indication that BNPL services are becoming increasingly popular and are being embraced by a large number of people. This statistic is an important piece of information to include in a blog post about Buy Now Pay Later Statistics, as it provides a comprehensive overview of the current state of the industry.
By 2022, the North American BNPL sector is expected to achieve a CAGR of 14%.
This statistic is a testament to the rapid growth of the North American Buy Now Pay Later sector, indicating that it is a rapidly expanding market that is worth keeping an eye on. It is a sign that the BNPL sector is becoming increasingly popular and is likely to continue to grow in the coming years. This makes it an important statistic to consider when discussing the current state of the BNPL sector and its potential for future growth.
Buy Now Pay Later Statistics Overview
In 2021, the BNPL customer base in the Middle East and North Africa (MENA) region is expected to increase by 150%.
This statistic is a testament to the growing popularity of Buy Now Pay Later services in the Middle East and North Africa (MENA) region. It shows that more and more people are turning to BNPL as a convenient and flexible way to pay for their purchases. This is a trend that is likely to continue, as more people become aware of the benefits of BNPL and the convenience it offers. As such, this statistic is an important indicator of the potential for BNPL to become a major player in the MENA region.
About 20% of US adults have utilized BNPL services for their purchases.
This statistic is a telling indication of the growing popularity of Buy Now Pay Later services in the US. It shows that a significant portion of the population has embraced this payment option, suggesting that it is becoming an increasingly viable option for consumers. This is an important point to consider when discussing the impact of BNPL services on the economy and consumer behavior.
According to a June 2021 survey, 37% of respondents in France used a BNPL service.
This statistic is a telling indication of the growing popularity of Buy Now Pay Later services in France. It shows that a significant portion of the population is taking advantage of the convenience and flexibility that BNPL offers, suggesting that it is becoming an increasingly popular payment option. This is an important statistic to consider when discussing the overall impact of BNPL services on the French economy.
In 2021, around 50% of Malaysians have used BNPL services, with 60% of female respondents opting for BNPL plans.
This statistic is a telling indication of the growing popularity of Buy Now Pay Later services in Malaysia. It shows that more and more Malaysians are turning to BNPL plans to make their purchases, with a higher proportion of female respondents opting for them. This is an important insight that can be used to inform strategies for businesses looking to tap into the BNPL market in Malaysia.
In 2020, 56% of BNPL transactions in Europe were conducted via smartphone devices.
This statistic is a telling indication of the growing popularity of Buy Now Pay Later (BNPL) transactions in Europe, particularly among smartphone users. It highlights the convenience and ease of use that BNPL offers, as well as the increasing demand for this payment method. This statistic is an important piece of information for anyone interested in the latest trends in BNPL, and it is essential for understanding the current state of the industry.
Conclusion
The global Buy Now Pay Later (BNPL) market is growing rapidly, with an estimated 55 million users worldwide and a total transaction value of 60 billion USD in 2020. This growth is expected to continue over the next decade, with a CAGR of 21.20% from 2020 to 2030. The BNPL sector has seen particularly strong adoption rates among millennials across different countries such as Australia, UK, US and France; however usage varies significantly between regions - for example only 9.9% of consumers in the US have used BNPL services compared to 69% of millennials in the UK who either use or are desired users of these services.
In 2021 alone there was 43.7% YoY growth rate for Australian BNPL market while North American sector achieved 14%. Mobile devices also play an important role when it comes to using BNPL services – 56 % transactions were conducted via smartphone devices in Europe last year . Despite its popularity amongst younger generations , 10 .6 % Australians reported facing financial difficulty due outstanding debts related to this payment method which highlights importance responsible spending habits even when utilizing convenient payment options like buy now pay later schemes .
References
0. - https://www.businesswire.com
1. - https://www.finaria.it
2. - https://www.cnbc.com
3. - https://www.wamda.com
4. - https://www.vulcanpost.com
5. - https://www.statista.com
ZipDo, cited June 2023: Buy Now Pay Later Statistics
