Throughout the projection period, there is likely to be considerable expansion in the market for purchase now pay later platforms (2020-2027). The numerous advantages that purchase now pay later platforms provide to their consumers are mostly responsible for the market growth in this sector. The purchase now pay platforms' registration process is fairly simple. The user receives immediate clearance for invoices up to a certain amount after creating an online account on one of the BNPL sites.The primary challenge impeding the expansion of the worldwide market for purchase now pay later platforms is the rise in customer complaints about exorbitant late fees and accumulating debts. As an illustration, Afterpay levies fees of US$ 10 for each delayed payment and US$ 7 if the installment is not paid after a week. Those who fail to pay all of their payments are assessed a late fee of US$68. Moreover, BNPL systems like Zip tax consumers with an unpaid amount US$ 6 per month.
In 2021, the market for Buy now, Pay Later Platforms was estimated to be worth US$10,415.5 Mn.
Key Competitors in the Buy Now Pay Later Platforms Industry:
1. Afterpay.
Through Afterpay's buy now, pay later (BNPL) services, customers may spread out their payments for items. It began as an online payment method but is now accepted in several countries for in-store transactions. It was founded in October 2014 and then extended to the US in May 2018, the UK in August 2018, and Canada in September 2017. (August 2020). Under the Clearpay brand, which it expanded to include Spain, France, and Italy in March 2021, it provides its services in the UK. With 16.2 million users and 100,000 retailers, it is rapidly replacing credit cards as a popular method of payment for those who have little access to traditional credit.Afterpay bought Pagantis, a Spanish-based supplier of BNPL solutions, in August 2020 to ensure that it has the legal authorization and resources necessary to grow in Southern Europe.
2. ZipMoney.
Digital payment solutions are offered by Zip Co Ltd (Zip), formerly ZipMoney Ltd, which was established in 2013. The business provides services for digital payments and point-of-sale credit. Moreover, it offers a selection of integrated retail financing solutions to small, medium, and business merchants operating both online and offline in a variety of sectors. In addition to other businesses, Zip principally serves the retail, education, health, and travel sectors. It offers goods like zipPay and zipMoney. Its zipMoney provides services like credit, commonly used for buying different tickets, shopping, clothing, accessories, food, and hospitality, among others. The corporation mostly does business in Australia. Sydney, New South Wales, Australia serves as the home office for Zip.
3. Visa Inc .
Visa Inc. (Visa), a global leader in digital payment technology, was established in September 1958 to provide services to financial institutions, businesses, governments, and consumers. It promotes international e-commerce by using electronic funds transfers and information. Payment transactions are cleared, authorised, and settled over Visa's VisaNet network for transaction processing. Moreover, the business transports data relevant to payments. Mobile payments, payment cards, business payments, transaction processing services, merchant solutions, and other digital services are included in its range of offerings. Also, it aids neighbourhood businesses. The corporation has operations throughout the Middle East, Africa, Asia-Pacific, Europe, and the Americas. The American city of Foster City is home to Visa's headquarters.
4. Sezzle Inc.
Sezzle Inc., a payments firm focused on technology, was established in 2016. The business creates a platform for digital payments that enables businesses to give customers flexible financing options. Customers in the US are served by Sezzle. A payments firm called Sezzle is on a mission to provide the next generation financial independence. Millions of customers' purchasing power is increased by Sezzle's payment technology by providing interest-free installment plans at both online and physical retail locations. Customers' applications are instantly approved, and their credit scores are unaffected unless they want to opt-in to Sezzle Up, a credit-building service. The more than 47,000 Active Merchants that offer Sezzle see a rise in sales and basket sizes as a result of consumers' improved spending power.A publicly listed financial technology business with its headquarters in Minneapolis, Minnesota, with operations in both the United States and Canada is called Sezzle. The business offers an alternate payment system that lets customers pay in interest-free installments at particular online retailers.
5. Affirm.
An American financial technology business with its headquarters in San Francisco is called Affirm. The 2012-founded business provides installment loans to clients at the point of sale to help them fund purchases. provides customers with immediate fixed rate point-of-sale loans during online checkout at selected retailers. Generally, loans have terms of three, six, or twelve months, no fees, and annual percentage rates ranging from 10% to 30%, depending on the borrower's credit score and other factors.Users may pre-qualify for Affirm financing via a mobile app released in October, after which they can purchase wherever they are. Founders Fund, GIC, Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Thrive Capital, and others provided $800 million in funding. Most recent estimate: $2.9 billion Credentials: Has more than 4,000 merchants joined up, including Casper, Expedia, The RealReal, Walmart, and Wayfair. In 2019, it produced $4 billion in loans. Co-founder and CEO: Max Levchin, 44, a former chairman of Yelp and co-founder of PayPal.
6. PayPal.
Digital payments business PayPal Holdings Inc. (PayPal) was established in December 1998. It offers technology and payment options that make it easier for customers and businesses to accept payments via mobile, in-app, and web channels. The firm also provides other value-added services including invoicing, gateway services, working capital and short-term business finance, and these. It serves as an electronic substitute for traditional paper payment methods like checks and money orders. Also, it offers P2P payment options. Braintree, Venmo, Xoom, PayPal Credit, Zettle, Chargehound, Happy Returns, Honey, Hyperwallet, Paidy, and Simility are some of the company's brands. It primarily operates in North America, Europe, and the Asia-Pacific region. The headquarters of PayPal are in San Jose, California, in the US.
7. Humm Group Ltd.
Financial services are offered by Humm Group Ltd (Humm Group), which was established in 2015. It works to offer consumers and companies a variety of financial products and payment options. Under the brand names humm, bundll, humm90, humm pro, Q Mastercard, and FelexiCommercial, the business sells its products. The Humm Group serves a variety of markets, including those in travel, home renovation, consumer retail, education, business, government, and technology. It offers leasing options for both consumers and businesses, as well as interest-free financing. The business has operations in Ireland, Australia, and New Zealand. Sydney, Australia-based Humm Group Ltd was established in 1988 and has its main offices there.
8. Klarna.
A subsidiary of Klarna Holding AB, Klarna Bank AB (Klarna), a fintech firm that was founded in 2015, offers flexible payment options along with digital financial services including payments for online shopping and direct payments. At the merchant's checkout page after selecting the required goods, it allows customers to make purchases by selecting either its Buy Now Pay Later or Spread payment option. Cross-selling and providing individualised services to consumers are two ways that the services help businesses increase their customer reach and retention. The business conducts business in the Netherlands, Finland, Norway, Denmark, Sweden, Switzerland, Germany, Austria, the United Kingdom, and the United States. Sweden's Stockholm is home to the headquarters of Klarna. In 2005, Stockholm, Sweden, saw the founding of Klarna.
*Definition: Buy Now Pay Later is short-term financing that allows customers to make purchases now and pay for them at a decided future date.
