BUY NOW PAY LATER PLATFORMS MARKET ANALYSIS

Buy Now Pay Later Platforms Market, By Channel (Point of Sale (POS) and Online), By Enterprise Type (SMEs and Large Enterprises), By Category (Banking, Financial Services and Insurance, Consumer Electronics, Fashion & Garment, Healthcare, Retail, Media and Entertainment, and Others (Travel and Transportation, Education, Logistics), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Apr 2024
Code : CMI4013
Pages :155
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges:

One of the key challenges faced by buy now pay later platforms is managing consumer defaults and delinquencies. As these platforms offer credit to consumers with no/minimal credit checks, the risk of defaults is higher. Economic downturns can further increase delayed or missed payments. Tighter regulations around lending practices can also impact growth plans. Platforms need to invest in underwriting models and collection strategies to mitigate financial risks. Data privacy and security is another challenge as more personal consumer data is collected and stored.

Buy Now Pay Later Platforms Market Opportunities:

Buy now pay later platforms market continues to see wide-ranging opportunities for growth. As e-commerce becomes more ubiquitous, these platforms allow consumers to pay in installments at online checkout with more flexibility and convenience than credit cards. They can partner with more retailers to boost sales. Expanding into new product lines like in-store purchases and bill payments can augment revenues.