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Asia Pacific Buy Now Pay Later (BNPL) Services Market Analysis

The Asia Pacific Buy Now Pay Later Service Market size is estimated at USD 155.72 billion in 2024, and is expected to reach USD 335.04 billion by 2029, growing at a CAGR of 16.56% during the forecast period (2024-2029).

Buy Now Pay Later is emerging as a credit-facilitating service in the Asia Pacific region. Despite a continuous rise in the banking population in the region which exists at around 75%, the availability of credit facilities for small households and low-income category groups is still a challenge. As a remedy to this problem, BNPL services have emerged as credit facilitators providing short and long-term run credit to borrowers with different interest and payment options. With intra-regional variation existing in the region Japan, Hong Kong, South Korea, and New Zealand have emerged as countries with the highest penetration of credit cards, and India, China, and Indonesia exist as markets with low credit card penetration creating a credit gap in Asia Pacific and providing opportunities for the BNPL service providers to increase their service penetration and further investing in the region.

Share of Buy Now, Pay Later payments in e-commerce payments is observing a continuous rise in the region with Australia and New Zealand having BNPL transaction share of 10% in e-commerce. Rising fintech and the adoption of digital transactions has resulted in a rise of BNPL payment products offering by various financial intermediaries. BNPL allows users to pay transaction amounts in interest-free tranches over a period of time or through EMI payments on long-term loans with interest. Increasing fintech companies in India and China is expanding the launch of BNPL services products and this trend is expected to observe a continuous growth over the period. Among few service providers Atome, Rely, and Fundiin in Singapore and Openpay, lime pay, and pay right in Australia have emerged as major APAC startups offering BNPL services in the region.

Asia Pacific Buy Now Pay Later (BNPL) Services Market Trends

Rising Digital Payments

Asia Pacific Buy Now Pay Later (BNPL) Services Industry Segmentation

BNPL has emerged as an alternative finance payment method that allows the user to make a purchase and make its payment over a period of time with different options of interest-free payments for short-term credit and fixed interest payments in the form of fixed EMI for long-term credit. This product resulted in an increase in purchasing power of the people in the Asia Pacific region.

Asia Pacific's Buy Now Pay Later Services Market is segmented by channel, enterprise, end user, and by country. By channel the market is segmented by online, and pos. By Enterprise the market is segmented into large enterprises, small, and medium Enterprises. By End User the market is segmented into consumer electronics, fashion and garments, healthcare, leisure and entertainment, Retail, and others. By Country, the market is segmented into China, India, Australia, Singapore, Hongkong, and the Rest of Asia-Pacific. The report offers market size and forecasts for the Asia Pacific buy now pay later services market in value (USD) for all the above segments.