Asia-Pacific Embraces Buy Now, Pay Later: Trust and Popularity Soar with Luxury Purchases Leading the Charge – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Buy Now Pay Later Market and Trends 2023” report has been added to ResearchAndMarkets.com’s offering.
Buy Now, Pay Later (BNPL) services are rapidly gaining trust and popularity among consumers in the Asia-Pacific (APAC) region, according to a recent publication. More adults in the APAC region completely trust BNPL services rather than completely distrusting them, setting the stage for significant growth in BNPL adoption. BNPL has also become one of the top 7 payment methods used at least 5 times per month in the region.
In Australia, the BNPL market experienced substantial growth, with BNPL sales increasing from a single-digit to a double-digit value in EUR billion from 2021 to 2022. This growth reflects the rising preference for BNPL services among Australian consumers. Meanwhile, India is poised to witness remarkable growth in BNPL, with the transaction value expected to more than triple from 2022 to 2026, driven by a mid-range double-digit Compound Annual Growth Rate (CAGR). The number of BNPL users in India is projected to nearly quintuple from 2022 to 2027, surpassing 100 million users. Among APAC countries, China is expected to experience the most significant increase in BNPL market size by 2025.
In Southeast Asia, luxury products emerged as the top category purchased using BNPL on online B2C E-Commerce platforms such as Zalora. Home & Lifestyle and Beauty were also popular categories. Notably, the share of shoppers using BNPL to finance luxury purchases nearly doubled between 2021 and 2022, indicating a growing consumer interest in using this payment method for high-end products. Additionally, younger consumers, including Millennials and Gen Z, were the primary users of BNPL services for online purchases, followed by Baby boomers and Gen X, according to survey data cited in the report.
Key Questions Covered:
- BNPL Share of B2C E-Commerce Payments: What was the share of BNPL in total B2C E-Commerce payments in 2022, and how much is it expected to grow by 2026?
- Trust in BNPL: How high is the level of trust in BNPL across different markets?
- BNPL Market Size in APAC: What is the BNPL market size in various APAC countries, and how is it projected to evolve?
- Age Distribution of BNPL Users: What is the age distribution of BNPL users in APAC countries?
Covered Countries:
- China
- Japan
- Australia
- India
- Singapore
- Pakistan
Key Companies Mentioned:
- Klarna
- Afterpay
- Affirm
- Apple Pay Later
- PayPal
- Sezzle
BNPL services are quickly becoming a preferred payment method in the APAC region, with significant growth in adoption and trust among consumers. Luxury purchases, in particular, are on the rise through BNPL, demonstrating its increasing popularity among shoppers.
Key Topics Covered:
1. Management Summary
2. Global Overview
3. Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/9mko1s
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