In an increasingly digital-first world, the way consumers approach financial transactions is undergoing a significant transformation. The Buy Now, Pay Later (BNPL) market is at the forefront of this shift, offering a flexible payment solution that is rapidly gaining traction across the globe. Newly released data by provides a thorough analysis of this burgeoning industry, outlining its potential for unprecedented growth by 2024.

The “Global B2C Buy Now Pay Later Market Intelligence Databook Subscription – Q1 2024” report indicates that global BNPL payments are projected to grow by 16.4% on an annual basis, reaching an impressive US$633.2 billion in 2024. This steady ascent in BNPL payment adoption is further expected to continue, recording a Compound Annual Growth Rate (CAGR) of 11.4% during the years 2024 to 2029. The gross merchandise value of the global BNPL market is anticipated to rise from US$543.8 billion in 2023 to US$1,088.3 billion by 2029, underscoring the accelerated pace of growth anticipated for this sector.

This growth is attributed to a variety of factors, including the unbanked and underbanked consumers in markets such as Latin America and Africa, and the higher inflation and cost of living crisis which has seen an increase in European users. Moreover, in regions like the Middle East and Asia Pacific, including rapidly growing economies such as India, the BNPL schemes are being used for both essential and luxury purchases.

Businesses are quick to recognize the potential of BNPL, with major firms including Klarna entering strategic partnerships to expand their reach. Klarna’s collaboration with Walmart Canada and the Australian BNPL firm Zip Co.’s partnership with Primer exemplify businesses capitalizing on the growing demand for BNPL solutions. Additionally, new players, such as Google Pay, are entering the market, indicating a robust and competitive sector ripe for innovation.

The expanding BNPL market has not gone unnoticed by regulatory bodies. The report highlights a surge in regulatory activities, with countries and regions including the UAE and Saudi Arabia introducing regulatory requirements for BNPL providers to foster a secure and regulated environment for consumers. In the U.S., New York State has proposed new regulations, hinting at a broader trend of heightened oversight in the BNPL industry.

The comprehensive report illustrates the detailed data-centric analysis of the BNPL industry, covering market opportunities and risks across various retail categories. With over 75 Key Performance Indicators (KPIs) at the country level, it encompasses a broad spectrum of market dynamics, including market size and forecast, market share statistics, consumer behaviour, and retail spending dynamics. Notably, the report covers major global markets, including but not limited to the US, UK, Canada, China, India, and Australia.

The BNPL sector’s meteoric rise is reshaping consumer spending habits, providing a tantalizing glimpse into the future of financial transactions. With the promise of further innovation driven by increased competition and regulatory frameworks aimed at protecting consumers, the BNPL market is poised for sustained growth. This evolution signals a pivotal shift in the consumer finance landscape, with BNPL offerings becoming an increasingly integral component of the global retail ecosystem.