The surge in online shopping and preference for deferred payments has fostered increasing demand for buy now, pay later (BNPL) services amid the COVID-19 pandemic. According to a survey by DebtHammer.org, nearly 45% of shoppers have recently signed up for at least one buy now, pay later plan, a 41% jump since April 2021.
Rising digital, online payments among different sectors and increasing investments by prominent industry leaders should boost the BNPL market’s growth. The BNPL market is projected to grow at a 21.7% CAGR to $90.51 billion in 2029 from $22.86 billion in 2022.
