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Germany Buy Now Pay Later Market Report 2021: BNPL Payments is Expected to Grow by 55.5% in 2021 - Forecast to 2028DUBLIN, Sept. 22, 2021 /PRNewswire/ -- The "Germany Buy Now Pay Later Business and Investment Opportunities (2019-2028) - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics" report has been added to ResearchAndMarkets.com's offering. According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 55.5% on annual basis to reach US$ 18711.1 million in 2021. Digitalization has gradually started to dominate all sectors in Germany. This impact of digitalization is especially evident in financial transactions. As compared to some other European countries, cash played a bigger role in Germany a few years back. However, the evolving payment landscape and the accelerated push by the coronavirus pandemic have transformed the overall payment industry in the country. With consumer demand for BNPL services increasing in the country, online retailers and merchants are looking at BNPL as a marketing tool. The deferred payment solution in BNPL is allowing both online and offline merchants to experience increased basket size, improved conversion rates, and enhanced customer loyalty. However, both online and offline merchants in Germany are expecting the BNPL payment method at point-of-sale (POS) to attract new customers. Being the largest BNPL market in Europe, Germany also has the highest number of BNPL players in the region. The different BNPL firms operating in Germany include Klarna, Clearpay, PayPal, Ratepay, Scalapay, Divido, and Cashper. While Klarna and Ratepay have been the leading players in the German BNPL sector, smaller BNPL providers such as Scalapay have been raising fuds to expand their services in Germany and other European countries. With the BNPL businesses such as Klarna offering their own banking accounts to consumers, it presents an even more significant threat to the banking industry. Large banks can compete and gain back their market share from the BNPL providers. However, for them to compete, banking players must forge strong relationships with retailers at the point-of-sale, which BNPL companies. Medium to long term growth story of BNPL industry in Germany remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.8% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 12,032.0 million in 2020 to reach US$ 83,619.4 million by 2028. Scope Germany BNPL Market Size and Spending Pattern
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For more information about this report visit https://www.researchandmarkets.com/r/cj77zf Media Contact: Research and Markets View original content:https://www.prnewswire.com/news-releases/germany-buy-now-pay-later-market-report-2021-bnpl-payments-is-expected-to-grow-by-55-5-in-2021---forecast-to-2028--301383044.html SOURCE Research and Markets |