United States Buy Now Pay Later (BNPL) Business Report 2022: A $463 Billion Market by 2028 - Key End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics
DUBLIN, Nov. 21, 2022 /PRNewswire/ -- The "United States Buy Now Pay Later Business and Investment Opportunities - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics - Q3 2022 Update" report has been added to ResearchAndMarkets.com's offering.
BNPL payments are expected to grow by 48.6% on an annual basis to reach US$126,823.5 million in 2022.
As regulatory developments continue to take place in the United States BNPL market, competition in the industry is increasing month on month, with new players entering the market. This growing competition is expected to lead to more consolidation trends from the short to medium-term perspective in the United States.
In June 2022, Zilch, one of the leading BNPL firms based in the United Kingdom, announced that the firm had raised US$50 million in additional funding round to top up its US$110 million investment raised in November 2021. Notably, the firm is planning to use the investment to boost the growth of its business in the United States.
The funding announcement from the firm follows the United Kingdom government news that BNPL providers are set to face regulation in the nited Kingdom. Notably, the HM Treasury has set out a framework for the Financial Conduct Authority to review the sector.
BNPL providers are entering into strategic partnerships with digital payment processors to expand their merchant network
Globally, one of the strategies adopted by BNPL providers is forging a strategic alliance with digital payment processors, as it allows them to expand their merchant network, thereby boosting their transaction value and volume. In the United States, firms are following the same strategies to boost their merchant network.
In May 2022, Affirm, one of the leading BNPL firms in the United States, announced that the firm had forged a strategic alliance with Stripe, a digital payment processor. Under the partnership, Stripe merchants in the United States will be able to make use of the adaptive checkout service offered by Affirm, which allows shoppers to split their purchases into installments.
Before Stripe, Affirm had forged similar deals with Amazon and Shopify. Along with Stripe, the firm has entered into more partnerships in the country. However, the agreement with Stripe is more important as the payment processor has a wide reach in the American market. As of May 2022, Affirm had a merchant network of 207,000 from a mere 12,000 in 2021. During the same period, the active users for the firm increased 137% to reach 12.7 million.
To further strengthen its position in the United States BNPL market, where the competition is growing aggressively, the publisher expects Affirm to enter into more such strategic partnerships over the next three to four years.
In June 2022, Apple, during its WWDC keynote, announced that the firm is entering into the BNPL sector through the launch of its deferred payment service Apple Pay Later. The service will allow consumers across the United States to split their purchases in installments at millions of retailers who already accept Apple Pay.
The publisher expects the launch of the Apple Pay Later service will further increase the Apple Pay users for the tech giant in the United States. Moreover, the entry of Apple into the BNPL segment means increased competition for market leaders, such as Klarna, Affirm, and Afterpay, who are already facing strong headwinds due to the rise in interest rates.
As more and more big players continue to enter the BNPL industry, competition in the space is expected to intensify. Moreover, the entry of big conglomerates into the market can lead to more consolidation activities in the United States over the next three to four years.
United States Buy Now Pay Later Operational KPIs
United States Buy Now Pay Later Market Share Analysis by Key Players (Paypal, Klarna, Affirm, Afterpay, Futurepay)
United States Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
United States Buy Now Pay Later in Retail Shopping: Market Size and Forecast
United States Buy Now Pay Later in Home Improvement: Market Size and Forecast
United States Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
United States Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
United States Buy Now Pay Later in Other: Market Size and Forecast
United States Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/gb9fbz
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