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Japan Buy Now Pay Later Business Report 2022: Payments are Expected to Grow by 44.5% to Reach $18.86 Billion by the end of 2022 - Forecasts to 2028 - ResearchAndMarkets.comThe "Japan Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, 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 44.5% on an annual basis to reach US$18,863.1 million in 2022. Medium to long term growth story of BNPL industry in Japan remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 20.7% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$13,054.7 million in 2021 to reach US$58,208.9 million by 2028. With the pandemic forcing many consumers to buy what they want online, internet shopping has received an extra push over the last two years. On the back of this booming e-commerce industry, an alternative payment method, buy now pay later (BNPL), has been gaining increasing ground in the global market. While the market has seen rapid growth around the world, the BNPL industry is expected to record modest growth compared to other nations because consumers in Japan do not like to have debt. While the payment method is expected not to become mainstream, it is still projected to catch on to a certain degree. With global players demonstrating robust growth in the segment over the last few years, the publisher projects these firms to foray into the Japanese market from the short to medium-term perspective. Moreover, as the e-commerce market continues to grow in Japan, the BNPL adoption is expected to see rising adoption, especially among young generation consumers, over the next three to four years in the country. BNPL providers are further strengthening their position in the Japanese market by enhancing their merchant partner network One of the strategies adopted by BNPL providers globally is to have a strong merchant partner network, thereby allowing their users to shop at more merchants, online and offline, using the deferred payment service. In Japan, BNPL providers have adopted similar strategies. Paidy, one of the leading BNPL providers in Japan, is increasingly partnering with online and in-store merchants in the country. Notably, the firm is targeting merchants in different product categories. The firm has strong network of merchant partners in Japan from fashion to travel-focused platforms. Some of its recent partnerships include merchants such as URBAN RESEARCH, Ultimate Broccoli and Chicken Breast, and HMV & Brooks, among others. The firm is expected to kep partnering with more online and in-store merchants to further make its deferred payment service attractive to more Japanese consumers over the next three to four years. Online freelancing marketplaces are launching BNPL services in Japan Over the last few years, the gig economy has experienced strong growth in the global market, and Japan is no different. Amid this growing freelancing market, to offer buyers more purchasing power, freelancing marketplaces are launching BNPL services in Japan. In May 2022, Coconala, one of the leading online freelancing marketplaces in Japan, announced the launch of the BNPL payment option for its buyers in the country. The service is expected to give buyers a higher purchasing power, thereby driving the growth of its marketplace. The launch of the BNPL service by a freelancing marketplace is a testament to the growing demand for BNPL in the country. Over the next three to four years, the publisher expects BNPL to see more widespread adoption in Japan across different industries. Foreign players are entering the Japanese BNPL sector to further strengthen their position in the global market As BNPL providers continue strengthening their position in the BNPL market, firms are extending their presence in more global markets. As a result, global players are also entering the Japanese market, where the market is still in its early stages of development. In March 2022, Atome, one of the leading BNPL firms in the Southeast Asian market, announced the launch of its services for Japanese consumers. Notably, the launch of the service in Japan comes at a time when Atome is looking to strengthen its position in the Asia region. Along with Japan, the firm also has a presence in Singapore, Malaysia, Thailand, the Philippines, Indonesia, Vietnam, China, and Hong Kong. The firm has partnered with 10,000 merchants, has over 20 million users in Asia, and has disbursed US$1 billion in over 15 million transactions. The presence of such foreign players in the Japanese BNPL industry is expected to further drive the market growth and the popularity of the service among consumers in Japan over the next three to four years. Scope Japan Buy Now Pay Later Companies
Japan BNPL Market Size and Spending Pattern
Japan Buy Now Pay Later Operational KPIs
Japan Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
Japan Buy Now Pay Later in Retail Shopping: Market Size and Forecast
Japan Buy Now Pay Later in Home Improvement: Market Size and Forecast
Japan Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
Japan Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
Japan Buy Now Pay Later in Other: Market Size and Forecast
Japan Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/6vmass
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