United Kingdom Buy Now Pay Later Business and Investment Opportunities Report 2021-2028
DUBLIN, Sept. 14, 2021 /PRNewswire/ -- The "United Kingdom 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 analysis, the BNPL market in the United Kingdom recorded an annual growth of 61.1% in 2020. The key drivers behind the strong growth of BNPL services in the United Kingdom include pent-up demand, the shift from credit cards to debit cards, and the need to manage finances effectively. The substantial growth of the BNPL services is also encouraging multinational BNPL service providers to invest in the market.
As more and more consumers are opting for the deferred payment solution in the United Kingdom, the potential for savings on membership fees and interest payments is likely to increase. However, with the market expected to experience double-digit growth over the next few years, it is imperative that the frameworks which govern the flexible payment solution also adapt to ensure that the industry continues to be trustworthy.
The significant growth of the BNPL flexible payment model is largely benefiting the major BNPL providers such as Klarna, Laybuy, ClearPay, and PayPal Credit in the United Kingdom. Klarna is considered to be the market leader, with nearly 10 million registered customers in the country. Moreover, the BNPL provider is recording strong growth of new users, with 95,000 customers adopting the deferred payment platform each week in the United Kingdom.
BNPL services targeting direct-to-consumer is rising. Most of the BNPL schemes in the United Kingdom and worldwide are run by third parties. BNPL firms deal with online retailers (e-commerce latforms) and integrate their product offerings in their checkout options along with other payment methods. For instance, Zilch, the London-based BNPL startup, has entirely bypassed the need to integrate its product offering into the checkout process of e-commerce providers, as done by major BNPL firms worldwide. The key differentiation with Zilch has been their partnership with MasterCard.
Medium to long term growth story of BNPL industry in United Kingdom remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.7% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 5827.2 million in 2020 to reach US$ 35298.2 million by 2028.
United Kingdom BNPL Market Size and Spending Pattern
United Kingdom Buy Now Pay Later Market Share Analysis by Key Players
United Kingdom Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
United Kingdom Buy Now Pay Later in Retail Shopping: Market Size and Forecast
United Kingdom Buy Now Pay Later in Home Improvement: Market Size and Forecast
United Kingdom Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
United Kingdom Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
United Kingdom Buy Now Pay Later in Education: Market Size and Forecast
United Kingdom Buy Now Pay Later in Automotive: Market Size and Forecast
United Kingdom Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/tq5em0
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