Global Buy Now Pay Later (BNPL) Insights: U.S. Adoption Surges Amid Inflation-Driven Demand - ResearchAndMarkets.com
The "Global Buy Now Pay Later Market, Trends and Players 2023" report has been added to ResearchAndMarkets.com's offering.
Buy Now, Pay Later (BNPL) services are gaining substantial traction in the United States, with the BNPL payment value projected to nearly double between 2022 and 2026.
While the growth rate of BNPL payments is expected to remain positive, it will decline gradually over the years. Furthermore, the number of BNPL users in the U.S. is forecasted to surge by over 30 million during the same period, indicating sustained interest in the adoption of BNPL services.
A recent report highlights the significance of BNPL options for shoppers, particularly those affected by inflation. At the end of 2022, a notable share of holiday shoppers in the U.S. who anticipated being moderately or significantly impacted by inflation considered BNPL options essential during the holiday season. In contrast, the share of such shoppers in the UK reached only a single-digit percentage, underscoring the growing reliance on BNPL services among U.S. consumers facing inflation challenges.
Despite its popularity, BNPL services face challenges in integrating with the traditional credit scoring system in the U.S. Credit bureaus argue that the existing credit scoring models in the country are incompatible with the BNPL loan type.
This misalignment hinders the collection of credit history for BNPL users, as some major BNPL providers, including Klarna, Afterpay, and others, do not report their users' transaction and account information to national credit bureaus. Even though these providers offer both short-term,interest-free loans and longer-term, interest-bearing loans, their impact on credit scores remains underreported.
Key Questions Covered:
USA, Canada, UK, Germany, Austria, Netherlands, France, Spain, Scandinavia, Sweden, Poland, China, Japan, Australia, India, Singapore, Pakistan, Colombia, Brazil, Mexico, Chile, Argentina, Saudi Arabia, UAE, Egypt, Jordan, Bahrain, Kuwait, Qatar.
Key Topics Covered:
1. Key Takeaways
2. Management Summary
3. Global Overview
4. North America
7. Latin America
8. Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/cwcq3l
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