Asia Pacific Buy Now Pay Later Business Report 2024-2029: Rising Consumption and Credit Demand Supporting Growth, Partnership Between Visa and Standard Chartered Bank Driving Expansion
DUBLIN, Feb. 12, 2024 /PRNewswire/ -- The "Asia Pacific Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
BNPL payments in the region are expected to grow by 17.3% on an annual basis to reach US$232.5 billion in 2024.
The medium to long-term growth story of the BNPL industry in the region remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 12.3% during 2024-2029. The BNPL gross merchandise value in the region will increase from US$198.2 billion in 2023 to reach US$414.5 billion by 2029.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
The rising consumption and demand for credit are expected to drive the growth of the buy now pay later industry across Asia Pacific over the medium term. Firms are entering into strategic partnerships to launch new products to cater to the growing demand for BNPL products in Asia Pacific. In 2024, the publisher expects startups to raise funding from venture capital and private equity firms to scale their product offerings.
Visa, in December 2023, entered into a partnership with Standard Chartered Bank to accelerate the delivery of BNPL solutions to the bank's Visa credit cardholders across the Asia Pacific region. The partnership will enable targeted consumers to make use of Visa's installment payment solution at participating stores and e-commerce merchants. Initially, the collaboration will enable credit cardholders in Malaysia and Singapore to make use of the payment service. Going forward, the firms are planning to launch in other markets across the Asia Pacific. The partnership comes at a time when awareness about BNPL solutions is growing rapidly in Asia Pacific.
BNPL startups are raising funding rounds to ramp up technology and drive adoption in India
SalarySe, the BNPL-focused financial services app, announced that the firm had raised US$5.25 million in a funding round in January 2024. The capital round was led by Surge Ventures and included participation from other investors like Pravega Ventures. The firm is planning to use the capital for ramping up its technology, while also targeting higher adoption of its product in the Indian market.
Going forward, SalarySe is also aiming to launch a credit-on-UPI system for salaried employees. Consequently, the firm is entering into strategic collaborations with banking institutions, HR SaaS platforms and employers. Notably, the National Payments Corporation of India (NPCI), launched the credit line on UPI facility in 2023 in India.
In 2024, the publisher expects more venture capital and private equity funding to enter the BNPL sector in India. This will support innovation and a competitive landscape in the BNPL market over the next three to four years.
Atome Financial, for instance, revealed that it is renewing a US$100 million debt facility in partnership with HSBC Singapore. This move is aimed at growing its presence in the Philippine market. The collaboration not only supports Atome's expansion efforts but also takes advantage of HSBC Singapore's worldwide network, regional presence, and banking knowledge to enhance Atome's influence and outreach in the Philippine market.
Fundiin, in November 2023, entered into a strategic partnership with Pharmacity in Vietnam. Fundiin's presence at Pharmacity, one of the leading retail pharmacy chains having approximately 1,000 stores across the country, will enable the BNPL firm to tap into more customers. This will also drive the firm's gross merchandise value and volume for the BNPL provider. In Vietnam, Fundiin is offering BNPL services across different industry verticals including cinema, fashion, cosmetics, and travel among many others.
These strategic collaborations in the sector are expected to drive the competitive landscape while supporting the growth of the buy now pay later market across Southeast Asia over the medium term. The BNPL payment industry in Asia Pacific has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.
Country reports in this bundled offering provide in-depth analysis of Buy Now Pay Later industry. Below is a summary of key market segments offered at country level:
Buy Now Pay Later Revenue Analysis, 2020-2029
Buy Now Pay Later Operational KPIs & Statistics, 2020-2029
BNPL by Purpose, 2020-2029
BNPL by Business Model, 2020-2029
BNPL by Merchant Ecosystem, 2020-2029
BNPL by Distribution Model Analysis, 2020-2029
BNPL Analysis by Channel, 2020-2029
Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
Buy Now Pay Later in Others: Market Size and Forecast
Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/1mc6x
Research and Markets
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