Global Buy Now Pay Later Platforms Market Facing Significant Demand Owing To the Adoption of Online Shopping In Consumer and Retailers

Buy Now Pay Later Platforms Market


 The buy now pay later platforms are getting famous day by day. These shopping platforms offer the buyer the choice of buying a product now while having to pay it later in the month or next month.  Another good reason to shop on the buy now pay later platforms is that there is no obligation associated with the transactions. There are no monthly payments and there is no interest involved in buy now pay later platforms. The only cost involved is a one-time fee which is less than a few dollars per month. There are even some sellers who provide members with free products as a perk to use when they shop on these platforms. Owing to the increase of online shopping applications, consumers are spending most of the leisure time scrolling through the websites and applications since varieties are much more found in online shopping, which offline shopping can lack. For instance, according to Apptopia, an app analytics platform, there were more than 21,000 shopping applications worldwide, available in both the Android app store and Apple app store. 5104 new applications were added in the first quarter of 2019. This is initiating a huge demand in the buy now pay later platforms market.

Recently, from 2020, the demand has increased in the buy now pay later platforms market, owing to the widespread of the coronavirus pandemic, which locked every individual in their houses. Though in the initial months, even the online applications were failing to keep up with the requirement, later on, situations stabilized a little for them. Multiple consumers shave turned to buy now pay later platforms in the pandemic scenario, owing to the uncertainty of refunds and proper deliveries. All these commotions have created propulsion in the buy now pay later platforms market. However, cybercrimes and privacy of user's credentials on these platforms have the proximity to influence the buy now pay later platforms market negatively.

Owing to the huge consumer market, North America has been witnessing immense demand in the buy now pay later platforms market. For instance, according to the U.S. Federal Trade Commission (FTC), there were around 227.5 million online shoppers in the region in 2020. Moreover, advancements in technology and assurance policies from the government have also contributed towards the buy now pay later platforms market of the region. The Asia Pacific is also experiencing a daily surge in the buy now pay later platforms market, owing to the demand from consumers and the launch of new online eCommerce websites and applications. Owing to all these factors, there have been some recent industrial developments in the buy now pay later platforms market. For instance, on 9th March 2021, Klarna, a leading global payment, and shopping service, announced that it will be expanding its suite of marketing services and products for retailers to supply them with more tools to boost the consumer demand

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