BNPL schemes boom as users to surpass 900 million globally by 2027: Juniper Research

BNPL users will surpass 900 million globally by 2027, an increase from 360 million in 2022, driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions, according to Juniper Research.

Buy now, pay later (BNPL) schemes allows customers to spread the cost of their purchases without interest charges, making them an alternative to credit cards.

Juniper Research says BNPL services do not require hard credit checks and a rising number of merchants are accepting this method.

India has the potential for rapid growth in BNPL with users predicted to grow from 25 million in 2022 to 116 million by 2027.

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The growth is driven by rising e-commerce usage and growing interest in international goods available through online retailers.

Juniper Research recommends that vendors build strategic partnerships with vendors in developing markets with established consumer bases to capitalise on this user growth and associated revenue.

The adoption of virtual cards, where only digital cards are used for purchases, will BNPL solutions usage as they only require merchants to accept card payments—overcoming limitations on growth.

Innovation in virtual cards allows BNPL schemes to be on par with credit cards, particularly in-store, where use BNPL cards can be used within a digital wallet to complete contactless transactions.

BNPL vendors must differentiate their services to stand out. Juniper Research suggests BNPL vendors must offer virtual cards, browser extensions that automatically facilitate BNP payment services, and digital loyalty schemes.

This first appeared in the subscription newsletter CommsWire on 9 August 2022.

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