NEW YORK—The buy now, pay later (BNPL) market could surge to nearly $3.7 trillion by 2030, a new study is forecasting.
That is the prediction from Straits Research, which is putting the current BNPL market at approximately $132 billion.
As of last year, 360 million people around the world used BNPL solutions to finance purchases, a number that could almost triple to 900 million by 2027, according to Juniper Research.
“While growth projections vary widely, BNPL is expected to record a compound annual growth rate between 20% and 45% through the end of the decade. PayPal dominates the market with four times as many users as the next largest BNPL provider,” Investopedia stated.
Fifty-seven percent of U.S. BNPL users reported they have used PayPal’s offering. As CUToday also reported here, Apple has announced it is now rolling out its own BNPL offering.
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