BASINGSTOKE, U.K.– The number of Buy Now Pay Later users will surpass 900 million globally by 2027, up from 360 million in 2022, according to a new forecast from Juniper Research.
“This substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions,” Juniper said.
As CUToday.info has reported and as the research states, BNPL schemes enable consumers to spread the cost of their purchases without interest charges; making them a highly attractive alternative to credit cards. Additionally, BNPL services do not require hard credit checks and an increasing number of merchants are accepting this payment method; making it easier to access for consumers than traditional credit.
India to Lead the Way
While the U.S. has seen strong growth in consumers using BNPL, Juniper research said India has the greatest potential for rapid growth in BNPL, with users predicted to grow from 25 million in 2022 to 116 million by 2027.
In addition, the research predicts the adoption of virtual cards, where digital only cards are used for purchases, will increase the usage of BNPL solutions, as they only require merchants to accept card payments - overcoming previous limitations on growth, according to Juniper.
“The advancement of virtual cards allows BNPL schemes to compete with credit cards; particularly in-store, where single use BNPL cards can be used within a digital wallet to complete contactless transactions,” Juniper stated in releasing its findings.
The Recommendation
Juniper Research is recommending that in order to compete in this highly competitive landscape, BNPL vendors must differentiate their services: including offering virtual cards, browser extensions that automatically facilitate BNPL payment services, and digital loyalty schemes.
The free BNPL white paper can be found here: https://www.juniperresearch.com/whitepapers/bnpl-reshaping-the-payments-landscape
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