The research identified that, while regulations will inevitably place restrictions on services, such as limiting charges or enforcing affordability checks, these changes will not diminish the appeal or growth of the platforms; merely placing them on a more secure footing. The report recommends that vendors focus on improving the transparency and use of credit assessment and reporting now to minimise future disruption.
The new research, Buy Now Pay Later: Vendor Strategies, Regulatory Frameworks & Market Forecasts 2021-2026, found that, by 2026, buy now pay later services will account for over 24% of global eCommerce transactions for physical goods by value, from just 9% in 2021.
Research co-author Damla Sat explains: ‘As a tool to split the cost for users, buy now pay later is ideally suited for high-cost items, as it enables users to seamlessly split large costs into smaller, more manageable payments. By 2026, these platforms will increasingly become the norm for lower-cost purchases as well; driven by user demand and eCommerce platform integrations.’
The research also found that the global number of buy now pay later users will exceed 1.5 billion in 2026, from 340 million in 2021. In turn, the report recommends that eCommerce merchants must integrate buy now pay later services immediately, or risk losing transactions to other payment platforms which offer preferable payment options.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
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