Blockchain Press Releases
E-commerce Buy now Pay Later Market to Reach $57.8 Billion, Globally, by 2032 at 30.4% CAGR: Allied Market Research
The global e-commerce buy now pay later market is experiencing growth due to several factors, such as low cost and practical payment options, growth in the number of e-commerce websites, and an increase in the number of smartphone users.
PORTLAND, Ore., July 6, 2023 /PRNewswire/ — Allied Market Research published a report titled, “E-Commerce Buy Now Pay Later Market by Product Type (Fashion Accessories, Mobiles and Laptops, Electronics Appliances, Others), by Repayment Model (Manual Repayment Schedules, Automatic Repayment), by End User (Gen Z (21–25), Millennials (26–40), Gen X (41–55), Baby Boomers (56-75)): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global e-commerce buy now pay later industry generated $4.2 billion in 2022 and is anticipated to generate $57.8 billion by 2032, witnessing a CAGR of 30.4% from 2023 to 2032.
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Prime Determinants of Growth-
The global e-commerce buy now pay later market is experiencing growth due to several factors, such as low costs and practical payment options, growth in the number of e-commerce websites, and an increase in the number of smartphone users. However, the e-commerce buy now and pay later services are not available on all the products, services, and websites, which limits the growth of the market to some extent. In addition, an increase in bad debts is one of the most significant obstacles limiting the expansion of the e-commerce buy now pay later business. On the contrary, as consumers increasingly turn to online shopping amid lockdowns and social distancing measures, the demand for flexible payment options has increased, which has provided opportunity for the growth of the e-commerce buy now pay later market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4.2 Billion |
|
Market Size in 2032 |
$57.8 Billion |
|
CAGR |
30.4 % |
|
No. of Pages in Report |
435 |
|
Segments Covered |
Product Type, Repayment Model, End User, and Region |
|
Drivers |
Low-cost and practical payment options |
|
The growing number of E-commerce websites |
|
|
An increasing number of smartphone users |
|
|
Opportunities |
The growing consumer demand for flexible payment options |
|
Restraints |
Increase in bad debts |
|
Buy Now Pay later options not available for several goods on e-commerce websites |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the e-commerce buy now pay later market. Due to the growth in penetration of buy now pay later platforms among consumers for purchasing expensive household items and other items for general use.
- Furthermore, the pandemic has driven new norms in online shopping, where consumers are confident in purchasing products with various online payment gateways. Moreover, banks are often deterred from providing credit facilities that allow customers to pay their bills in installments.
- Hence, the market has significantly increased post-pandemic.
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The mobiles and laptops segment to maintain its leadership status throughout the forecast period-
Based on product type, the mobiles and laptops segment held the highest market share in 2022, accounting for more than two-fifths of the global e-commerce buy now pay later market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because the increasing use of mobile devices for online shopping has led to the emergence of mobile wallet solutions that offer BNPL options. These solutions enable consumers to pay for their purchases in installments directly from their mobile devices. However, the fashion accessories segment is projected to manifest the highest CAGR of 33.7% from 2023 to 2032. This is due to the fact that consumers are increasingly turning to online shopping and looking for flexible payment options that suit their budget and lifestyle. As a result, retailers are expanding their buy now pay later offerings to include a wider range of products, including fashion accessories like handbags, jewelry, and sunglasses.
The automatic repayment segment to maintain its lead position throughout the forecast period-
Based on repayment model, the automatic repayment segment held the highest market share in 2022, accounting for more than two-thirds of the global e-commerce buy now pay later market revenue, and is expected to maintain its lead position throughout the forecast period. The same segment would also showcase the fastest CAGR of 31.2% from 2022 to 2032. The growth is attributed to the automatic repayment features, which reduce the risk of default, which can be a major concern for merchants offering buy now pay later services. This helps customers stay on top of their payments and avoid late fees or penalties.
The millennials (26-40) segment to rule the roost by 2032-
Based on end user, the millennials (26–40) segment held the highest market share in 2022, accounting for nearly half of the global e-commerce buy now pay later market revenue, and is projected to rule the roost by 2032. Use them more frequently, leading to further growth in the BNPL market. However, the Gen Z (21-25) segment is projected to manifest the highest CAGR of 33.3% from 2022 to 2032. This is because Gen Z is a generation that has grown up with technology and is comfortable making purchases online. This is also a generation that is highly conscious of their finances, and they often seek out cost-effective solutions when shopping online.
Asia-Pacific to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global e-commerce buy now pay later market revenue. Due to the rise of millennials and Gen Z shoppers, who are looking for flexible payment options and are more inclined to make purchases online. In addition, as online shopping continues to grow in popularity, consumers are looking for flexible payment options that fit their budget and lifestyle. On the other hand, the Asia-Pacific to maintain its dominance throughout the forecast period. However, the same region is expected to witness the fastest CAGR of 33.4% from 2023 to 2032. This is because many retailers in Asia-Pacific are offering buy now pay later services to attract customers and increase sales. Furthermore, another trend is the expansion of buy now pay later services into physical retail stores, allowing customers to use the service in-store as well as online.
Leading Market Players: –
- Affirm Holdings Inc.
- Klarna Bank
- Paypal
- Sezzle Inc.
- Zip Co Limited
- Splitit Payments Ltd
- Laybuy Holdings Limited.
- Payright Limited.
- QuickFee Group LLC.
- Bread Financial Walmart Inc.
The report provides a detailed analysis of these key players in the global e-commerce buy now pay later market. These players have adopted different strategies, such as partnerships, product launches, and expansion, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the e-commerce buy now pay later market forecast from 2023 to 2032 to identify the prevailing e-commerce buy now pay later market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the e-commerce buy now pay later market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global e-commerce buy now pay later market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/e-commerce-buy-now-pay-later-market/purchase-options
Similar Reports We Have on BFSI Industry:
Buy Now Pay Later Market By Channel (Online and POS), Application (Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement and Others), and End User (Generation X, Generation Z/Millennials and Baby Boomers): Global Opportunity Analysis and Industry Forecast, 2021-2030
Buy Now Pay Later Application Market by Channel (Online, POS), by End User (Fashion garment industry, Consumer electronics, Cosmetic industry, Healthcare, Leisure Entertainment, Retail, Others) and by Enterprise Size (Large Enterprises, Small Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032
M-commerce Payment Market by Payment Method (Mobile Web Payments, Near-field Communication, SMS/Direct Carrier Billing, and Others), Transaction Type (M-retailing, M-ticketing, M-billing, and Others), and Application (Personal and Business): Global Opportunity Analysis and Industry Forecast, 2021-2030
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Blockchain Press Releases
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.
Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.
Purpose, Innovation, and Partnerships
Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.
Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.
Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:
- The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.
- On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.
- The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.
Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.
Deepening Bonds: Key Web3 Ecosystems and Communities
Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.
These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.
“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.
“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.
In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
Media Contact
BlocksBridge Consulting
[email protected]
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