The Buy Now Pay Later (BNPL) platforms market is experiencing significant growth, projected to expand from USD 32.89 billion in 2023 to USD 112.36 billion by 2029, with a compound annual growth rate (CAGR) of 22.54%. This surge is driven by consumers' increasing demand for flexible payment options that allow for better cash flow management, especially among millennials and Gen Z. The rise of e-commerce and digital payments has further accelerated the adoption of BNPL services, as online retailers integrate these solutions to enhance the shopping experience and reduce cart abandonment rates. However, the market faces challenges such as regulatory scrutiny and the need for effective credit risk management. Key trends include the integration of BNPL with retailers, expansion into new geographic markets, and a focus on sustainability and responsible finance practices. Major players in this space include Afterpay, Klarna, and PayPal, all vying for a share of this lucrative market.
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