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Exploding BNPL Market: $57.8 Billion by 2032

Exploding BNPL Market: $57.8 Billion by 2032

The e-commerce buy now pay later (BNPL) market, valued at $4.2 billion in 2022, is projected to skyrocket to $57.8 billion by 2032 with a Compound Annual Growth Rate (CAGR) of 30.4%. This surge is largely fueled by strategic partnerships between BNPL providers and merchants, facilitating the offering of flexible payment options to consumers. The mobiles and laptops segment is leading the market, thanks in part to the rise of mobile wallet solutions that incorporate BNPL. The automatic repayment model is also contributing to the market's growth, minimizing default risks for merchants. Moreover, millennials (aged 26-40) are the most prominent end users of BNPL services, with Gen Z (aged 21-25) expected to drive the highest growth rate in the coming years. Geographically, while North America currently holds the largest market share, Asia-Pacific is anticipated to dominate the market by 2032, with the fastest growth rate thanks to an increase in retailers offering BNPL services and a growing online consumer base.

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