The rapid rise of the Buy Now Pay Later (BNPL) market, projected to grow from US$16 billion in 2023 to US$115 billion by 2032, reflects a shift in consumer payment preferences amid economic pressures such as inflation. Companies like Walmart, PayPal, and Block (formerly Square) are strategically enhancing their BNPL offerings to capitalize on this trend. Walmart, leveraging its massive retail network, has entered deeper into BNPL through its fintech firm, One. PayPal continues to expand its already significant presence in electronic payments by focusing on BNPL services, boasting 25 million active BNPL users. Block, having acquired Afterpay, has solidified its position in this sector, seeing significant growth in its BNPL transaction volumes. As these companies adapt and innovate, they are positioned not just to meet consumer demand but also to potentially dominate the evolving landscape of digital payments.
Read the full article here.