SkyQuest's latest projection reveals that the Global Buy Now Pay Later (BNPL) market is set to skyrocket, expected to reach a valuation of USD 49.41 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 26.1% from 2024 to 2031. This growth is being driven by consumers' preference for flexible and convenient payment options, which allow them to make purchases without immediate payments, thus offering more financial freedom and reducing upfront costs. The rapid expansion of e-commerce is also a significant factor fueling the BNPL market, as more consumers seek seamless online payment solutions. Key players in the market, such as Laybuy, Sezzle, and Affirm, leverage their vast resources and technological platforms to offer competitive credit facilities and enhance customer experience. North America remains the dominant region due to significant technology providers, government support, and rising investor interest. However, challenges like regulatory scrutiny and high-interest rates could pose risks to market growth.
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