The global buy now pay later (BNPL) market, valued at $90.69 billion in 2020, is projected to reach $3.98 trillion by 2030, growing at a stunning CAGR of 45.7% from 2021 to 2030. This surge is primarily fueled by the increasing penetration of online payments and the expansion of the e-commerce sector in emerging nations. The BNPL solutions offer numerous advantages such as high security, hassle-free transactions, and quick processing, making them highly attractive to consumers. Key market drivers include the rising demand for deferred payment options in online shopping and increased spending on luxury goods. The Asia-Pacific region is anticipated to lead this growth, maintaining its dominance throughout the forecast period due to its substantial market share and the fastest growth rate. Major players like Afterpay, Klarna, and PayPal are pivotal in driving innovation and accessibility in the BNPL space.
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