The Buy Now Pay Later (BNPL) market in the United States is poised for significant growth, with projections indicating a rise to $109 billion in 2024, marking a 14.8% increase from the previous year. This trend is expected to continue, with a compound annual growth rate (CAGR) of 9.5% anticipated from 2024 to 2029, ultimately reaching an estimated gross merchandise value of $171.59 billion by 2029. The report highlights the increasing adoption of BNPL services as consumers seek flexible payment options amidst rising inflation. Key players in the market, such as Affirm and Sunbit, are innovating their offerings and forming strategic partnerships with platforms like Google Pay to enhance user experience. However, the BNPL sector is also facing increased regulatory scrutiny, with the Consumer Financial Protection Bureau (CFPB) exploring consumer protection issues. As the market evolves, providers will need to adapt to regulatory changes while emphasizing transparency and responsible lending.
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