Buy Now, Pay Later Solutions to Unlock Growth Potential for B2B Companies

Zero-interest fees and flexible repayment plans are vital in boosting the global buy now, pay later (BNPL) market, according to Frost & Sullivan’s latest report. Emerging as an alternative credit payment approach, BNPL aims to meet the need of younger consumers who often have a limited credit history and low credit scores. The global BNPL market is expected to reach $656.34 billion by 2026 from $136.55 billion in 2021, registering exponential growth at a compound annual growth rate (CAGR) of 36.9%.

“The increasing use of next-generation platforms in digital and e-Commerce spaces has revamped payment methods and enabled customers to control their spending,” explained Dewi Rengganis, Information & Communication Technology Industry Analyst at Frost & Sullivan. “The rise of BNPL can help satisfy consumers’ demand by offering faster credit financing with zero interest fees, compared to legacy payment methods that typically charge up to a 60% annual percentage rate (APR).”

Rengganis added: “Innovative solutions, such as customer-focused apps, point of sale (POS), and merchant commerce solutions, will be essential for facilitating the widespread adoption of BNPL. Data-driven platforms are crucial for delivering customer experience and driving the market growth.”