USA Buy Now Pay Later Market Introduction and Overview
According to SPER Market Research, the USA Buy Now Pay Later Market is estimated to reach USD XX billion by 2033 with a CAGR of 27.50%.
The report includes an in-depth analysis of the USA Buy Now Pay Later market, including market size and trends, product mix, distribution channels, and supplier analysis. The abbreviation BNPL stands for "Buy Now, Pay Later." It is a type of payment system that enables customers to acquire products or services in advance but pay for them in installments over time rather than paying the complete amount at the time of purchase. Customers can use BNPL to spread the cost of their purchases across several weeks or months, frequently with no interest charged if payments are made on time. This can assist clients in making greater purchases and managing their cash flow. Third-party companies who cooperate with retailers or merchants to give the payment option at the point of sale generally provide BNPL services.
- In May 2022, Affirm and Fiserv announced their collaboration to make Assure available to Fiserv enterprise merchant clients by the close of the year. With this collaboration, Affirm will become the first buy now pay later supplier fully integrated within Fiserv's CaratSM operating system.
- Afterpay and trusted care retailer Rite Aid announced their agreement in May 2022, offering Rite Aid's online shoppers a new method to pay for common purchases in four payments at no additional cost when payment is completed on time. With Afterpay's robust budgeting feature, this partnership will enable users to access and spend sensibly on daily goods.
Market Opportunities and Challenges
The Buy Now Pay Later (BNPL) industry in the United States offers a number of enticing opportunities. As online shopping grows in popularity, incorporating BNPL options at the checkout can boost e-commerce growth, sales, and average order values. This is especially important for younger generations, such as millennials and Gen Z, who frequently prefer flexible payment options to traditional credit cards. Businesses that provide BNPL services can increase consumer loyalty, reduce cart abandonment rates, and develop collaborations with merchants and financial institutions. Furthermore, BNPL can help establish credit and promote financial inclusion.
The USA's Buy Now Pay Later (BNPL) business has expanded quickly, yet there are still numerous challenges for the sector to overcome. Regulators grew more concerned as the BNPL market grew about possible consumer harm from things like high interest rates, secret fees, and harsh debt collection tactics. As a result, industry monitoring and regulation have increased, which might raise compliance costs and harm profitability. Some clients might not fully understand the conditions and terms of BNPL services, which could lead to unexpected fees, interest rates, or debt collection practices. Reputational damage and increased regulatory scrutiny might result from this. Overall, despite the fact that the BNPL market in the US has expanded considerably, it is crucial for providers to solve these and other issues in order to assure long-term viability and profitability.
Market Competitive Landscape
Despite advancements in the availability of improved products and services in the BNPL market, competition exists between the BNPL and credit card industries, with both attempting to raise their market shares and be a part of customer payment methods in order to create money. However, the features of BNPL, such as accessible to all sections of the population, no interest payment or additional charge when installments are done on time, make it more appealing than credit cards. It includes significant firms such as Afterpay, Affirm, Klarna, American Express, and PayPal.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product Category, By Application
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| Regions covered | Midwest Region, Northeast Region, South Region, West Region
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| Companies Covered | Affirm, Afterpay, American Express, Klarna, Pay Pal
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COVID-19 Impact on USA Buy Now Pay Later Market
The COVID-19 outbreak has both accelerated and added additional challenges to the US BNPL market. As the epidemic advances, BNPL providers must remain agile and attentive to changing consumer needs and behaviors. With the closure of traditional stores and a shift to online purchasing during the epidemic, more consumers have turned to BNPL services to finance their purchases. As a result of the epidemic, there has been an influx of new BNPL market participants, including traditional lenders and credit card companies. This has increased market competition and created new chances for innovation and collaboration.
Key Target Audience
- Academic and Research Institutions
- BNPL Providers
- Government Agencies
- Industry Associations and Trade Groups
- Investors and Financial Institutions
- Merchant and Retailers
- Others
Our in-depth analysis of the USA Buy Now Pay Later Market includes the following segments:
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By Product Category:
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Electronic Appliance
Fashion and Personal Care
Healthcare
Kitchen Appliance
Other Product Categories
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By Application:
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Online
POS
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Key Topics Covered in the Report
- USA Buy Now Pay Later Market Size (FY’2023-FY’2033)
- Overview of USA Buy Now Pay Later Market
- Segmentation of USA Buy Now Pay Later Market By Product Category (Electronic Appliance, Fashion and Personal Care, Healthcare, Kitchen Appliance, Other Product Categories)
- Segmentation of USA Buy Now Pay Later Market By Application (Online, POS)
- Statistical Snap of USA Buy Now Pay Later Market
- Expansion Analysis of USA Buy Now Pay Later Market
- Problems and Obstacles in USA Buy Now Pay Later Market
- Competitive Landscape in the USA Buy Now Pay Later Market
- Impact of COVID-19 and Demonetization on USA Buy Now Pay Later Market
- Details on Current Investment in USA Buy Now Pay Later Market
- Competitive Analysis of USA Buy Now Pay Later Market
- Prominent Players in the USA Buy Now Pay Later Market
- SWOT Analysis of USA Buy Now Pay Later Market
- USA Buy Now Pay Later Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the USA Buy Now Pay Later Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. USA Buy Now Pay Later Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in USA Buy Now Pay Later Market
7. USA Buy Now Pay Later Market, By Product Category (USD Million)
7.1. USA Buy Now Pay Later Market Value Share and Forecast, By Product Category, 2023-2033
7.2. Electronic Appliance
7.3. Fashion and Personal Care
7.4. Healthcare
7.5. Kitchen Appliance
7.6. Other Product Categories
8. USA Buy Now Pay Later Market, By Application (USD Million)
8.1. USA Buy Now Pay Later Market Value Share and Forecast, By Application, 2023-2033
8.2. Online
8.3. POS
9. USA Buy Now Pay Later Market Forecast, 2019-2033 (USD Million)
9.1. USA Buy Now Pay Later Market Size and Market Share
10. USA Buy Now Pay Later Market, By Product Category, 2019-2033 (USD Million)
10.1. USA Buy Now Pay Later Market Size and Market Share by Product Category (2019-2026)
10.2. USA Buy Now Pay Later Market Size and Market Share by Product Category (2027-2033)
11. USA Buy Now Pay Later Market, By Application, 2019-2033 (USD Million)
11.1. USA Buy Now Pay Later Market Size and Market Share by Application (2019-2026)
11.2. USA Buy Now Pay Later Market Size and Market Share by Application (2027-2033)
12. USA Buy Now Pay Later Market, By Region, 2019-2033 (USD Million)
12.1. USA Buy Now Pay Later Market Size and Market Share by Region (2019-2026)
12.2. USA Buy Now Pay Later Market Size and Market Share by Region (2027-2033)
12.3. Midwest Region
12.4. Northeast Region
12.5. South Region
12.6. West Region
13. Company Profile
13.1. Affirm
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Afterpay
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. American Express
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Klarna
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Pay Pal
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
