2022 trends and challenges for Buy Now Pay Later Market

CIO Review APAC | Tuesday, September 13, 2022

The “Asia Pacific Buy Now Pay Later” Market report offers a detailed analysis of market size & growth rate for all possible segments in the market.

FREMONT, CA: The market research "Asia Pacific Buy Now Pay Later" provides qualitative and quantitative insights as well as a complete analysis of market size and growth rate for all prospective market segments. A market overview, product specifics, classification, and market concentration are presented in the Asia Pacific Buy Now Pay Later Industry. The report also includes a comprehensive analysis of the market's top players, which is based on competitive intelligence metrics such as company profiles, product images and specifications, capacity, production, pricing, cost, revenue, and contact information. The Asia Pacific Buy Now Pay Later Market report examines the organization's SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats).

The buy now pay later (BNPL) movement is gaining momentum in APAC, allowing consumers to defer payments and obtain credit. Gen Z and millennial shoppers have propelled the growth of BNPL services across APAC. Grab, a ride-hailing company, and Traveloka, a travel platform, are among the companies that have embraced the BNPL service.

Kredivo (Indonesia) and Hoolah (Australia) are two distinct participants in the market. The BNPL trend has also caught on in Australia, where players like Afterpay, Zip Pay, and Splitit have surpassed traditional credit card providers in terms of market share due to quick approvals.

Afterpay intends to expand further in Asia by leveraging its recent acquisition of EmpatKali, a Singapore-based BNPL firm. Afterpay had around 10 million active users at the conclusion of the last fiscal year. Afterpay partnered with Google Pay to expand its BNPL service in July. Tencent, a Chinese multinational corporation, also purchased a 5 percent share in Afterpay for USD252 million in May.

The BNPL practice is growing in popularity and attracting investors even in Southeast Asia. For example, Cashalo, an online lending company located in Hong Kong, has acquired USD20 million in capital from its Hong Kong-based parent company Oriente and is growing its BNPL service in the Philippines to compete against local rivals BillEase and Manila-based Jungle and TendoPay.

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