United States Market Report 2022-2028 Buy Now Pay Later with Paypal, Klarna, Affirm, Afterpay, Futurepay, Quadpay, Sezzle, Macy’s, Kafene, Google Pay and Sunbit
DUBLIN, February 15, 2022 /PRNewswire/ — The “Business & Investment Opportunities Buy Now, Pay Later in the US – 75+ Buy Now, Pay Later Trending KPIs by End-Use Sectors, Operational KPIs, Market Share, Product Dynamics of Retail and Consumer Demographics – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.
According to the BNPL Q4 2021 survey, the BNPL payment in United States is expected to grow by 66.5% on an annual basis to reach US$82,086.8 million in 2022.
Mid to Long Term Growth Story of the BNPL Industry in United States stay strong. BNPL payment adoption is expected to grow steadily over the forecast period, registering a CAGR of 32.5% during 2022-2028. The gross value of BNPL’s goods in the country will increase from $49,296.0 million in 2021 to reach US$443,781.4 million by 2028.
Over the past four to eight quarters, the popularity of Buy Now Pay Later (BNPL) products has grown significantly in United States. The global pandemic and the growing need to spread the cost of shopping over a period of time has led to the widespread adoption of BNPL products such as that offered by Klarna, Afterpay, Affirm and PayPal in the country. Additionally, volume growth for these BNPL providers was partly driven by the surge in online shopping during the global pandemic.
Major BNPL Players Redesign Their Products to Increase Market Share in United States
As competition continues to intensify in United States BNPL market, vendors are innovating in their product offerings to provide more flexibility and gain popularity with consumers.
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In November 2021Afterpay, one of the leading BNPL platforms, has announced that the company will introduce installment payment options for online subscriptions. United States. The company said users can use BNPL for entertainment subscriptions, gym memberships and online services. The company is expected to roll out the service in early 2022, first starting in United States and Australia.
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Some of the early merchants expected to offer the service include IPSY, BoxyCharm, Savage X Fenty, and Fabletics, among others. Besides paying for subscriptions, the company allows its offer to be used for pre-order items, where the consumer can pay in four installments once the product ships. From November 2021Afterpay has partnered with 100,000 retailers and has nearly 10.5 million active users on its platform in the North American region, which also happens to be the largest region in terms of underlying sales.
BNPL companies are partnering with retailers to drive in-store sales in United States
To increase the total volume and transaction value of BNPL purchases, companies are entering into strategic partnerships with more retailers. These strategic partnerships also allow consumers to use the payment method in more online and offline stores in the country.
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In December 2021, Afterpay entered into a strategic partnership with Belk, the Southeast regional department store. As part of this collaboration, Belk will allow online and in-store shoppers to pay for their purchases using the Afterpay BNPL payment method. Since its alliance with Afterpay, Belk has also reported a 50% increase in average order value for consumers using the payment method.
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Likewise, in August 2021Affirm entered into a strategic alliance with Amazon in United States to offer online shoppers the possibility of finalizing their purchases of $50 or higher using the BNPL payment method. Notably, the alliance with Affirm is the first strategic partnership for Amazon in United States.
As the segment continues to see robust growth, the publisher expects more such strategic alliances between retailers and BNPL platforms over the next four to eight quarters in the country.
National BNPL Players Focus on Global Expansions
In United States, several players are vying for market share. As a result, BNPL businesses are entering into M&A deals to drive growth and tap into other emerging markets globally.
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In September 2021PayPal announced the acquisition of JapanPaidy, the leading BNPL platform based in New York. the US$2.7 billion This acquisition will help PayPal expand its capabilities, distribution and relevance in the fastest growing global e-commerce market. Apart from JapanPayPal’s BNPL offering is also available in marketplaces such as Australiathe UKand other European markets.
Along with expanding the global footprint, mergers and acquisitions are also on the rise as well-established companies seek to tap into the BNPL market.
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In August 2021, Square announced the acquisition of Afterpay to enter one of the fastest growing consumer payment markets. Notably, Square acquired Afterpay for a total of 29 billion US dollars. This acquisition should help Square accelerate its growth in United States as well as following PayPal, which has become a major player in the global BNPL segment.
Scope
Market size and spending pattern of BNPL in the United States
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now Pay Later Operational KPIs
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Revenue from buy-it-now and pay-later, 2019 – 2028
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Buy Now Pay Later Share by Revenue Segments
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Buy Now Pay Later Merchant Commission, 2019 – 2028
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Buy now, pay later, missed payment fee revenue, 2019 – 2028
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Buy Now Pay Later Pay Now and Other Revenues, 2019 – 2028
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Accounts Buy Now Pay Later, 2019 – 2028
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Buy Now Pay Bad Debt Later, 2019 – 2028
United States Buy Now Pay Later Market Share Analysis by Key Players
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PayPal
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Klarna
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To assert
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After-payment
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futurepay
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Quadruple payment
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Sezzle
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Macy’s
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Kafen
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Google Pay
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Sunbit
United States Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
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online channel
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POS channel
United States Buy Now, Pay Later in Retail: Market Size and Forecast
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now, Pay Later in Home Improvement: Market Size and Forecast
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now, Pay Later in Leisure and Entertainment: Market Size and Forecast
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now, Pay Later in Health and Wellness: Market Size and Forecast
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now Pay Later in Other: Market Size and Forecast
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Gross Commodity Value Trend Analysis
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Analysis of trends in the average value per transaction
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Trading volume trend analysis
United States Buy Now Pay Later Analysis by Consumer Attitude and Behavior
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Buy now, pay later Increased sales by product category
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Buy now Pay later Split spend by age group
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Buy now, pay later Share of gross merchandise by revenue
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Buy now, pay later Share of gross value of goods by gender
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Buy Now Pay Later Rationale for Adoption Gross Goods Value Analysis
For more information on this report, visit https://www.researchandmarkets.com/r/ud4pz1
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