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Buy Now Pay Later Market: AI Integration Fuels 18.6% CAGR Growth by 2031| SkyQuest Technology
Moreover, several e-commerce companies in the retail, banking and healthcare insurance sectors are adopting this service to facilitate their customers around the world.
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By 2022, the online segment dominated the market with a revenue share of more than 65.0%. Many businesses around the world are partnering to focus on multiple online payment methods and BNPL as part of their plans for post-pandemic recovery.
The POS phase is predicted to comply with the very best CAGR during the forecast duration. POS empowers customers to make immediately shopping selections without the need for previous approval or credit score assessments, ensuing in much less friction. The POS phase is growing exponentially with the combination of convenience with the shopping experience.
By 2022, the large enterprises segment dominated the market. The growth of the corporate segment can be attributed to these factors, including the widespread adoption of BNPL's payment solutions to provide its customers with affordable and convenient payment options for priced purchases is strong. Thus, BNPL helps large corporations significantly improve customer experience.
Small and medium-sized enterprises (SMEs) around the world are focusing on adopting BNPL solutions to help merchants increase sales conversion rates. For example, Dukan, a start-up company that helps the SMEs set up online stores, announced a partnership with BNPL solutions for Simple to provide BNPL services to shop owners SMEs to increase their customer base.
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By 2022, the retail segment dominated the market with more than 73.0% of their revenue share. Companies see rising adoption of BNPL solutions as these customers can easily allocate the cost of procurement over a period. For example, in
October 2021 , Affirm, Inc. will have 100,000 shares. reported a decrease of
$1.5 Billion . BNPL Solutions announced that Identity has announced a partnership with Brand Principle to offer consumers long-term interest financing on accessories and sportswear.
The healthcare segment is expected to register a promising CAGR. The industry is witnessing increasing adoption of BNPL payment methods as they offer a less complex alternative to credit cards. Moreover, to avoid expensive and cumulative interest rates and deposits, customers prefer the BNPL payment method as compared to credit cards. Moreover, increasing costs associated with treatment of many diseases such as cancer and chronic heart disease are expected to drive the demand for BNPL services during the forecast period.
The Buy Now Pay Later market has grown rapidly, reinventing consumer finance by providing convenient and convenient payment solutions. This alternative allows consumers to purchase and pay for goods over a long period of time, often without paying interest, providing financial flexibility without the traditional obligation of a credit card.
As the market innovates and changes, it can redefine how consumers fulfill their future purchasing and financial obligations. Driven by digitization and changing consumer preferences BNPL platforms have gained wide acceptance in retail sectors including e-commerce and brick and mortar stores.
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