BNPL is poised for more growth in 2024

by PSCU/Co-op Solutions

Buy now, pay later (BNPL) is ready for its close-up.

The 2023 holiday season confirmed that BNPL is gaining traction with both consumers and merchants. Adobe reports that online BNPL spending was $16.6 billion for the period, up 14% over the 2022 holiday shopping season. For all of 2023, BNPL purchases online totaled a record $75 billion, an increase of 14.3% over 2022.

Massive growth is coming in BNPL

BNPL has demonstrated remarkable growth since it was first introduced in its current form during the pandemic. The Federal Reserve Bank’s June 2023 Survey of Consumer Expectations reports that 19% of consumers have used BNPL as a payment method in the past year.

According to projections from Juniper Research, the global market for BNPL will expand from $334 billion in transaction volume in 2024 to $687 billion in 2028. In the U.S., Insider Intelligence/eMarketer sees BNPL transaction value rising from $80.8 billion to $124.8 billion over the same period.

 

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