Buy Now, Pay Later needs to pay off in 2024
Growth of BNPL volume in 2023 was spectacular. But 2024 will present challenges to industry players as they seek profitability and diversification — and as consumers accumulate worrisome debt.
Projections for growth for the buy now, pay later business in 2024 are generally optimistic. But things aren’t all upbeat.
Some of the positive items:
• A new study by Juniper Research projects that global buy now, pay later transaction value will more than double in the next four years, from $334 billion in 2024 to $687 billion in 2028. Activity will spread to new markets, and in the U.S. and the U.K. BNPL will expand significantly, the report predicts.
• Insider Intelligence/eMarketer predicts that in the U.S. alone, BNPL transaction value will rise from $80.8 billion in 2024 to $124.8 billion in 2027.
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