The customers can buy now and pay later through an online portal. The service is applicable for life and health insurance policy purchases through online purchases.
In October 2020, Max Life Insurance, a life insurance company based in India launched buy now, pay later service for its insurance customers.Several players in the market are developing custom-built AI-based models to accelerate their consumer penetration in the market. Artificial intelligence (AI) and machine learning technology assist service providers in developing models in real-time and improving decision-making performance.Rising Integration of Artificial Intelligence (AI) Technology with Apps to Augment Growth Sezzle, Afterpay, Klarna Bank AB, Laybuy Group Holdings Limited, Quadpay, Splitit, Affirm Holdings Inc., Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay Scope of the Buy Now Pay Later Market ReportĬhannel, Enterprise Size, End Use, Region On the other hand, the buy now pay later market is likely to benefit from the surge in demand for delayed payments for online purchases and an increase in spending on luxury goods among the elderly population.
However, the buy now pay later market’s expansion is hampered by significant late and returned payment costs. Several business owners around the world have been using the buy now pay later platform to finance huge equipment, purchase raw materials, and pay staff salaries, which is propelling the global buy now pay later market growth.įurthermore, as a result of the surge in acceptance and adoption of buy now pay later payment technology among the young people, which provides benefits such as purchasing high-cost laptops and smartphones, paying the canteen bill, paying tuition fees, and purchasing the stationary products, the buy now pay later market is expected to grow during the forecast period. The retailers are now offering buy now pay later options, allowing customers to acquire everyday necessities by selecting a reasonable financing plan and paying in installments rather than paying the entire cost up front. The economical and convenient payment service of buy now pay later platforms, as well as the global e-commerce industry’s expansion, are the primary reasons driving the growth the global buy now pay later market. The introduction of online payment methods by people in developing countries is speeding up the growth of the buy now pay later market. This option is now accessible for a wide range of purchases, from gadgets to fashion, as well as meal delivery, travel booking, grocery shopping, and other expenditures. The buy now pay later loans are also extended by a number of applications based fintech firms, including LazyPay, PayTM, Moneytap, PhonePe, and CASHe, among others.
This payment option is available on Amazon and Flipkart’s websites, as well as banks like ICICI bank and HDFC bank.
The e-commerce enterprises, fintech companies, and even banks have begun to offer buy now pay later services to customers. It is a point of sale (POS) installment loan mechanism that allows customers to buy things and administers the repayment. Buy now pay later is a sort of a short-term financing that allows people to buy everyday items like home consumer goods, electronics, and clothes.
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