A new study released by Juniper Research has predicted a rise in the number of “buy now, pay later” users around the world.
Juniper Research says the number of BNPL users is predicted to “surpass 900mn globally” by 2027.
This will be a 157% increase from the current figure of about 360mn users.
Contributors will include increased uptake in markets like India, and the development of virtual cards.
What does this mean?
As interest rates increase it will be no surprise to see consumers turning to low-cost forms of credit as much as possible, as well as utilising credit options which do not require hard credit checks and – in some but not all cases – won't yet impact their credit scores.
However there’s a little more to it than that – Juniper also mentions high growth markets including India where, thanks to rising ecommerce use and a growing interest in global retailers, figures are set to rise from 25mn to 116mn by 2027. Further, while there has previously been a task for merchants to set up BNPL capabilities, the offering of virtual cards by many large BNPL providers will make it more convenient to use these solutions in any retailer.