BNPL transaction value tipped to double by 2028
Buy Now Pay Later (BNPL) transaction value is expected to more than double by 2028 on the back of increasing market maturity and consumer confidence, according to research.
Juniper Research said in its study that BNPL may reach a transaction value of $687 billion by 2028 from $334 billion this year.
The market research firm attributed the rise in BNPL demand to regulatory initiatives and wider acceptance, particularly within B2B use cases.
Last year, the company said that the global B2B BNPL market hit $14 billion as businesses sought alternative credit arrangements amid economic uncertainty.
“To develop within increasingly regulated markets, providers must adapt to legislation, justify the use of BNPL over traditional credit solutions, and reward consumer loyalty to maintain customer retention,” said Matt Purnell, research author at Juniper.
Moving forward, Juniper expects B2B BNPL to continue as a niche subset of BNPL and that more businesses will adopt BNPL as a convenient, low-cost credit option.
The research recommended B2B BNPL providers focus on businesses facing access to credit challenges, as well as partnering with key B2B services such as B2B marketplaces and Enterprise Resource Planning systems, to boost growth.