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Science & Technology

Buy Now Pay Later spend to reach nearly $1T worldwide by 2026

Jun 11, 2021

A bigger interest for credit to spread costs, particularly in the wake of the pandemic, drove this 274% growth

buy now pay later

Buy Now Pay Later spend to reach nearly $1T worldwide by 2026. Source: pexels.com

According to Juniper Research, spending via buy now pay later services, integrated within e-commerce checkout options will reach $995 billion in 2026, up from $266 billion in 2021.

While regulations will inevitably place restrictions on services, such as limiting charges or enforcing affordability checks, these changes will not diminish the appeal or growth of the platforms; merely placing them on a more secure footing.

The research found that, by 2026, buy now pay later services will account for over 24% of global e-сommerce transactions for physical goods by value, from just 9% in 2021.

As a tool to split the cost for users, buy now pay later is ideally suited for high-cost items, as it enables users to seamlessly split large costs into smaller, more manageable payments. By 2026, these platforms will increasingly become the norm for lower-cost purchases as well; driven by user demand and eCommerce platform integrations
Damla Sat, research co-author 

The research also found that the global number of buy now pay later users will exceed 1.5 billion in 2026, from 340 million in 2021.

We’ve reported that Klarna introduced Shopping app enabling users pay in 3.

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