"Buy Now Pay Later" (BNPL) refers to financial services that allow users to purchase goods up front and defer payment. It consists of several phases and components, including application processes, retail partners, payment systems, credit evaluation, repayment programs, and interest costs. Payments with BNPL are frequently done for consumer items, apparel, furniture, cars, healthcare, travel, accommodation, and internet shopping. With this really helpful service, customers may buy high-end, luxury products, which also encourages convenience, lessens financial constraints, and gives them financial independence.
Thailand Buy Now Pay Later Market Driving Factors and Challenges
Drivers:- Retailers are providing buy now pay later options that let their consumers choose an affordable financing plan and pay for daily necessities over time rather than paying the full amount at once. The buy now pay later industry is expanding internationally because many business owners use these payment platforms to finance significant equipment purchases, raw material purchases, and employee salaries. Additionally, a rise in the use of buy now pay later payment technology among young people due to its many advantages, including the ability to purchase expensive laptops and smartphones, pay for tuition and stationary supplies, and settle cafeteria bills, all of which contribute to the rapid growth of the buy now pay later market.
Challenges:- Low service awareness and the multitude of accessible payment choices are the primary obstacles to expansion. There are a ton of different options, such as using credit and debit cards, postdated cheques, and other means to finance the payment. In many developing countries, such as Brazil, India, Asia, and others, consumers and retailers are unaware of the BNPL service. Credit scores also need to be confirmed before BNPL services are made available to customers. Simple monthly installment payment options for BNPL are offered to clients by the program.The availability of multiple payment options and consumer, store, and merchant ignorance impede overall expansion.
The costly upkeep of cold chain facilities, including warehouses, refrigerated vehicles, and specialized packaging supplies, poses an additional challenge.
Impact of COVID-19 on Thailand Buy Now Pay Later Market
The COVID-19 pandemic has had a major effect on Thailand's buy now pay later (BNPL) market. Similar to many other countries, the health crisis caused widespread economic instability and altered consumer buying patterns. There was an early surge in online buying when people grew accustomed to lockdowns and other social distancing measures, but the ensuing economic crisis made them more thrifty with their finances. The demand for BNPL services increased as a result of consumers seeking flexible payment options to manage their finances in the face of income reductions and job losses. This trend was particularly noticeable to younger generations and those with little access to traditional credit lines.
Thailand Buy Now Pay Later Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; SpayLater, Pay Next, Atome, K PAY LATER, Shop Now Pay Later.
Thailand Buy Now Pay Later Market Segmentation:
By Channel: Based on the Channel, Thailand Buy Now Pay Later Market is segmented as; Point of Sale, Online.
By Enterprise Type: Based on the Temperature Type, Thailand Buy Now Pay Later Market is segmented as; SMEs, Large Enterprises.
By Category: Based on the Category, Thailand Buy Now Pay Later Market is segmented as; Banking, Financial Services and Insurance, Consumer Electronics, Fashion & Garment, Healthcare, Retail, Media and Entertainment, Others.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.