United Kingdom Buy Now Pay Later (BNPL) Market Introduction and Overview
According to SPER Market Research, the United Kingdom Buy Now Pay Later Market is estimated to reach USD 87.21 billion by 2033 with a CAGR of 23.01%.
The report includes an in-depth analysis of the United Kingdom Buy Now Pay Later Market, including market size and trends, product mix, applications, and supplier analysis. Buy Now Pay Later (BNPL) is a payment method that allows customers to make purchases online and in stores without having to pay the whole amount upfront. A short-term financing option known as "buy now, pay later" allows customers to purchase daily necessities including apparel, gadgets, and home renovation supplies. Customers can purchase products and manage reimbursement using a point-of-sale (PoS) installment loan.
- In January 2022, Affirm Holdings Inc., a BNPL consumer service provider, introduced SuperApp. It offers advanced BNPL alternatives for payments, shopping, and financial services in a single, user-friendly solution.
- In January 2022, Block, Inc., a financial technology company, bought Afterpay Limited. This acquisition aims to provide Block, Inc. with enhanced financial services and products. It assisted the company in expanding access to more consumers, resulting in increased income for all sellers and merchants.
Market Opportunities and Challenges
Opportunities: The purchase now pay later payment option offers consumers a number of benefits, such as practical and reasonably priced payment services, quick credit card fund transfers at the point-of-sale platform, and enhanced security for personal information, all of which support the market's growth. The purchase now pay later platform also features a QR-code option that lets customers finish transactions via UPI and make payments with a scannable code, both of which help the industry grow. Furthermore, the buy now pay later platform facilitates safe and secure payments without the need for a debit card, thereby encouraging international market expansion. The buy now, pay later platform also provides a number of noteworthy benefits that assist consumers in raising their credit scores, keeping track of transactional data digitally, and receiving repayment reminders—all of which contribute to the market's global expansion.
Challenges: The UK "Buy Now, Pay Later" (BNPL) business has a number of challenges, including regulatory control as financial regulators seek to protect consumers and prevent excessive debt. Gaining client trust in a relatively new financial product is another challenge, particularly for people who are hesitant to take on debt. In addition, there are several domestic and foreign competitors vying for market dominance, making the business increasingly competitive. Furthermore, integrating BNPL services with merchants and ensuring seamless user experiences across several platforms and channels can be complex and time-consuming.
Market Competitive Landscape
The United Kingdom "Buy Now, Pay Later" (BNPL) market is intensely competitive, with both domestic and foreign enterprises vying for market share in a rapidly changing industry. Furthermore, traditional financial institutions and payment processors are entering the BNPL industry by developing their own products or building relationships with pre-existing BNPL vendors to give their clients with flexible payment options. Klarna, Clearpay, Laybuy, Payl8r, Openpay, PayPal, Zilch, Playter Pay, Zip, Divido, and others are the market's leading participants.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Solution, By Enterprise Size, By Gender, By Demographic, By End Use Industry
|
| Regions covered | London, East Anglia, Southwest, Southeast, Scotland, East Midlands, Yorkshire & Humberside
|
| Companies Covered | Klarna, Clearpay, Laybuy, Payl8r, Openpay, PayPal, Zilch, Playter Pay, Zip, Divido.
|
COVID-19 Impact on United Kingdom Buy Now Pay Later Market
The "Buy Now, Pay Later" (BNPL) company has been greatly damaged by the COVID-19 pandemic, both globally and in the United Kingdom. At first, the pandemic caused economic uncertainty and decreased consumer spending, resulting in a temporary halt for some BNPL providers as consumers became more careful with their money. However, as the epidemic spread, lockdowns and social distancing measures decreased in-person retail possibilities, resulting in a significant shift towards online buying. With more clients opting for flexible payment ways to complete transactions without incurring upfront costs, BNPL service usage has accelerated as e-commerce activity has increased.
Key Target Audience:
- Millennials and Gen Z
- Tech-Savvy Shoppers
- Budget-Conscious Buyers
- Online Shoppers
- Emerging Middle Class
- Small Businesses
Our in-depth analysis of the United Kingdom Buy Now Pay Later Market includes the following segments:
| By Solution: | SoftwareServices |
| By Enterprise Size: | Large EnterprisesSmall and Medium Enterprises |
| By Gender: | MaleFemale |
| By Demographic: | Under 18 years18-45 yearsAbove 45 years |
| By End Use Industry: | BFSIRetail & eCommerceHealthcareMedia & EntertainmentTravel & TourismAutomotiveOthers |
Key Topics Covered in the Report:
- United Kingdom Buy Now Pay Later (BNPL) Market Size (FY’2024-FY’2033)
- Overview of United Kingdom Buy Now Pay Later Market
- Segmentation of United Kingdom Buy Now Pay Later Market By Solution (Software, Services)
- Segmentation of United Kingdom Buy Now Pay Later Market By Enterprise Size (Large Enterprises, Small and Medium Enterprises)
- Segmentation of United Kingdom Buy Now Pay Later Market By Gender (Male, Female)
- Segmentation of United Kingdom Buy Now Pay Later (BNPL) Market By Demographic (Under 18 years, 18-45 years, Above 45 years)
- Segmentation of United Kingdom Buy Now Pay Later Market By End Use Industry (BFSI, Retail & eCommerce, Healthcare, Media & Entertainment, Travel & Tourism, Automotive, Others)
- Statistical Snap of United Kingdom Buy Now Pay Later Market
- Expansion Analysis of United Kingdom Buy Now Pay Later Market
- Problems and Obstacles in United Kingdom Buy Now Pay Later Market
- Competitive Landscape in the United Kingdom Buy Now Pay Later Market
- Impact of COVID-19 and Demonetization on United Kingdom Buy Now Pay Later Market
- Details on Current Investment in United Kingdom Buy Now Pay Later Market
- Competitive Analysis of United Kingdom Buy Now Pay Later Market
- Prominent Players in the United Kingdom Buy Now Pay Later Market
- SWOT Analysis of United Kingdom Buy Now Pay Later Market
- United Kingdom Buy Now Pay Later Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United Kingdom Buy Now Pay Later Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United Kingdom Buy Now Pay Later Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United Kingdom Buy Now Pay Later Market
7. United Kingdom Now Pay Later Market, By Solution (USD Million) 2020-2033
7.1. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Solution, 2020-2026
7.2. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Solution, 2027-2033
7.3. Software
7.4. Services
8. United Kingdom Buy Now Pay Later Market, By Enterprise Size (USD Million) 2020-2033
8.1. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Enterprise Size, 2020-2026
8.2. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Enterprise Size, 2027-2033
8.3. Large Enterprises
8.4. Small and Medium Enterprises
9. United Kingdom Buy Now Pay Later Market, By Gender (USD Million) 2020-2033
9.1. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Gender, 2020-2026
9.2. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Gender, 2027-2033
9.3. Male
9.4. Female
10. United Kingdom Buy Now Pay Later Market, By Demographic (USD Million) 2020-2033
10.1. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Demographic, 2020-2026
10.2. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By Demographic, 2027-2033
10.3. Under 18 years
10.4. 18-45 years
10.5. Above 45 years
11. United Kingdom Buy Now Pay Later Market, By End Use Industry (USD Million) 2020-2033
11.1. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By End Use Industry, 2020-2026
11.2. United Kingdom Buy Now Pay Later Market Size, Share and Forecast, By End Use Industry, 2027-2033
11.3. BFSI
11.4. Retail & eCommerce
11.5. Healthcare
11.6. Media & Entertainment
11.7. Travel & Tourism
11.8. Automotive
11.9. Others
12. United Kingdom Buy Now Pay Later Market Forecast, 2020-2033 (USD Million)
12.1. United Kingdom Buy Now Pay Later Market Size and Market Share
13. United Kingdom Buy Now Pay Later Market, By Region, 2020-2033 (USD Million)
13.1. United Kingdom Buy Now Pay Later Market Size and Market Share By Region (2020-2026)
13.2. United Kingdom Buy Now Pay Later Market Size and Market Share By Region (2027-2033)
13.3. London
13.4. East Anglia
13.5. Southwest
13.6. Southeast
13.7. Scotland
13.8. East Midlands
13.9. Yorkshire & Humberside
14. Company Profile
14.1. Klarna
14.1.1. Company details
14.1.2. Financial outlook
14.1.3. Product summary
14.1.4. Recent developments
14.2. Clearpay
14.2.1. Company details
14.2.2. Financial outlook
14.2.3. Product summary
14.2.4. Recent developments
14.3. Laybuy
14.3.1. Company details
14.3.2. Financial outlook
14.3.3. Product summary
14.3.4. Recent developments
14.4. Payl8r
14.4.1. Company details
14.4.2. Financial outlook
14.4.3. Product summary
14.4.4. Recent developments
14.5. Openpay
14.5.1. Company details
14.5.2. Financial outlook
14.5.3. Product summary
14.5.4. Recent developments
14.6. paypal
14.6.1. Company details
14.6.2. Financial outlook
14.6.3. Product summary
14.6.4. Recent developments
14.7. Zilch
14.7.1. Company details
14.7.2. Financial outlook
14.7.3. Product summary
14.7.4. Recent developments
14.8. Playter Pay
14.8.1. Company details
14.8.2. Financial outlook
14.8.3. Product summary
14.8.4. Recent developments
14.9. Zip
14.9.1. Company details
14.9.2. Financial outlook
14.9.3. Product summary
14.9.4. Recent developments
14.10. Divido
14.10.1. Company details
14.10.2. Financial outlook
14.10.3. Product summary
14.10.4. Recent developments
14.11. OTHERS
15. Conclusion
16. List of Abbreviations
17. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
