The buy now, pay later market is growing every year and has the potential to become a multi-trillion dollar business. According to GlobalData, the market has already reached almost a trillion dollars, and is expected to grow to 2.7 trillion by 2025.
This success is attributed to the development of e-commerce and technology, as well as popularity among young consumers. However, market growth can lead to increased risks and challenges in this market segment, so companies should provide flexible payment terms and a high level of personal data protection.
In addition, the development of the “buy now, pay later” market can have a positive impact on the economy. According to Accenture, customers who use this payment method are 39% more likely to make purchases and the average check is 45% higher than those who use traditional payment methods. This can stimulate the development of e-commerce and increase sales for companies.
At the same time, governments and regulators should examine the possible risks and impact of the market on financial stability and consumer protection. For example, the European Union has already adopted legislation to regulate this market segment and protect consumer rights.
- Therefore, it can be said that the buy now, pay later market has great potential for further growth and development, but companies must be prepared to address the challenges and ensure a high level of protection for their consumers. Regulators also have an important role to play in protecting consumer rights and ensuring financial stability in the market.