Australia Buy Now Pay Later Market Report 2023-2028 Featuring … – businesswire.com

The Australia Buy Now Pay Later (BNPL) market is predicted to experience considerable development during the forecast period of 2023-2028, according to a recent market report by Business Wire. This sector is expected to generate revenue of around US$9.7 billion by 2028, signifying a compound annual growth rate of 24.7% over the forecast period.

The report found that the BNPL market in Australia is largely driven by the increasing demand for convenient and consumer-friendly payment options. Additionally, the surge in e-commerce activities due to the COVID-19 pandemic has also contributed to the growth of the Australian BNPL market, as consumer spending habits have shifted to online.

Furthermore, the report found that the increasing availability of consumer credit, coupled with the growing number of digital service providers, is expected to fuel the growth of the BNPL market in Australia over the forecast period. Additionally, the increasing adoption of BNPL services by millennials is also expected to drive market growth.

The report segmented the Australia BNPL market by type and end-user. According to the report, the BNPL market in Australia is segmented into two types, including integrated BNPL and standalone BNPL. Additionally, the report found that the BNPL market in Australia is segmented by end-user into retail, travel, and telecom.

The report also identified key players in the Australia BNPL market, including Afterpay, Zip, Klarna, Splitit, Openpay, Brighte, Sezzle, and Laybuy.

Overall, the Australia BNPL market is projected to experience considerable growth during the forecast period of 2023-2028, driven by the increasing demand for convenient and consumer-friendly payment options, the surge in e-commerce activities due to the COVID-19 pandemic, the increasing availability of consumer credit, and the growing number of digital service providers. Additionally, the increasing adoption of BNPL services by millennials is also expected to drive the market’s growth.

Key players in the Australia BNPL market include Afterpay, Zip, Klarna, Splitit, Openpay, Brighte, Sezzle, and Laybuy.