Asia Pacific Growth
Another region with expected double digit growth is Asia Pacific (APAC). BNPL adoption is forecasted to accelerate at a CAGR of 13.6% through 2028 to reach a market size of $363.4 billion. With a mix of emerging and mature markets, progressing levels of e-commerce penetration are making BNPL an attractive digital payment option to consider. Australia (home of industry giants Afterpay and Zip) leads the region in adoption, as BNPL made up an enormous 20% of e-commerce transactions in 2022. India’s adoption, while smaller, is growing at the fastest pace in the region, jumping from 0.1% of e-commerce sales in 2019 to 4% in 2022. Trends APAC’s large population of underbanked consumers and low credit card penetration make it a ripe market for BNPL to fill in the gaps. Governments across the region are supportive of modernizing digital payment infrastructure to support payment innovation across the industry. Regulation has been coming in many regions, but it’s already arrived in APAC - Australia, to be exact. BNPL products are now considered credit (the UK is moving forward with similar regulation), and that means affordability checks will now be required for compliance. It will be interesting to see how providers pivot and make up for this newly added barrier. For other countries across APAC, however, as adoption continues to rise along with digitization and modernized payment infrastructure, BNPL will have room to grow (unregulated, for now). Biggest Players ShopBack | Atome | Akulaku | Pace | Afterpay
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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