PUBLISHER: yStats.com | PRODUCT CODE: 1420796
PUBLISHER: yStats.com | PRODUCT CODE: 1420796
“Countries like China and India are projected to experience major BNPL market growth.”
As found in the yStats.com publication, a bigger share of adults in the Asia-Pacific region completely trusted rather than completely distrusted BNPL services. Furthermore, BNPL ranked among the top 7 payment methods used at least 5 times per month in the country. It comes as no surprise, as various markets across the region have experienced growth of the BNPL market size. In Australia, BNPL sales have increased from a single digit to a double-digit value of EUR billion from 2021 to 2022. Furthermore, the BNPL transaction value in India is projected to more than triple from 2022 to 2026, displaying a mid-range double digit CAGR in this period. Additionally, the number of BNPL users in India is forecasted to almost fivefold from 2022 to 2027, exceeding 100 million users. When it comes to BNPL market size growth among countries in the Asia-Pacific region, China was projected to experience the biggest increase by 2025.
In Southeast Asia, the top product categories purchased on online B2C E-Commerce site Zalora using BNPL as a payment method were Luxury, Home & Lifestyle and Beauty. Additionally, the share of shoppers using BNPL to finance luxury purchases almost doubled between 2021 and 2022, displaying growing consumer interest in the use of this payment method. Furthermore, when it comes to BNPL user age, younger consumers like Millennials and Gen Z used BNPL services the most to pay for online purchases, followed by Baby boomers and Gen X according to cited surveys in the new yStats.com report.