April 29, 2022 04:18 ET | Source: Research and Markets Research and Markets
Dublin, April 29, 2022 (GLOBE NEWSWIRE) — The “South Africa Buy Now Pay Later Business and Investment Opportunities – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
The BNPL payment in South Africa is expected to grow by 97.5% on annual basis to reach US$ 457.3 million in 2022.
The medium to long term growth story of BNPL industry in South Africa remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 48.0% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 231.6 million in 2021 to reach US$ 4797.9 million by 2028.
The global pandemic has created the perfect environment for the growth of alternative payment solutions such as BNPL in South Africa. Economic instability in the last few quarters led to a growing interest among consumers for BNPL schemes. Consequently, the adoption of the BNPL product has surged significantly over the last four to eight quarters in South Africa.
The rising popularity of the BNPL industry in the South African market is also attracting global BNPL platforms, who are looking to capitalize on the high-growth potential offered by the country. All of these trends in the BNPL sector are a clear indication of the future growth prospect in South Africa. The publisher also expects more consumers to use BNPL products in the country going forward, as household incomes are projected to remain under pressure over the next few quarters.
Strategic partnerships are increasing to offer BNPL options to small and medium enterprises
As the demand for BNPL payment methods continues to grow among consumers in South Africa, BNPL firms and payments providers are entering into a strategic partnership to offer BNPL options to small and medium enterprises the country.
Regional BNPL companies are targeting the B2B segment to expand their business in South Africa
In South Africa, BNPL services are growing in popularity in the B2B segments, as businesses look for an efficient payment solution to manage their cash flows. Consequently, is has created growth opportunities for BNPL companies to extend their services to more merchants in the country.
As the popularity of the B2B BNPL services continues to gain growing traction, the publisher expects more firms to launch their product for SMEs in South Africa over the next four to eight quarters.
Global BNPL players are entering the South African BNPL market through mergers and acquisitions
While BNPL has become a mainstream payment method in markets such as the United States, United Kingdom, and Australia, the deferred payment solution is exploding in other markets as well, driven by a collective effort from local and global BNPL players. The growing popularity and demand for BNPL services in Africa are attracting global players. Consequently, mergers and acquisition deals are also on the rise.
This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in South Africa. Below is a summary of key market segments:
South Africa BNPL Market Size and Spending Pattern
South Africa Buy Now Pay Later Operational KPIs
South Africa Buy Now Pay Later Market Share Analysis by Key Players
South Africa Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
South Africa Buy Now Pay Later in Retail Shopping: Market Size and Forecast
South Africa Buy Now Pay Later in Home Improvement: Market Size and Forecast
South Africa Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
South Africa Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
South Africa Buy Now Pay Later in Other: Market Size and Forecast
South Africa Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/q3r0f
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