Germany-based secondary market research specialist yStats.com has released a new report, titled “Global Buy Now Pay Later Top Market Players 2022”. The publication unveils the competition landscape in the global BNPL market and details key performance indicators of the world’s three largest BNPL firms.
The global Buy Now Pay Later (BNPL) sector has been growing rapidly over the past few years and is projected to maintain a strong double-digit CAGR through 2026, the yStats.com report reveals. As the market remains on the growth path, competition intensifies, with several global and regional leaders emerging. Established BNPL specialists face increasing rivalry from banks, card networks and payment companies that also target this market segment.
According to the rankings cited in the yStats.com report, Affirm, Afterpay and Klarna are in the lead by global share. Of the three companies, Klarna has the largest user base and the highest revenues by far, while Afterpay recorded the fastest growth rate in terms of Gross Merchandise Value (GMV) in 2021. At the same time, Affirm showed the most remarkable expansion of the merchant network last year, thanks to its partnership with Shopify and some of the largest E-Commerce companies in the U.S. The strategic direction of the three market leaders has expanded beyond BNPL to include further financial, banking and payment services, as well as all-in-one shopping and financing apps.
Several regional players are also active on the BNPL scene. In MENA, for example, Saudi Arabia-based Tamara and UAE’s Tabby each secured over EUR 100 million in funding and work with some of the largest online retailers in the region. In some countries, such as India, leading E-Commerce companies offer their own pay later solution. The yStats.com report concludes that as the Buy Now Pay Later sales continue to rise worldwide, incumbent market leaders will benefit from the growing GMV and will expand their portfolios in the face of intensifying competition.