BNPL payment industry in Taiwan has recorded strong growth over the last four quarters, supported by increased ecommerce penetration along with impact of economic slowdown due to disruption caused by Covid-19 outbreak.
According to PayNXT360’s Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 70.5% on annual basis to reach US$ 646.8 million in 2021.
Medium to long term growth story of BNPL industry in Taiwan remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 28.4% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 379.3 million in 2020 to reach US$ 3721.4 million by 2028.
Scope
This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Taiwan. Below is a summary of key market segments:
Taiwan BNPL Market Size and Spending Pattern
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
Taiwan Buy Now Pay Later Market Share Analysis by Key Players
Read more @ https://bit.ly/3AYLGOt
Globally, buy now, pay later (BNPL) is emerging as one of the preferred modes of payment.
While the global coronavirus pandemic has primarily driven the growth, changing customer behavior, and the shift to digital transactions, has also supported the growth of BNPL brands.
Several BNPL companies multiplied their valuations in 2020.
It is further expected that these companies are also likely to focus on niche areas to expand their markets share.Healthcare and the automotive industry as the next growth areas for BNPL brandsWith the global pandemic affecting people's daily livelihood across the world, buy now, pay later platforms are focusing on creating a solution built for everyday needs, including healthcare and the automotive industry.
With these industries still stuck in a conventional style of financing, BNPL offering to cater to the needs of growing customer demands can become a massive growth driver for buy now, pay later brand.
With the Sunbit BNPL offering already available in more than 7,000 locations, both online and offline, the flexible payment provider raised US$130 million in May 2021.Out of 7,000 locations, Sunbit already has a presence at one in four healthcare and auto dealership services.
Buy Now Pay Later... Or Cry Later?
!BNPL schemes are reported to be eating away into micro debt financing, or to put it plainly, into credit card territory.India already has a minimal credit card penetration per capita.
Is it going to minimise even further with the advent of these BNPL services?Head to the link below to read more.https://transfin.in/will-buy-now-pay-later-services-make-credit-cards-extinct
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