DUBLIN–(BUSINESS WIRE)–The “China Buy Now Pay Later Business and Investment Opportunities (2019-2028) – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics” report has been added to ResearchAndMarkets.com’s offering.
The Chinese buy now, pay later (BNPL) market has emerged as one of the fastest-growing markets in the Asia-Pacific region.
According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 51.3% on annual basis to reach US$ 82,782.0 million in 2021. Significant growth in e-commerce transactions and increased popularity among a large population are some of the key factors that attracted large investments in this sector.
The global coronavirus pandemic meant that 2020 was a challenging year for most businesses across industry verticals. Despite this, both the e-commerce and digital payment sectors experienced robust growth last year. But the net income of FinTech companies declined significantly due to the resulting surge in provisions for credit losses. Consequently, FinTech companies such as LexinFintech are rolling out BNPL products to push their presence in digital retail as the economy starts to gain momentum.
In 2014, regulators in China opened up the online credit market as a way to encourage consumers in the country to spend. As a result of this, the online credit market in the country today includes various services such as P2P lending, virtual credit deals, and BNPL. With all of these credit services in the offering, the online credit scene is poised to grow further in China.
The publisher expects that the increased market attractiveness of online credit is likely to attract global companies in the Chinese BNPL market in the next four to six quarters. For instance, in November 2020, Afterpay invested US$10 million in the Chinese BNPL startup Happay through its majority-owned Australian investment firm, AP Ventures.
However, with the changing regulatory norms coming into place in 2022, it is expected to affect the market growth to some extent. The growing popularity of the sector, especially among the younger Chinese consumers, will be impacted severely, as college students can no longer have easy access to credit from BNPL platforms.
Medium to long term growth story of BNPL industry in China remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.0% during 2021-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 54,705.7 million in 2020 to reach US$ 314,692.1 million by 2028.
Scope
China BNPL Market Size and Spending Pattern
China Buy Now Pay Later Market Share Analysis by Key Players
China Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
China Buy Now Pay Later in Retail Shopping: Market Size and Forecast
China Buy Now Pay Later in Home Improvement: Market Size and Forecast
China Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
China Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
China Buy Now Pay Later in Education: Market Size and Forecast
China Buy Now Pay Later in Automotive: Market Size and Forecast
China Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/xs7zci
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