The ‘Deloitte and Mambu Guide to BNPL’ identifies five core building blocks for businesses looking to develop a BNPL solution in an increasingly competitive environment:
The report comes amid increasing demand for BNPL services, with the market projected to be worth USD 3.98 trillion by 2030, growing at a CAGR of 45.7%. Consumer demand for convenience and affordability is one of three factors driving this growth, according to the report, with recent data from Deloitte showing that 56% of consumers cite the ability to test a product before making a payment as a key driver for using BNPL.
Other growth factors include widespread merchant adoption, as vendors look to reap BNPL benefits, such as increased sales conversions and average order sizes, as well as accelerated market traction during the pandemic. According to Worldpay data, BNPL accounted for 2.9% of global ecommerce in 2020, and is expected to reach 5.3% by 2025.
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