KUALA LUMPUR (Feb 17): The global buy now pay later (BNPL) market as a whole is on a rapid uptrend and is projected to surge 400% to US$352 billion by 2025 from US$89 billion in 2020.
According to research data analysed and published by online trading portal Comprar Acciones yesterday, it was estimated that the BNPL industry will process US$680 billion worth of transactions in 2025, adding that it would translate to a compound annual growth rate of 13.23%.
Meanwhile, it said credit card debt fell to unprecedented lows in 2020 and is expected to keep dropping.
It said that for instance, in the US, there was an 11.9% decline in credit card balances for the year according to the Federal Reserve.
Comprar Acciones said prior to the pandemic, the figure had been growing steadily.
It explained that in May 2020, it dipped below the US$1 trillion mark for the first time since September 2017 and has been on a downtrend since.
Elsewhere, the highest valued fintech globally is Stripe, a US-based company with a US$36 billion valuation.
India-based One97 Communications, which is valued at US$16 billion, is second, while US-based Robinhood is third with US$11.6 billion.