With so signs of a market slowdown across Europe, the surging popularity of BNPL schemes is expected to keep shaping the digital payment ecosystem from the short to medium-term perspective. Neo-banks, including Monzo and Revolut, has also forayed into the growing competitive landscape in Europe. While Klarna has seen its valuation drop significantly, it has continued to maintain a strong foothold in the European BNPL industry. In 2022, BNPL schemes became a household name amid the growing adoption, which has grown significantly in H2 2022 due to the surging cost of living and rising inflation.
The growing competition between buy now pay later providers in the European market is reshaping the industry. The BNPL Gross Merchandise Value in the region will increase from US$153,254.7 million in 2022 to reach US$316,728.3 million by 2028. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.4% during 2023-2028. Medium to long term growth story of BNPL industry in Europe remains strong. The BNPL payment industry in Europe region has recorded strong growth over the last four quarters, supported by increased ecommerce penetration. The "Europe Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2023 Update" report has been added to 's offering.īNPL payments are expected to grow by 20.5% on an annual basis to reach US$184,658.3 million in 2023.
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