Summary

Report Description

According to PayNXT360’s Q4 2021 BNPL Survey, BNPL payment in China is expected to grow by 52.7% on annual basis to reach US$ 83562.5 million in 2022.

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 26.3% during 2022-2028. The BNPL Gross Merchandise Value in the country will increase from US$ 54705.7 million in 2021 to reach US$ 338658.7 million by 2028.

Over the last few quarters, there has been a surge of interest in BNPL products among consumers in China. While the deferred payment industry is still at a nascent stage, it is poised to record significant growth over the next four to eight quarters. A few of the factors that are fueling the perfect storm for the growth of the BNPL sector include the cashless society, huge e-commerce market, and young population.

The Chinese BNPL market is primarily held by big technology firms such as Ant Group. However, as the Chinese Government continues to crack down on these big firms, PayNXT360 expects new and modern-day firms to emerge in the BNPL sector over the next four to eight quarters. With strong consumer demand the overall need for the BNPL product in the Chinese market, PayNXT360 expects the industry to record robust growth from the short to medium-term perspective.

Fundraising activities are rising in the Chinese BNPL market

With the expected growth in the Chinese BNPL sector over the next four to eight quarters, BNPL firms are raising funds to capitalize on the high growth potential and expanding market share. For instance,

• In December 2021, Ant Group-owned consumer finance arm announced that the firm is raising US$3.5 billion to boost its growth in the BNPL sector. Notably, the firm announced that the capital increase would allow it to advance more credit to consumers in the country over the next few quarters. This will subsequently assist the firm in further increasing its market share in the region.

PayNXT360 expects more BNPL firms to raise funding rounds in China over the next four to eight quarters, which will further intensify innovation and competition in the Chinese deferred payment industry from the short to medium-term perspective.

Automotive companies are offering pay later option to attract consumers in China

As the popularity of the BNPL payment method continues to grow among consumers in the country, more and more businesses are offering consumers flexible payment solutions to boost sales and growth in China. For instance,

• In November 2021, Tesla, one of the leading and most valuable electric vehicle manufacturers, announced that the firm is allowing consumers in the country to buy a Tesla without any upfront cost. While it is not exactly a BNPL payment option, the firm is offering consumers a zero-payment installment plan to take a Tesla home.
• This move from the firm at a time when Tesla is trying to boost its sales figure in the country. With this payment scheme launch in China, the firm has made it easier for consumers in the country to buy its cars, which is thereby expected to boost its sales figure from the short to medium-term perspective.

Overseas BNPL companies are expanding their reach in the Chinese BNPL market

Amid the growing demand and the high-growth potential offered by the Chinese BNPL industry, firms including pureplay BNPL platforms and traditional banking players are turning to the BNPL sector in China. For instance,

• Singapore-based BNPL firm Atome is looking to expand its presence in the Chinese deferred payment industry. Since launching its services in Mainland China in September 2020, the firm has rapidly expanded to cover Tier I and Tier II cities across several regions in the country. Moreover, the firm has partnered with 1,500 local and international brands across all the markets it operates in, some of which include big names such as New Balance, Tissot, and Nike, among others.
• Atome has expanded its operations in nine markets across Asia, which include countries such as Singapore, Indonesia, Vietnam, the Philippines, and Mainland China. As of November 2021, the firm has more than 20 million registered users using the BNPL platform across Asia.

Scope

This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in China. Below is a summary of key market segments:
China BNPL Market Size and Spending Pattern
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later Operational KPIs
• Buy Now Pay Later Revenues, 2019 – 2028
• Buy Now Pay Later Share by Revenue Segments
• Buy Now Pay Later Merchant Commission, 2019 – 2028
• Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
• Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
• Buy Now Pay Later Accounts, 2019 – 2028
• Buy Now Pay Later Bad Debt, 2019 – 2028
China Buy Now Pay Later Market Share Analysis by Key Players
China Buy Now Pay Later Spend Analysis by Channel: Market Size and Forecast
• Online Channel
• POS Channel
China Buy Now Pay Later in Retail Shopping: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later in Home Improvement: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later in Other: Market Size and Forecast
• Gross Merchandise Value Trend Analysis
• Average Value Per Transaction Trend Analysis
• Transaction Volume Trend Analysis
China Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
• Buy Now Pay Later Sales Uplift by Product Category
• Buy Now Pay Later Spend Share by Age Group
• Buy Now Pay Later Gross Merchandise Share by Income
• Buy Now Pay Later Gross Merchandise Value Share by Gender
• Buy Now Pay Later Adoption Rationale Gross Merchandise Value Analysis

Reasons to buy

• In-depth Understanding of Buy Now Pay Later Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). Understand market dynamics through essential KPIs such as Gross Merchandise Value, Volume, and Average Value Per Transaction.

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate BNPL strategy; assess market specific key trends, drivers, and risks in the BNPL industry.

• Get Insights into Consumer Attitude and Behaviour: Drawing from proprietary survey results, this report identifies and interprets key Buy Now Pay Later KPIs, including spend by age, gender, and income level.

• Market Share by Key Players

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Table of Contents

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Disclaimer

2. China BNPL Market Size and Future Growth Dynamics
2.1 Consumer Behavior
2.2 Competitive Landscape and Growth Strategies
2.3 Market Share
2.4 Regulatory Trends

3. China Buy Now Pay Later Industry Attractiveness
3.1 China Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2019-2028
3.2 China Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2019-2028
3.3 China Buy Now Pay Later – Transaction Volume Trend Analysis, 2019-2028

4. China Buy Now Pay Later Operational KPIs
4.1 Buy Now Pay Later Revenues, 2019 – 2028
4.2 Buy Now Pay Later Share by Revenue Segments
4.3 Buy Now Pay Later Merchant Commission, 2019 – 2028
4.4 Buy Now Pay Later Missed Payment Fee Revenue, 2019 – 2028
4.5 Buy Now Pay Later Pay Now & Other Income, 2019 – 2028
4.6 Buy Now Pay Later Accounts, 2019 – 2028
4.7 Buy Now Pay Later Bad Debt, 2019 – 2028

5. China Buy Now Pay Later Spend Analysis by Channel
5.1 Buy Now Pay Later Market Share by Channel, 2019 – 2028
5.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2019 – 2028
5.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2019 – 2028

6. China Buy Now Pay Later Snapshot by End-Use Sector
6.1 Buy Now Pay Later Market Share by End-Use Sector – Emerging Avenues and Future Growth Prospects
6.2 Buy Now Pay Later Sales Uplift by End-Use Sector
6.3 Buy Now Pay Later Share by Retail Product Category

7. China Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2019 – 2028
7.1 China Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2019-2028
7.2 China Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2019-2028
7.3 China Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2019-2028

8. China Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2019 – 2028
8.1 China Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2019-2028
8.2 China Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2019-2028
8.3 China Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2019-2028

9. China Buy Now Pay Later in Leisure & Entertainment: Market Size and Forecast, 2019 – 2028
9.1 China Buy Now Pay Later Leisure & Entertainment – Gross Merchandise Value Trend Analysis, 2019-2028
9.2 China Buy Now Pay Later Leisure & Entertainment – Average Value Per Transaction Trend Analysis, 2019-2028
9.3 China Buy Now Pay Later Leisure & Entertainment – Transaction Volume Trend Analysis, 2019-2028

10. China Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2019 – 2028
10.1 China Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2019-2028
10.2 China Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2019-2028
10.3 China Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2019-2028

11. China Buy Now Pay Later in Other Segment: Market Size and Forecast, 2019 – 2028
11.1 China Buy Now Pay Later Other Segment – Gross Merchandise Value Trend Analysis, 2019-2028
11.2 China Buy Now Pay Later Other Segment – Average Value Per Transaction Trend Analysis, 2019-2028
11.3 China Buy Now Pay Later Other Segment – Transaction Volume Trend Analysis, 2019-2028

12. China Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
12.1 Buy Now Pay Later Spend Share by Age Group
12.2 Buy Now Pay Later Gross Merchandise Share by Income
12.3 Buy Now Pay Later Gross Merchandise Value Share by Gender
12.4 Buy Now Pay Later Adoption Rationale

13. Further Reading
13.1 About PayNXT360
13.2 Related Research