Summary

According to PayNXT360, BNPL payments in the region are expected to grow by 32.8% on an annual basis to reach US$22.0 billion in 2024.

The medium to long-term growth story of the BNPL industry in the region remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.6% during 2024-2029. The BNPL gross merchandise value in the region will increase from US$16.6 billion in 2023 to reach US$63.4 billion by 2029.The buy now pay later market is poised to record strong growth over the medium term in Latin America. The growth will be driven by strong adoption among underbanked and unbanked consumers. The rising consumption will also support the growth of the industry across the region over the next three to four years.

Amid the pent-up demand, BNPL providers are recording strong growth and the trend is projected to continue further in 2024. BNPL firms are also expected to venture capital and private equity funding to expand and scale their business offering over the medium term. Overall, PayNXT360 maintains a positive growth outlook for the sector over the next three to four years.

The unbanked and underbanked consumers are driving the adoption of BNPL schemes in Latin America

A significant population proportion falls under the unbanked or underbanked category in Latin America. The rising credit demand among these consumers has aided the adoption of the buy now pay later schemes across the region and this trend is projected to continue further over the medium term. To tap into the high-growth market, new players are also entering the industry with their innovative product offerings, driving the competitive landscape in the sector.

The market growth will be also driven by the growing e-commerce industry in Latin America. The surge in smartphone penetration and internet access is driving more consumers towards online channels, leading to the adoption of digital payment solutions across the region. Furthermore, a large portion of the population is also making purchases through cash at the point of sale. This provides a growth opportunity for BNPL providers to widen their distribution and tap into the in-store transactions to drive gross merchandise value growth over the medium term.

BNPL providers are reporting strong growth in the Venezuela market amid pent-up demand for credit products

Across Latin America, the demand for BNPL schemes is on the surge, and things are no different in Venezuela. The market is reporting strong growth and providers are experiencing strong adoption of their BNPL services.
• Cashea, one of the leading BNPL services in the country, has garnered more than 1.2 million users in just over a year in Venezuela, as of December 2023. To combat the inflation, the government implemented measures, which also impacted the lending capabilities of traditional banking firms. As a result, the majority of credit cards have a limit of approximately US$60. This has created a perfect growth environment for the BNPL market, with firms offering higher credit limits in comparison to banking firms, with simpler processes.

One of the factors driving the adoption of Cashea is the fact that it serves a demographic who previously did not have access to credit products. Notably, more than 95% of its total user base falls under this category. Going forward, the firm is planning to expand its presence in two more Latin American nations, targeting a higher growth rate over the next three to four years.

Firms are funding through debt and equity rounds to drive credit access in the Mexican market

According to a report from the World Bank, 90% of the Mexicans do not have access to credit products, while 50% lack a bank account. Consequently, to offer credit services to these demographics, innovative startups have entered the market. These firms are now seeking venture capital and private equity funding to drive credit access in Mexico.
• Klar, a fintech firm based in Mexico, announced that the firm had raised US$100 million in debt facility from Victory Park Capital in H2 2023. The firm provides a range of credit products to underbanked and unbanked consumers, including buy now pay later, salary advances, and loans.
• As of August 2023, the firm is serving 2.4 million customers and is planning to further expand its user base from the short to medium-term perspective. Klar, currently, offers credit lines starting at 1,000 pesos and going up to 30,000 pesos However, the company aims to explore potential experiments that may extend the range, potentially reaching up to 40,000 pesos.
Going forward, PayNXT360 expects more such fintech firms to raise funding rounds and expand their product offerings. This will drive the competitive landscape, while also supporting the growth of the regional BNPL industry over the next three to four years.

The BNPL payment industry in Latin America has recorded strong growth over the last four quarters, supported by increased e-commerce penetration.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

This title from PayNXT360 is a bundled offering, combining the following 6 reports (385 tables and 490 charts):

1. Latin America Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
2. Argentina Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
3. Brazil Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
4. Chile Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
5. Colombia Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
6. Mexico Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook


• Get a comprehensive understanding of market dynamics for Buy Now Pay Later: Identify market opportunities, major trends, and forecasting (2020-2029). Understand market trends through crucial KPIs like Gross Merchandise Value, Volume, and Average Value per Transaction, to stay ahead of the curve.

• Insights by end-use sectors: Evaluate new opportunities across multiple end-use sectors, and obtain market dynamics by end-use sectors in order to swiftly catch up with the latest and upcoming developments in BNPL markets.

• Market-specific strategies: Identify growth segments focused on specific opportunities, and analysing market-specific risks and important trends in the BNPL sector with our exclusive blend of quantitative forecasting and innovative insights.

• Gain knowledge of consumer attitudes and actions: This report identifies and interprets important Buy Now Pay Later KPIs, such as spend by age, gender, and income level, using data from a proprietary survey.

• Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of BNPL market spend and major opportunities in Latin America.

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Table of Contents

This title from PayNXT360 is a bundled offering, combining the following 7 reports, covering 348 tables and 450 figures:

1. Latin America Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
2. Argentina Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
3. Brazil Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
4. Chile Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
5. Colombia Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook
6. Mexico Buy Now Pay Later Business and Investment Opportunities (2020-2029) Databook

All global, regional, and country reports mentioned above will have the following tables of contents:

1 About this Report
1.1 Summary
1.2 Methodology
1.3 BNPL Definitions
1.4 Disclaimer

2 Buy Now Pay Later Industry Attractiveness
2.1 Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2020-2029
2.2 Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2020-2029
2.3 Buy Now Pay Later—Transaction Volume Trend Analysis, 2020-2029

3 Buy Now Pay Later Operational KPIs
3.1 Buy Now Pay Later Revenues, 2020-2029
3.2 Buy Now Pay Later Share by Revenue Segments, 2020-2029
3.2.1 Buy Now Pay Later Revenue by Merchant Commission, 2020-2029
3.2.2 Buy Now Pay Later Revenue by Missed Payment Fee Revenue, 2020-2029
3.2.3 Buy Now Pay Later Revenue by Pay Now & Other Income, 2020-2029
3.3 Buy Now Pay Later Active Consumer Base, 2020-2029
3.4 Buy Now Pay Later Bad Debt, 2020 – 2024 – 2029

4 Buy Now Pay Later Spend Analysis by Business Model, 2020-2029
4.1 Buy Now Pay Later Two-Party Business Model, 2020-2029
4.2 Buy Now Pay Later Three-Party Business Model, 2020-2029

5 Buy Now Pay Later Spend Analysis by Purpose, 2020-2029
5.1 Buy Now Pay Later Convenience, 2020-2029
5.2 Buy Now Pay Later Credit, 2020-2029

6 Buy Now Pay Later Spend Analysis by Functional Attribute, 2020-2029
6.1 Buy Now Pay Later by Open Loop System, 2020-2029
6.2 Buy Now Pay Later by Closed Loop System, 2020-2029

7 Buy Now Pay Later Spend Analysis by Distribution Model, 2020-2029
7.1 Buy Now Pay Later by Standalone, 2020-2029
7.2 Buy Now Pay Later by Banks & Payment Service Providers, 2020-2029
7.3 Buy Now Pay Later by Marketplaces, 2020-2029

8 Buy Now Pay Later Spend Analysis by Sales Channel
8.1 Buy Now Pay Later Market Share by Sales Channel, 2020-2029
8.2 Buy Now Pay Later Online Channel Market Size and Forecast, 2020-2029
8.3 Buy Now Pay Later POS Channel Market Size and Forecast, 2020-2029

9 Buy Now Pay Later Snapshot by End-Use Sector, 2020-2029
9.1 Buy Now Pay Later Market Share by End-Use Sector, 2023
9.2 Buy Now Pay Later Sales Uplift by End-Use Segment, 2023

10 Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029
10.1 Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis, 2020-2029
10.2 Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis, 2020-2029
10.3 Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis, 2020-2029

11 Buy Now Pay Later Market Size and Forecast by Retail Product Categories
11.1 Buy Now Pay Later Share by Retail Product Category, 2023
11.2 Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis, 2020-2029
11.3 Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis, 2020-2029
11.5 Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis, 2020-2029
11.6 Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis, 2020-2029
11.7 Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis, 2020-2029
11.8 Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis, 2020-2029
11.9 Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis, 2020-2029

12 Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029
12.1 Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis, 2020-2029
12.2 Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis, 2020-2029
12.3 Buy Now Pay Later Home Improvement – Transaction Volume Trend Analysis, 2020-2029

13 Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029
13.1 Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis, 2020-2029
13.2 Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis, 2020-2029
13.3 Buy Now Pay Later Travel – Transaction Volume Trend Analysis, 2020-2029

14 Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029
14.1 Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis, 2020-2029
14.2 Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis, 2020-2029
14.3 Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis, 2020-2029

15 Buy Now Pay Later in Service: Market Size and Forecast, 2020-2029
15.1 Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis, 2020-2029
15.2 Buy Now Pay Later Service – Average Value Per Transaction Trend Analysis, 2020-2029
15.3 Buy Now Pay Later Service – Transaction Volume Trend Analysis, 2020-2029

16 Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029
16.1 Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis, 2020-2029
16.2 Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis, 2020-2029
16.3 Buy Now Pay Later Automotive – Transaction Volume Trend Analysis, 2020-2029

17 Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029
17.1 Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis, 2020-2029
17.2 Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis, 2020-2029
17.3 Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis, 2020-2029

18 Buy Now Pay Later in Others: Market Size and Forecast, 2020-2029
18.1 Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis, 2020-2029
18.2 Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis, 2020-2029
18.3 Buy Now Pay Later Others – Transaction Volume Trend Analysis, 2020-2029

19 Buy Now Pay Later Analysis by Consumer Attitude and Behaviour, 2020-2029
19.1 Buy Now Pay Later Spend Share by Age Group, 2023
19.1.1 Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.2 Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.3 Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis, 2020-2029
19.1.4 Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis, 2020-2029
19.2 Buy Now Pay Later Spend Share by Default Rate by Age Group, 2023
19.3 Buy Now Pay Later Share by Income, 2023
19.3.1 Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.2 Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis, 2020-2029
19.3.3 Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis, 2020-2029
19.4 Buy Now Pay Later Gross Merchandise Value Share by Gender, 2023
19.5 Buy Now Pay Later Adoption Rationale, 2023
19.6 Buy Now Pay Later Market – Spend by Average Monthly Expense Segments, 2023

20 Further Reading
20.1 About PayNXT360
20.2 Related Research

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List of Tables/Graphs

This bundled offering has 58 tables across 6 regional and country reports. All regional and country reports will have the following tables:

Table 1: Buy Now Pay Later – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 2: Buy Now Pay Later – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 3: Buy Now Pay Later – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 4: Buy Now Pay Later – Revenues (US$ Million), 2020-2029
Table 5: Buy Now Pay Later – Merchant Commission (US$ Million), 2020-2029
Table 6: Buy Now Pay Later – Missed Payment Fee Revenue (US$ Million), 2020-2029
Table 7: Buy Now Pay Later Pay Now – Other Income (US$ Million), 2020-2029
Table 8: Buy Now Pay Later – Active Consumer Base (Thousand), 2020-2029
Table 9: Buy Now Pay Later – Bad Debt (US$ Million), 2022-2024-2029
Table 10: Buy Now Pay Later – Two-Party Business Model (US$ Million), 2020-2029
Table 11: Buy Now Pay Later – Three-Party Business Model (US$ Million), 2020-2029
Table 12: Buy Now Pay Later – Convenience (US$ Million), 2020-2029
Table 13: Buy Now Pay Later – Credit (US$ Million), 2020-2029
Table 14: Buy Now Pay Later – Open Loop System (US$ Million), 2020-2029
Table 15: Buy Now Pay Later – Closed Loop System (US$ Million), 2020-2029
Table 16: Buy Now Pay Later – Standalone (US$ Million), 2020-2029
Table 17: Buy Now Pay Later – Banks & Payment Service Providers (US$ Million), 2020-2029
Table 18: Buy Now Pay Later – Marketplaces (US$ Million), 2020-2029
Table 19: Buy Now Pay Later – Gross Merchandise Value by Online Channel (US$ Million), 2020-2029
Table 20: Buy Now Pay Later – Gross Merchandise Value by POS Channel (US$ Million), 2020-2029
Table 21: Buy Now Pay Later Retail Shopping – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 22: Buy Now Pay Later Retail Shopping – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 23: Buy Now Pay Later Retail Shopping – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 24: Buy Now Pay Later Retail Shopping - Apparel, Footwear & Accessories – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 25: Buy Now Pay Later Retail Shopping - Consumer Electronics – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 26: Buy Now Pay Later Retail Shopping - Toys, Kids, and Babies – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 27: Buy Now Pay Later Retail Shopping - Jewellery – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 28: Buy Now Pay Later Retail Shopping - Sporting Goods – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 29: Buy Now Pay Later Retail Shopping - Entertainment & Gaming – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 30: Buy Now Pay Later Retail Shopping - Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 31: Buy Now Pay Later Home Improvement – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 32: Buy Now Pay Later Home Improvement – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 33: Buy Now Pay Later Retail Shopping Home Improvement – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 34: Buy Now Pay Later Travel – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 35: Buy Now Pay Later Travel – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 36: Buy Now Pay Later Travel – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 37: Buy Now Pay Later Media and Entertainment – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 38: Buy Now Pay Later Media and Entertainment – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 39: Buy Now Pay Later Media and Entertainment – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 40: Buy Now Pay Later Service – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 41: Buy Now Pay Later Service– Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 42: Buy Now Pay Later Service – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 43: Buy Now Pay Later Automotive – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 44: Buy Now Pay Later Automotive – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 45: Buy Now Pay Later Automotive – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 46: Buy Now Pay Later Healthcare and Wellness – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 47: Buy Now Pay Later Healthcare and Wellness – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 48: Buy Now Pay Later Healthcare and Wellness – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 49: Buy Now Pay Later Others – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 50: Buy Now Pay Later Others – Average Value Per Transaction Trend Analysis (US$), 2020-2029
Table 51: Buy Now Pay Later Others – Transaction Volume Trend Analysis (Thousand), 2020-2029
Table 52: Buy Now Pay Later by Age Group – Gen Z (15-27) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 53: Buy Now Pay Later by Age Group – Millennials (28–44) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 54: Buy Now Pay Later by Age Group – Gen X (45 – 60) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 55: Buy Now Pay Later by Age Group – Baby Boomers (60+) – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 56: Buy Now Pay Later by Income Level – Tier 1 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 57: Buy Now Pay Later by Income Level – Tier 2 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029
Table 58: Buy Now Pay Later by Income Level – Tier 3 – Gross Merchandise Value Trend Analysis (US$ Million), 2020-2029