BNPL users to reach 900 million by 2027

This is an increase of 157% from the 360 million users in 2022. This will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions. 

The adoption of virtual cards, where digital-only cards are used for purchases, will increase the usage of BNPL solutions, overcoming previous limitations on growth. This means, its researchers believe, BNPL schemes will be able to compete with credit cards; particularly in-store, where single BNPL cards can be used within a digital wallet. 

There is particular potential for rapid growth in BNPL in India, with users predicted to grow from 25 million in 2022 to 116 million by 2027. This is due to rising e-commerce usage and growing interest in international goods available through online retailers. 

In turn, it recommends vendors build strategic partnerships with vendors in developing markets with established consumer bases, to successfully capitalise on this user growth and the associated revenue.