Canada Online Buy Now Pay Later (BNPL) Industry Report 2024 - Four Online BNPL Service Providers in Canada have a GMV of More Than $1 Billion - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Prospects for Online BNPL in Canada, 2024" report has been added to ResearchAndMarkets.com's offering.

The global market for BNPL services has grown rapidly over the past five years, spurred on in part by the strong growth in e-commerce during the pandemic years. In 2023, Gross Merchandise Value using BNPL services exceeded $300 billion (USD) worldwide, up from $128.6 billion (USD) in 2019.

In 2023, Canada's online BNPL expenditure represented 4.1% of global online BNPL expenditure, or $12.3 billion (CAD) in GMV. While Canada was late in the adoption of online BNPL services, growth in GMV since 2019 has outpaced that in all of the more developed jurisdictions.

Almost one third of adult Canadians have used online BNPL services for their e-commerce purchases in the past year, indicating that while online BNPL is gaining traction rapidly in Canada, there is still significant headroom for growth. In 2028, analysts expect 19.4 million adult Canadians to make use of online BNPL services, with GMV almost quadrupling over the forecast horizon.

Growth in the market is being driven by increasing adoption, higher frequency of use, and higher average order values. This is being stimulated by intense competition, especially between fintech BNPL service providers and traditional credit BNPL providers, with product innovation playing a major role in the battle for both consumers and merchants.

Additional highlights from the study are:

• Millennials account for the largest share of online BNPL expenditure in Canada
• Electronics dominates online BNPL expenditure by category, while Clothing, Footwear and Accessories has the highest proportion of BNPL users making purchase in that category
• Four online BNPL service providers in Canada have a GMV of more than $1 billion

The report provides a deep dive into the Canadian online BNPL market, examining key players, market segments and trends, the supply structure, delivery mechanisms, the competitive environment, regulatory developments, and the implications for both consumers and businesses. The central aim of this report is to provide actionable insights into the current state of the online BNPL market in Canada and the most important factors shaping its future trajectory. The forecast horizon is the five year period to 2028, with 2023 as the base year.

Drawing on survey research from more than 2,000 Canadian consumers, Prospects for Online BNPL in Canada - 2024 is a critical strategic resource for payment professionals active in the BNPL market, providing in-depth insights and forecasts to facilitate effective strategic planning, competitive positioning and product development in this highly dynamic marketplace.

Key Topics Covered:

BNPL IN A GLOBAL CONTEXT

• The Evolution of BNPL
• The Global Market for BNPL Services

THE CANADIAN MARKET FOR ONLINE BNPL SERVICES

• Online Shopping in Canada
• Awareness and Usage of Online BNPL Services
• Demand for Online BNPL Services in Canada
• Online BNPL Expenditure by Category
• BNPL Expenditure by Region in Canada

CHARACTERISTICS OF ONLINE BNPL USERS

• Usage of Online BNPL by Generational Segment
• Usage of Online BNPL by Household Income Group
• User Perceptions of BNPL
• Future Usage Intent
• Payment Methods for Online BNPL Services

SUPPLY STRUCTURE AND DELIVERY MECHANISMS

• Supply Structure by Type of Provider
• Delivery Mechanisms

THE COMPETITIVE ENVIRONMENT

• Awareness of Online BNPL Service Offerings
• Usage of Online BNPL Service Offerings
• Market Share of Major Suppliers
• The Dynamics of BNPL Market Competition

FUTURE DIRECTIONS

• Competition and innovation
• Regulation
• Consumer adoption
• Industry profitability and consolidation

Companies Featured

• Affirm
• Afterpay
• Amazon
• American Express
• Apple
• Block
• BMO
• BRIM Financial
• Canadian Tire
• Celerant Technology
• CIBC
• CURO Group Holdings
• FCAC
• Flexiti
• Google
• Klarna
• MasterCard
• MBNA
• Miller Thompson LLP
• Norton Rose Fullbright
• Paybright
• PayPal
• Questrade
• RBC
• Scotiabank
• Sezzle
• Splitit
• Stripe
• TD Bank
• Upgrade
• Uplift
• Visa
• Walmart
• Zip

For more information about this report visit https://www.researchandmarkets.com/r/in673o

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.