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Instalment Payment Solution Market Report
Global Instalment Payment Solution Market, Dynamics, and Market Analysis
The Global instalment payment solution Market is expected to grow from USD 1,486.7 million in 2020 to USD 3,069.4 million by 2026 at a CAGR of 12.8% during the forecast period.
Figure: Global Instalment Payment Solution Market Size, 2020-2026 (USD Million)
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An instalment payment software allows a business to offer its customer an option to purchase the item from their store or eCommerce platform and pay in instalments. The software provider acts as an intermediate payment company that pays the full amount upfront on behalf of the customer and then remits the instalments from the customer. The service provider also con ducts end-customers fraud and repayment capabilities before providing payment terms to them.
The software conducts all these assessments in real-time, automatically. The service provider also adheres to the Payment Card Industry Data Security Standards (PCI DSS) that guarantees the highest level of transaction security. With such payment options, businesses lure more customers and increase sales.
Key players operating in the global instalment payment solution market are-
The instalment payment solution market is gaining traction owing to the fast growing online shopping business and 0% interest rates offered to consumers even on payment in instalments. Moreover, availability of new easy and quick payment solutions offers new opportunities of growth to the market. However, high initial cost for merchants acts as a restraining factor for growth of the market.
There is a continuous increase in the adoption of instalment payment solutions by merchants of all sizes and types- online, and brick and mortar. These merchants attract customers with easy payment options and payment through instalments without any interest rates. This trend is likely to gain wide popularity across the world considering its success among existing users.
Among regions, North America is expected to be the largest contributor during the forecast period due to their existing trend of buy now and pay later. The instalment payment solutions have been greatly successful in the region and are also being adopted in the developing economies of Asia Pacific, which is expected to register the highest CAGR during the forecast period.
Due to the COVID-19 pandemic, many bricks and mortar merchant services got adversely affected while eCommerce businesses experienced massive sales. Moreover, due to the financial crisis, many people across the world preferred the instalment option for their purchased goods. This trend is expected to boost the growth of the market in the upcoming years.
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The following is a list of the customers that the Instalment Payment Solution market aims to convert the most:
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The instalment payment solution market is expected to grow at an impressive growth of 12.8% CAGR in the coming years.
Afterpay (Australia), AsiaPay (Hong Kong), Flo2Cash (New Zealand), Paysafe (UK), Elavon (US), Global Payments Direct (US), UNIVERSUM Group (Germany), Splitit (US) are among the key players in the instalment payment solution market.
The instalment payment solution market size is expected to reach USD 3,069.4 million in the foreseeable future.
North America is expected to be the largest contributor in the instalment payment solution market during the forecast period.
Asia-pacific is expected to register the highest CAGR in the instalment payment solution market in the coming five years.
Instalment Payment Solution Vendors, Merchants, Payment Gateways, Payment Security Solution Providers are the target audience in the instalment payment solution market.
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