BNPL payments in Italy are expected to grow by 70.7% on annual basis to reach US$ 3936.6 million in 2022.
The “Italy Buy Now Pay Later Business and Investment Opportunities – 75+ KPIs on Buy Now Pay Later Trends by End-Use Sectors, Operational KPIs, Market Share, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Medium to long term growth story of BNPL industry in Italy remains strong. The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 36.0% during 2022-2028.
The BNPL Gross Merchandise Value in the country will increase from US$ 2305.6 million in 2021 to reach US$ 24868.9 million by 2028.
Over the last four to eight quarters, buy now, pay later (BNPL) has become one of the most popular payment methods among consumers in Italy.
While the global pandemic has accelerated the adoption of BNPL products among consumers, the publisher expects the industry to continue its robust growth over the next four to eight quarters.
With the high growth potential offered by the Italian BNPL market, the publisher expects BNPL providers to raise funds quite aggressively to further expand their growth.
Global payments companies are launching buy now pay later services in Italy
As the demand for buy now, pay later (BNPL) services continue to grow among consumers in Italy, global payment companies are launching their own in-house BNPL products in Italy.
In November 2021, PayPal announced that the firm is launching its in-house BNPL product for consumers in the country, thereby allowing its users to spread the cost of their purchases in monthly, interest-free installments.
Notably, consumers can use the BNPL product offered by PayPal to complete purchases up to EUR 2,000.The launch of the PayPal BNPL product comes amid the growing online shopping market in the country, which has recorded robust growth over the last few quarters.
PayPal will be competing with global BNPL giant Klarna and home-grown BNPL product Scalapay for market share in the country.
With PayPal joining the BNPL space in Italy, the publisher expects the competition and innovation to further intensify in the country over the next four to eight quarters.
Strategic alliances are rising to launch innovative split payment solutions in Italy
As the BNPL market continues to record robust growth in Italy, businesses are entering into strategic partnerships to launch their own deferred payment product in the country.
In November 2021, Younited, the French BNPL platform, Bankable, the global architect of Banking as a Service solution, and LiftForward, the leading BNPL subscription platform, entered into a strategic partnership to launch an innovative split payment solution for consumers in Italy.
The nature of the strategic partnership is as such that Bankable is facilitating payments by providing consumers with virtual cards, Younited is underwriting and funding consumer purchases through their consumer-facing front-end, and LiftForward is connecting all the stakeholders.
Italian BNPL firms are raising funds to expand into other high-growth European markets
