Canada Buy Now Pay Later Market

Canada Buy Now Pay Later Market Overview: 

The Canada buy now pay later market is projected to exhibit a growth rate (CAGR) of 19.00% during 2024-2032. There are several factors that are driving the market, which include various partnerships and collaboration among key players, expanding digital wallets and fintech ecosystem, thriving e-commerce sector, and rising demand for flexible payment options.

Canada Buy Now Pay Later Market Trends:

Partnerships Among Key Players

On 29 April 2024, Klarna partnered with luggage and travel accessories brand Away. With this collaboration, Klarna’s interest-free BNPL options are available to Away’s clients in Canada, the United States, and the United Kingdom. The company is looking for ways to make shopping smooth for a wider range of individuals. These partnerships allow BNPL services to reach a broad user base, increasing adoption rates. Apart from this, collaborations with small and medium-sized enterprises (SMEs) help BNPL providers tap into niche markets and provide flexible payment options to a diverse consumer base. Seamless integration of BNPL options into retailers' online and offline checkout processes improves user experience, making it easier for individuals to choose BNPL as a payment method.

Expanding Digital Wallets and Fintech Ecosystem

On 19 January 2023, Samsung Electronics announced that Samsung Wallet will be available in eight new markets that are Canada, Australia, Brazil, Hong Kong, India, Malaysia, Singapore, and Taiwan. Samsung Wallet is a more secure and go-everywhere app to conveniently organize and use daily essentials. Moreover, the integrations with popular digital wallets make BNPL payments more seamless and accessible to users. Users can access BNPL options directly from their digital wallet without needing to go through lengthy application processes. This quick access encourages more frequent use of BNPL services. Besides this, digital wallets come with advanced security features such as encryption, biometric authentication, and tokenization. These features provide an additional layer of security for BNPL transactions, enhancing user confidence in using these services. Integration with digital wallets also leverages their robust fraud prevention mechanisms, reducing the risk of fraudulent transactions and enhancing the overall trust in BNPL services. When BNPL services are integrated with these wallets, it extends the reach and acceptance of BNPL, allowing users to use it at more retailers. 

Canada Buy Now Pay Later Market News:

• 30 October 2023: Walmart Canada introduced an interest-free BNPL option that is powered by Klarna when shopping on Walmart.ca and through the Walmart Canada and Klarna mobile apps. The company’s focus is to help Canadians save money and live better. They are prioritizing the enhanced user experience by providing even more options to choose from. 
• 26 March 2024: Sezzle, an innovative payment solution, announced that it is standing as the BNPL in Canada. Since its debut in the Canadian market four years ago, Sezzle has continued winning over both shoppers and merchants with its innovative payment solutions. The company became a standout in the Canadian app store by providing a product that is easy to use and offers payment flexibility. In addition, Sezzle’s interest-free payment option attracted consumers seeking financial flexibility.
   

Canada Buy Now Pay Later Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on channel, enterprise size, and end use.

Channel Insights:

• Online
• Point of Sale (POS)
   

The report has provided a detailed breakup and analysis of the market based on the channel. This includes online and point of sale (POS).

Enterprise Size Insights:

• Large Enterprises
• Small and Medium Enterprises
   

The report has provided a detailed breakup and analysis of the market based on the enterprise size. This includes large enterprises and small and medium enterprises.

End Use Insights:

• Consumer Electronics
• Fashion and Garment
• Healthcare
• Leisure and Entertainment
• Retail
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end use. This includes consumer electronics, fashion and garment, healthcare, leisure and entertainment, retail, and others.

Regional Insights:

• Ontario
• Quebec
• Alberta
• British Columbia
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Ontario, Quebec, Alberta, British Columbia, Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Canada Buy Now Pay Later Market Report Coverage:

Key Questions Answered in This Report:

• How has the Canada buy now pay later market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Canada buy now pay later market?
• What is the breakup of the Canada buy now pay later market on the basis of channel?
• What is the breakup of the Canada buy now pay later market on the basis of enterprise size?
• What is the breakup of the Canada buy now pay later market on the basis of end use?
• What are the various stages in the value chain of the Canada buy now pay later market? 
• What are the key driving factors and challenges in the Canada buy now pay later?
• What is the structure of the Canada buy now pay later market and who are the key players?
• What is the degree of competition in the Canada buy now pay later market?  

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Canada buy now pay later market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Canada buy now pay later market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Canada buy now pay later industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.