Market Structure and Factors Associated with Revenue Performance of Buy-Now-Pay-Later Providers
By: Josip Visković and Ivan Marin
References
- Aalders, R. (2023). Buy now, pay later: redefining indebted users as responsible consumers. Information, Communication & Society, 26(5), 941-956. https://doi.org/10.1080/1369118X.2022.2161830
- Aisjah, S. (2024). Intention to use buy-now-pay-later payment system among university students: a combination of financial parenting, financial self-efficacy, and social media intensity. Cogent Social Sciences, 10(1), 2306705. https://doi.org/10.1080/23311886.2024.2306705
- Akana, T. (2022). Buy now, pay later: Survey evidence of consumer adoption and attitudes. Discussion Papers, Federal Reserve Bank of Philadelphia, Consumer Finance Institute, 1-27. https://doi.org/10.21799/frbp.dp.2022.02
- Akana, T., & Doubinko, V. Z. (2025). Researching new financial products: using survey evidence to gain insight into buy now, pay later. Journal of Credit Risk. https://doi.org/10.21314/JCR.2025.001
- Armstrong, M. (2006). Competition in two‑sided markets. The RAND Journal of Economics, 37(3), 668-691.
- Ashby, R., Sharifi, S., Yao, J., & Ang, L. (2025). The influence of the buy-now-pay-later payment mode on consumer spending decisions. Journal of Retailing, 101(1), 103-119. https://doi.org/10.1016/j.jretai.2025.01.003
- Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17 (1), 99–120.
- Berg, T., Burg, V., Gombović, A., & Puri, M. (2020). On the rise of fintechs: Credit scoring using digital footprints. The Review of Financial Studies, 33(7), 2845-2897. https://doi.org/10.1093/rfs/hhz099
- Berg, T., Burg, V., Keil, J., & Puri, M. (2025). The economics of “Buy Now, Pay Later”: A merchant’s perspective. Journal of Financial Economics, 171, 104093. https://doi.org/10.1016/j.jfineco.2025.104093
- Cervellati, E. M., Filotto, U., Sgrulletti, D., & Stella, G. P. (2026). Buy now, pay later consumer credit behavior: impacts on financing decisions. Qualitative Research in Financial Markets, 18(1), 287-299. https://doi.org/10.1108/QRFM-07-2024-0185
- Cheng, Y., & Huo, J. (2025). Adoption of Buy Now, Pay Later (BNPL): A Time Inconsistency Perspective. Journal of Theoretical and Applied Electronic Commerce Research, 20(2), 81. https://doi.org/10.3390/jtaer20020081
- Cook, J., Davies, K., Farrugia, D., Threadgold, S., Coffey, J., Senior, K., Haro, A. & Shannon, B. (2023). Buy now pay later services as a way to pay: credit consumption and the depoliticization of debt. Consumption Markets & Culture, 26(4), 245-257. https://doi.org/10.1080/10253866.2023.2219606
- Cornelli, G., Gambacorta, L. & Pancotto, L. (2023). Buy now, pay later: A cross-country analysis. Available at: https://www.bis.org/publ/qtrpdf/r_qt2312e.htm
- Dadra, R., Sonavane, A., Bachwani, S., & Behera, C. K. (2024). Beyond credit cards: A TEP perspective on buy-now-pay-later adoption. Journal of Global Scholars of Marketing Science, 34(4), 459-484. https://doi.org/10.1080/21639159.2024.2391282
- deHaan, E., Kim, J., Lourie, B., & Zhu, C. (2024). Buy now pay (pain?) later. Management Science, 70(8), 5586-5598. https://doi.org/10.1287/mnsc.2022.03266
- Desai, P. S., & Jindal, P. (2024). Better with buy now, pay later?: A competitive analysis. Quantitative Marketing and Economics, 22(1), 23-61. https://doi.org/10.1007/s11129-023-09271-y
- Di Maggio, M., Williams, E., & Katz, J. (2023). Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns (August 23, 2022). Available at SSRN: https://ssrn.com/abstract=4198320 or http://dx.doi.org/10.2139/ssrn.4198320
- Dong, Y., Hu, J., Huang, Y., Qiu, H., & Zhang, Y. (2025). The use and disuse of FinTech credit: When buy-now-pay-later meets credit reporting (BIS Working Paper No. 1239). Bank for International Settlements. Available at: https://www.bis.org/publ/work1239.htm
- Donou-Adonsou, F., & Leslie-Piper, N. (2025). BNPL and financial fragility in US households. Finance Research Letters, 108423. https://doi.org/10.1016/j.frl.2025.108423
- Fisher, C., Holland, C., & West, T. (2021). Developments in the Buy Now, Pay Later Market, Bulletin–March 2021, Reserve Bank of Australia
- Gilbert, A., & Scott, A. (2023). Problem debt, over-indebtedness, and Buy Now Pay Later: The case of young adults in New Zealand. Auckland Centre for Financial Research: Auckland, NZ
- Guttman-Kenney, B., Firth, C., & Gathergood, J. (2023). Buy now, pay later (BNPL)... on your credit card. Journal of Behavioral and Experimental Finance, 37, 100788. https://doi.org/10.1016/j.jbef.2023.100788
- Johnson, D., Rodwell, J., & Hendry, T. (2021). Analyzing the impacts of financial services regulation to make the case that buy-now-pay-later regulation is failing. Sustainability, 13(4), 1992. https://doi.org/10.3390/su13041992
- Kiran, D., & Mishra, A. K. (2024). Analyzing the buy now pay later (BNPL) industry: a SWOT analysis for strategic insights. In Sustainability in Digital Transformation Era: Driving Innovative & Growth (pp. 322-326). CRC Press.
- Kiran, D., Nagar, S., & Singh, I. (2024). Unlocking Market Potential: The Intersection of Buy Now Pay Later, Digitalization, and Marketing Strategies. In 2024 1st International Conference on Sustainable Computing and Integrated Communication in Changing Landscape of AI (ICSCAI) (pp. 1-8). IEEE. https://doi.org/10.1109/ICSCAI61790.2024.10866129
- Khan, M., & Haque, S. (2020). Impact of buy now-pay later mechanism through installment payment facility and credit card usage on the impulsive purchase decision of consumers: Evidence from Dhaka City. Southeast University Journal of Arts and Social Sciences, 3(1), 40-59.
- Kumar, A., Salo, J., & Bezawada, R. (2024). The effects of buy now, pay later (BNPL) on customers’ online purchase behavior. Journal of Retailing, 100(4), 602-617. https://doi.org/10.1016/j.jretai.2024.09.004
- Larrimore, J., Lloro, A., Merchant, Z., & Tranfaglia, A. (2025). Payment Preference or Necessity: Who Uses BNPL and Why. Journal of Consumer Affairs, 59(3), e70024. https://doi.org/10.1111/joca.70024
- Maesen, S., & Ang, D. (2025). Buy now, pay later: Impact of installment payments on customer purchases. Journal of Marketing, 89(3), 13-35. https://doi.org/10.1177/00222429241282414
- McKinsey & Company. (2022). Reinventing credit cards: Responses to new lending models in the US. McKinsey & Company. https://www.mckinsey.com/industries/financial-services/our-insights/reinventing-credit-cards-responses-to-new-lending-models-in-the-us
- Pandya, D., & Govani, K. (2025). The future of fintech in the UAE and KSA: a shift from convenience to business viability. Decision, 52(1), 7-15. https://doi.org/10.1007/s40622-025-00419-1
- Raj, V.A. & Rai, A.K. (2025) Why stay loyal? Exploring the role of consumption values, satisfaction, and alternative attractiveness in buy now pay later services. Journal of Financial Services Marketing, 30(12). Pp. https://doi.org/10.1057/s41264-025-00305-y
- Raj, V. A., Jasrotia, S. S., & Rai, S. S. (2025). Role of perceived risks and perceived benefits on consumers behavioural intention to use Buy-Now, Pay-Later (BNPL) services. Journal of Facilities Management, 23(2), 330-351. https://doi.org/10.1108/JFM-01-2023-0004
- Rochet, J. C., & Tirole, J. (2003). Platform competition in two-sided markets. Journal of the European Economic Association, 1(4), 990-1029. https://doi.org/10.1162/154247603322493212
- Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
- Straits Research (2022) “Buy Now Pay Later Market Size is projected to reach USD 3.68 Trillion by 2030, growing at a CAGR of 45%”, https://www.globenewswire.com/en/news-release/2022/07/26/2486253/0/en/Buy-Now-Pay-Later-Market-Size-is-projected-to-reach-USD-3-68-Trillion-by-2030-growing-at-a-CAGR-of-45-Straits-Research.html
- Visa Consulting & Analytics (2023). Buy now pay later (BNPL): Perspectives on and insights into the BNPL market, https://www.visa.com.gt/dam/VCOM/global/services/documents/vca-global-bnpl-paper.pdf
- Waliszewski, K., Cichowicz, E., Gębski, Ł., Kliber, F., Kubiczek, J., Niedziółka, P., Warchlewska, A. (2024). Digital loans and buy now pay later from LendTech versus bank loans in the era of ‘black swans’: Complementarity in the area of consumer financing. Equilibrium. Quarterly Journal of Economics and Economic Policy, 19(1). 241-278. https://doi.org/10.24136/eq.2982
- Wilson, T. (2025). The regulatory response to buy now pay later in Australia. Alternative Law Journal, 50(2), 91-95. https://doi.org/10.1177/1037969X251338353
Language: English
Page range: 174 - 194
Published on: Sep 10, 2026
Published by: Lucian Blaga University of Sibiu
In partnership with: Paradigm Publishing Services
Related subjects:
© 2026 Josip Visković, Ivan Marin, published by Lucian Blaga University of Sibiu
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.