BNPL payments as a share of e-commerce payments APAC 2023, by country

In 2023, Buy Now, Pay Later (BNPL) payments amounted to 15 percent of e-commerce payments in Australia. In comparison, BNPL payments took up one percent of e-commerce payments in Hong Kong, the Philippines, South Korea, Taiwan, Thailand, and Vietnam.

BNPL in Asia

BNPL is a financing service that allows consumers to make purchases on credit through future installments. The service is often interest-free for the short term, making it an attractive solution for cash-strapped consumers. The largest BNPL providers worldwide are Klarna and Afterpay. BNPL in Asia is still at a nascent stage and Singapore is the forefront of the BNPL scene in Asia. Along with Australia, Singapore is home to the leading BNPL startups that are based in the Asia-Pacific region.

BNPL in Australia and New Zealand

Founded in Melbourne, Afterpay is the leading BNPL provider in Australia and New Zealand. Along with the domestic BNPL providers, big international players have also entered Australia, making it one of the most saturated markets in the Asia-Pacific region. PayPal is already fast becoming a favorite among consumers thanks to its existing customer base despite the later entry into the BNPL market, and Klarna launched in Australia in 2020 and a year later in New Zealand.