Travel Now Pay Later Market: Current Analysis and Forecast (2023-2030)

Report Description

The Travel Now Pay Later Market was valued at 34.64 billion in 2022 and is expected to grow at a steady rate of around 9.17% in the forecasted period (2023-2030) owing to the increasing popularity of travel and the growing number of people who want to travel but may not have the full amount of money available to pay for it upfront, this type of service is becoming more and more popular. Travel Now Pay Later is a financial service that allows travelers to book their trip and pay for it in installments, rather than paying the full amount upfront. This is particularly helpful for travelers who want to plan a trip but may not have the full amount of money available to pay for it at the time of booking. In addition, the rise of online travel booking platforms has made it easier for travelers to find and book their trips and has also made it easier for travel companies and tour operators to offer this type of service. Recent data from a leading global payment processing company shows that the number of travelers using travel now pay later services has increased by over 50% in the past year.

Some of the major players operating in the market include Perpay Inc.; Klarna Bank AB; Affirm, Inc.; Uplift, Inc.; Afterpay US Services, LLC; PayPal; PCI DSS; Sezzle; Outlook Publishing India Pvt.; LatitudePay.

Insights Presented in the Report

“Amongst payment method, debit card category to witness significant market growth during the forecast period.”

Based on the payment methods, the market is segmented into a debit card, credit card, ach, prepaid card, and check. Among these, the debit card segment is leading the maximum share of the market. The convenience, security, and widespread acceptance of debit cards make them a popular option for this type of service. Furthermore, debit cards are widely accepted by merchants, which means that customers can use them to make purchases at a wide range of stores and online retailers. Also, the recent developments in services is further fueling the market segment. For instance, in 2022, Bank of America announced that it was rolling out a new facial recognition-based TNPL service for its customers. The service allows customers to authenticate their identity using facial recognition technology, which can provide a more secure and convenient option for making purchases.

 “Asia Pacific to hold a significant share in the market.”

Asia Pacific is expected to grow at a significant CAGR during the forecast period. The adoption of digital payments in the region has increased, making it easier for people to use travel now, pay later services. The tourism industry in the Asia Pacific region is growing, and the travel now, pay later model is well-suited for this market. Also, travel booking apps, which allow people to book their travel and pay for it later, are becoming increasingly popular in the region. This has made it easier for people to use travel now, pay later services, as they can book their travel and make payments through their smartphones.

Travel Now Pay Later Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Travel Now Pay Later market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Travel Now Pay Later Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Travel Now Pay Later market were the three major steps undertaken to create and analyze the adoption of Travel Now Pay Later in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Travel Now Pay Later market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Travel Now Pay Later market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Travel Now Pay Later market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as payment method, and traveling mode. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Travel Now Pay Later market. Further, we conducted factor analysis using dependent and independent variables such as various payment method, and traveling mode of Travel Now Pay Later. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Travel Now Pay Later market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Travel Now Pay Later market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Travel Now Pay Later market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Travel Now Pay Later market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Travel Now Pay Later market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of payment method, and traveling mode in the global Travel Now Pay Later market.

The main objective of the Global Travel Now Pay Later Market Study

The current & future market trends of the global Travel Now Pay Later market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Travel Now Pay Later market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of payment method, and traveling mode.
• Define and analysis of the regulatory framework for the Travel Now Pay Later industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Travel Now Pay Later market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Travel Now Pay Later market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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