SINGAPORE - Media OutReach Newswire - 24 October 2024 - ROSHI, a leading fintech company reshaping digital lending across Southeast Asia, today released a comprehensive report on the Buy Now, Pay Later (BNPL) market in Singapore and its implications for the broader region. The study reveals a seismic shift in consumer credit preferences, with Millennials and Gen Z at the forefront of BNPL adoption.
Key findings from the ROSHI report include:
- Singapore's BNPL market is projected to grow from US$1.2 billion in 2022 to US$3.7 billion by 2032, representing a paradigm shift in consumer financing.
- BNPL transactions are 70% larger than average credit card purchases, indicating a significant impact on spending patterns.
- 42.1% of consumers choose BNPL for better terms, compared to only 17.5% for credit cards, showing a clear shift away from traditional credit options.
- BNPL user base has expanded to 1.9 million Singaporeans by 2022, with market share expected to increase by 3% from 2022 to 2027.
- Under-35 consumers represent the majority of BNPL users, signaling a generational shift in credit preferences.
The report highlights that younger consumers prefer BNPL due to easier access, minimal credit checks, and an aversion to traditional credit card debt. This shift presents both challenges and opportunities for traditional financial institutions and emerging fintechs alike.
"The BNPL boom in Singapore is just the beginning," added Trịnh Mai Thanh, Lead Researcher at ROSHI. "We're seeing similar trends across Southeast Asia, indicating a broader regional shift in consumer financing preferences."
ROSHI's report also examines the potential risks and benefits of BNPL for consumers and the wider economy. While BNPL offers increased purchasing flexibility, the report emphasizes the need for responsible lending practices and financial literacy programs to ensure sustainable growth in the sector.
The full report, is available at https://www.roshi.sg/buy-now-pay-later-in-singapore-report/
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About ROSHI
ROSHI is a Singapore-based fintech transforming digital lending across Southeast Asia. Since launching its proprietary automated platform in March 2022, ROSHI instantly provides personalised loan options to borrowers by leveraging AI algorithms and machine learning. Currently facilitating home and personal loans through partnerships with various lenders, ROSHI has assisted hundreds of consumers in obtaining loan approvals while providing valuable market insights.
source: ROSHI
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