Super apps and e-marketplaces are making a foray into buy now, pay later (BNPL) services in Thailand to stimulate consumption amid economic headwinds and stagnant inflation.
Grab is the first among the super apps to offer BNPL in Thailand, while Shopee is a trendsetter for the service among e-marketplaces.
The local BNPL sector recorded strong growth the last four quarters, driven by increased e-commerce penetration and the impact of the economic slowdown, according to ResearchAndMarkets.com.
BNPL payments in the country are expected to grow by 67.1% on an annual basis to reach US$2.9 billion in 2022.
BNPL payment adoption is expected to grow steadily, recording a compound annual growth rate of 33% from 2022-28, while the BNPL gross merchandise value in the country is forecast to jump from $1.7 billion in 2021 to $16.5 billion by 2028.
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