Market capitalization of BNPL companies listed on the ASX in Australia Feb 2022

As of February 2022, Block, Inc took the lead as the largest Buy Now, Pay Later (BNPL) company listed on the Australian Securities Exchange (ASX) with a market capitalization of almost 76.5 billion Australian dollars. At the end of January 2022, U.S. payment firm Block, Inc acquired the Australian market leader Afterpay Limited.

Afterpay’s business model

Founded in Australia in 2014, Afterpay offers a BNPL service that allows both in-store and online customers to purchase a product immediately while paying it off in installments. Afterpay’s income consists of processing fees from the merchant, and late payment fees from the consumer. In Australia and New Zealand, the company’s segment income in the 2021 financial year reached 427 million Australian dollars, with the number of active customers in the millions.

BNPL’s wide reach

BNPL services are widely used in Australia with almost two million BNPL users in the country as of June 2020. Australia was one of the leading countries globally in terms of BNPL's market share of domestic e-commerce payments. As of early 2021, the large majority of Australian consumers were at least aware of BNPL as a payment option, with the service looking likely to remain as a viable payment option into the future.