The Paypers：2025年全球先买后付（BNPL）支付生态研究报告（英文版）

This report aims to analyse the global behaviour of BNPL consumers, share insights into 2025 trends, elaborate on the latest changes in regulations, and feature key perspectives from both solution providers and merchants. We acknowledge the difference in adoption throughout regions and highlight the benefits of BNPL transactions in various sectors. We also explore the challenges of succeeding in a mature market, where global providers usually secure leading positions while new entrants often