ACI PayAfter aggregates 70+ BNPL providers in a single merchant API. Uplift sees sales of $1 billion+ through BNPL travel partners. equipifi partners with Q2 to provide BNPL to FIs. Research firm GlobalData expects global BNPL to surpass $1 trillion by 2030. Singapore’s new BNPL consumer code officially launched with a $1,500 credit limit and other industry guidelines. Regulations are also anticipated for the AUS $11.9 billion Australian industry.
New reports show BNPL is growing in popularity with consumers in Sri Lanka (MintPay) and the Philippines (UniCash). Hokodo’s founder and CEO Louis Carbonnier and Forbes offers BNPL industry survival tips and Forbes provides a basic guide to BNPL for merchants. All the BNPL news you need and more!
BNPL aggregation is set to disrupt the pay later and lending market
ACI PayAfter gives merchants access to 70+ BNPL providers via a single API and only one contract. Consumers only need to fill out one credit application regardless of how many lenders are configured. No other global solution on the market has a BNPL offer like this. Multiple lenders of different types such as prime, near-prime, and sub-prime, can be configured under ACI PayAfter which greatly increases consumer approvals and increases conversion. The Paypers
More airlines adopt BNPL options to let customers pay for flights in installments
Paying for the increasingly expensive cost of travel by installments is proving popular with consumers. Tom Botts of BNPL firm Uplift discusses how the “fly now pay later” payment model is different from paying for a flight with a credit card. The company expects to do more than $1 billion in sales across its travel partners. Interest on installment payments may range from 0 to 36 percent averaging in the high teens to mid-20s for loans up to 18 months. CNBC
equipifi announces integration with Q2’s digital banking platform to offer buy now, pay later services for financial institutions
Through this integration, equipifi will offer BNPL services within Q2’s Digital Banking Platform. 60% of US consumers have used BNPL at least once and over 70% of BNPL users would prefer a solution from their trusted financial institution. The Q2 Partner Accelerator is a program that allows in-demand financial services companies leveraging the Q2 SDK to pre-integrate their technology to the Q2 Digital Banking Platform. Cision
Buy Now Pay Later to surpass $1 trillion by 2030
Buy Now Pay Later (BNPL) will surpass $1 trillion by 2030, according to a new report from data and analytics firm GlobalData. The research predicts that the high demand for BNPL services will make the sector popular with both big tech and large payments providers, with companies such as Apple, Google, Mastercard, PayPal, and Visa expected to be leading players by 2030. Charged Retail
New ‘buy now, pay later’ guidelines: S$2,000 cap a good start but not enough, experts say
A code of conduct for the “buy now, pay later” (BNPL) industry kicked in on Tuesday with experts describing it as a much-needed first step to addressing risks of overspending but saying that more protections were needed. Consumers can still “borrow” S$2,000 ($1488) each from different providers without going through credit checks. Providers also must suspend customer access to services once a payment is overdue and must disclose fees transparently and all charges capped with no compounding interest. Channel News Asia
Regulatory changes flagged for Afterpay and other buy now, pay later services
Afterpay and other buy now, pay later users could face restrictions under new Australia regulations being canvassed for the sector. Treasury is putting the finishing touches on its review of how BNPL operators such as Afterpay, Zip, humm and Klarna can be regulated to help provide better protections for consumers. There were at least 5.9 million active accounts in Australia between July and Sept 2021, responsible for more than $11.9 billion in transactions in the past financial year. News.com Australia
BNPL: From the next unicorn to the survival of the fittest
Hokodo’s founder and CEO Louis Carbonnier explores how BNPL firms can make it through uncertain times. By bringing your end-to-end tech, credit and analytics stack in-house, you are removing the reliance upon third parties for things like credit checks. This means that you can provide a better, faster, and more robust solution to merchants and buyers and enhancing your survival. AltFI
‘Buy now, pay later’ seen gaining more popularity in Philippines
New data suggested that Buy Now Pay Later services are projected to grow in size in the Philippines by 2026 after the pandemic accelerated consumer adoption of cashless services. Financial mobile app UnaCash made the claims in their latest research, asserting that BNPL transaction volume in the country’s e-commerce ecosystem could mushroom 568% to $2.5 billion by 2026. Data provided by the company showed that transaction volumes in 2021 amounted to an estimated $400 million. PhilStar
Mintpay teams up with Softlogic
Mintpay has now forged a strategic partnership with Softlogic Retail (Pvt) Ltd, a fully owned subsidiary of Softlogic Holdings PLC that has changed the retail ecosystem in Sri Lanka forever. Shoppers across the island can now purchase anything they want from the Odel.lk, mysoftlogic.lk and Softlogic Max retail outlets, using Mintpay’s Buy Now, Pay Later service. Sunday Observer
Building BNPL solutions: An Essentials Guide
BNPL comes with many benefits for customers. But what about the merchant/company that offers this payment option? There are several benefits of implementing BNPL for businesses: flexible payments resulting in more sales, increased trust and customer loyalty, and easy purchasing for larger orders. Disadvantages include late payment fees and potential fraud. Building BNPL products is not an easy task, and it requires a lot of planning and preparation. Forbes