LearnG2 compiled a helpful list of 54 BNPL stats. Did you know the number of BNPL users could double by 2027, reaching 900 million? Read ’em and learn. Amazon Pay added Affirm’s Adaptive Checkout as a payment option. Klarna’s CCO, David Sykes, talks about the company’s wild global ride, growth, and what’s on the horizon for the world’s biggest BNPL operator.
Big banks are finally moving into BNPL as consumers continue to grow in adoption. Look out for what’s ahead. UK home and garden retailer Homebase partners with Novuna to give shoppers pay-later options for garden goods. Some in Singapore are calling for stricter BNPL regulations despite the existing guidelines. India’s LazyPay has grown to more than 10 million users – what’s ahead? BNPL is seeing continued growth in Nigeria as consumers choose it at checkouts.
54 Buy now pay later statistics to unveil payments trends and
Did you know global BNPL sales will reach $3.27 trillion by 2030? Worldwide, BNPL now exceeds 360 million users. With 147 million active users, Klarna is 14 times larger than the nearest competitor. One in 10 US consumers regularly uses BNPL. PayPal Credit leads the BNPL market with 34.6 million US users as of 2020. 12% of users use BNPL “all the time.” Let’s delve into the world of BNPL, with some of the top industry statistics shaping this revolutionary trend. LearnG2
Amazon Pay Adds Affirm, providing customers and merchants with another flexible payment option
Amazon and Affirm announced today that eligible US merchants offering Amazon Pay can now seamlessly add Affirm’s Adaptive Checkout™ as a payment option at checkout. Amazon Pay merchants, including Casper, USA Berkey Filters, and UltraSabers, have already integrated Affirm’s Adaptive Checkout within Amazon Pay. Merchants using Affirm report 60% higher average order values and increased customer loyalty, with approximately 88% of Affirm purchases from repeat users. BusinessWire
Interview: Klarna’s Chief Commercial Officer David Sykes
It has been a wild ride for market leader Klarna, which is unique in the space: it was founded in 2005, is a bank in Europe, and has historically been profitable. Klarna’s Chief Commercial Officer and former head of the US business David Sykes joined to discuss all that and more, including If Klarna thinks of itself as a “BNPL company”; that $46 billion valuation; How Klarna succeeded in the US when other foreign imports haven’t; and the threat from Apple’s BNPL offering, Apple Pay Later. Fintech Business Weekly
Big Tech moving into BNPL: What does this mean for banks?
Banks and businesses need to get serious about BNPL. Research from PYMNTS shows 70% of current BNPL users are interested in using BNPL plans from their banks if available. As the market for this type of financing soars, incumbent banks who refuse to adapt risk getting left behind and losing customers to more innovative players. On the bright side, banks are in a better position than fintechs in a market facing more regulation, lower margins and potential market consolidation. BusinessCloud
Homebase offers BNPL options in-store
Homebase has partnered with Novuna Consumer Finance to offer customers flexible finance options in-store. As part of the new partnership, customers shopping at the home and garden retailer will be able to spread the cost via several options, including an interest-bearing agreement, an interest-free credit agreement or a buy-now-pay-later (BNPL) credit financing option of up to £50,000, provided by PayPal. Internet Retailing
Time for Singapore to regulate buy now, pay later schemes
The buy now, pay later (BNPL) segment of the personal loan market has come under greater scrutiny, with Australia announcing it will introduce new laws governing these unsecured credit players and the UK drafting legislation to regulate the sector. Singapore has adopted a “light touch” approach to BNPL regulation. A BNPL working group – formed by the Singapore Fintech Association (SFA) and BNPL industry players- operates under the Monetary Authority of Singapore (MAS) guidance. The Business Times
LazyPay Review: Is Lazy Pay Later legit?
LazyPay is a buy now, pay later (BNPL) platform that allows users to split their online purchases into 3 equal monthly installments with no interest or late fees if paid on time. The platform is available in India and has over 10 million users. LazyPay is backed by Sequoia Capital, Y Combinator, and others. When you check out, you can choose LazyPay as your payment method. LazyPay will then pay for your purchase, and you will have 30 days to repay the amount in three equal installments. NGNews 247
3 Buy Now Pay Later players thriving in Nigeria
The African market presents a significant growth opportunity for providers of BNPL services. The adoption of Buy Now Pay Later payments is projected to experience steady growth throughout the forecast period, achieving a CAGR of 33.0% from 2022 to 2028. Here are three BNPL players thriving in Nigeria: CredPal with three payments up to six months; Carbon with four equal interest-free installments; and Payflexi with flexible repayments and terms. IBS Intelligence