New Bank of America Securities report says average daily BNPL app downloads fell for the third quarter, down 22.8% compared to last year. Retailer At Home teamed up with Synchrony Pay Later to offer instalment payments over 3 months for purchases between $75 and $400. Use of BNPL payments surged 40% in the first two months of 2023 among higher grocery prices and use of instalments to buy groceries.
UK consumer advocates at Which? say the government must not follow through on reported plans to cancel regulations for BNPL. Guidefitter picked Credova to provide BNPL for its customers. In India, Cashfree launched BNPL Plus, a no-code solution for merchants to offer equal payments. The Fintech Times examined the challenges of offering embedded finance including BNPL by merchants.
BNPL app downloads decline
Consumer downloads of buy now, pay later apps fell for the second quarter compared to the year-earlier period – the third consecutive quarter of a year-over-year decline, according to a report published Friday by Bank of America Securities analysts. Average daily BNPL app downloads globally for that quarter declined 22.8% year-over-year, to about 104,000, the report said. On a total basis, U.S. BNPL downloads for the second quarter fell 19%, relative to the year-earlier period, to 5.51 million, analysts wrote. PaymentsDive
At Home launches buy-now-pay-later, mobile payment options
The value home décor retailer is now providing BNPL financing via the Synchrony Pay Later solution. Consumers can apply for a Synchrony Pay Later interest-free loan to make equal payments over three months on one-time purchases between $75 and $400 without impacting their credit score. At Home is offering Synchrony Pay Later in addition to its At Home Insider Perks credit card with six-month special financing on qualifying purchases at the retailer. Chain Store Age
High grocery prices cause shoppers to lean into ‘buy now, pay later’ apps
High grocery prices have caused shoppers to lean into “buy now, pay later” apps. The average family in June spent about $973 at the supermarket, up 3.5% from last year. Use of apps that allow shoppers to finance payments surged 40% in the first two months of 2023. The $309 billion “buy now, pay later” industry is projected to grow more than 25% by 2026. Supermarket News
Plans to shelve buy-now pay-later rules ‘incredibly concerning’, says Which?
A top campaign group has sounded the alarm today after it emerged that the government is preparing to shelve plans to clampdown on the buy now pay later sector. The Treasury has been pushing ahead with plans to bring BNPL products offered by firms like Klarna and Clearpay under the remit of the Financial Conduct Authority amid fears that shoppers are landing themselves in mounting piles of unregulated debt. The Treasury declined to comment. City A.M.
Guidefitter partners with Credova to introduce buy now pay later payment options
Guidefitter today announced a strategic partnership with Credova, a company dedicated to making outdoor adventures more accessible through flexible financing options. Members apply for and use Credova financing at checkout, choosing a plan that best fits their needs. The member completes the purchase with Guidefitter and pays over time. Cision
Cashfree Payments launches BNPL Plus
India-based payments and API banking company Cashfree Payments launched BNPL Plus to help with the discovery and offering of affordable payment options for customers. With the launch of BNPL Plus, businesses can increase the visibility of affordable and flexible payment options like EMI, Pay Later, and other offers right on the product page of D2C brands. With the integration of the no-code widget, businesses can reduce checkout churn and increase conversion rates. The Paypers
Embedded finance challenges for retailers with Vodeno, TreviPay, LifeSearch, BoxHero and e-innovate
The fast rise of buy-now-pay-later (BNPL) schemes has quickly shifted consumer behaviour when shopping online. Retailers are aware of the potential benefits of implementing BNPL and other embedded finance offerings to boost their checkout conversion success. But what challenges lie in the way? To find out, The Fintech Times reached out to the experts to ask them: ‘What are the challenges of implementing embedded finance for retailers? Fintech Tmes