BNPL Report: June 12 – Agency now pay later, BNPL softening? Hokodo EU license, US regs, Amazon Pay-Affirm, Digitrips, PayJustNow, Sezzle
Hey marketers, marketing costs got you down? Breef lets you market or advertise now and pay later, thanks to a partnership with BNPL operator Tranch. Data from Adobe suggests BNPL softened from 14% to 10% growth in the first two months of 2023 compared to 2022. Nobody seems rattled. According to industry watchers, Apple Pay Later has not impacted competitors yet.
Hokodo acquired a European payments license in the EU and plans B2B BNPL growth. Legal experts offer tips on how to stay ahead of BNPL regulators. Amazon Pay-Affirm BNPL addition may open new growth opportunities for Amazon merchants. Travel platform Digitrips says it now represents 35% to 75% of sales for e-commerce B2B2C travel businesses on its EU platform as travel takes off again.
PayJustNow’s CEO said the company saw substantial growth in the past year, reaching 640,000 users and 2,700 merchants. Sezzle says its Responsible Way to Pay™features are attracting growing interest from consumers looking for solutions in the challenging economy. Lots more ahead!
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Breef — The world’s first online agency marketplace — is changing the way brands pay agencies
Breef launched Bree(fPay), powered by Tranch, an industry-first payment infrastructure that allows brands to invest in agencies now and pay over time. Companies can find and finance agencies in a single location for the first time — meaning quicker project kick-offs, faster agency payments, and reduced impact on balance sheets. Breef users can now pay on their terms for up to $500,000 in agency marketing spend over two to 12 months. BusinessWire
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Why Apple Pay Later is the tortoise in the buy now pay later race
Apple said it plans a broader rollout in “coming months,” but observers hear very little buzz and see no competitive impact yet. Apple Pay Later offers borrowers loans of $50 to $1,000 to be repaid in four equal payments over six weeks with no interest, with a linked debit card required for repayment. Mastercard Installments provides the connection to merchants, who will pay Apple a fee when consumers make purchases. American Banker
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B2B BNPL provider Hokodo obtains European Payments License
B2B payments provider Hokodo has acquired a European payments license, making it the first BNPL provider with such a license in Lithuania. The firm can now offer a broader suite of payment solutions, benefiting suppliers and buyers. As part of the acquisition, Hokodo is opening a third office in Lithuania to complement its existing locations in Paris and London. IBS Intelligence
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BNPL regulation requires balancing act
As the CFPB prepares to release regulatory guidance for BNPL providers, it’s important that regulation does “not stifle the industry’s growth and limit its availability,” says a checkout services CEO Jordan Gal. Regulators should work to strike a balance so the benefits remain for those who need them. How do we avoid a regulatory chokehold that limits BNPL availability, thus depriving merchants and consumers of its distinct advantages? PaymentsDive
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Don’t let your payment platforms attract regulatory scrutiny
Here are ideas to help companies that allow customers to make payments via P2P, BNPL and other mechanisms avoid regulatory headaches. Follow these principles to stay on the right side of regulations: make robust consumer disclosures; clearly disclose privacy settings and data usage; strengthen risk monitoring and fraud prevention; and confirm compliance with regulations. LegalDive
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Buy now pay later is boosting sales, but signs of users’ stress are emerging
Companies like Overstock.com that have seen a surge in BNPL use aren’t expressing concern about a drop-off in sales, but academics warn spending patterns suggest consumers are struggling and could pull back. Growing signs of struggling consumers who tap the no- or low-fee loans suggest businesses could soon feel a squeeze. In 2022, the share of online purchases using BNPL grew by 14% compared with a year earlier, according to Adobe Analytics, but sales pulled back to grow 10% in the first two months of 2023. Wall Street Journal
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Amazon Pay taps Affirm to be its first US buy now pay later player
The two companies announced that Affirm is the first buy now, pay later player to be added to Amazon Pay. Any US Amazon Pay merchant can now offer their customers the option to “buy now, pay later” using Affirm’s technology. Merchants who provide Amazon Pay don’t have to integrate Affirm as a stand-alone installment option, instead adding it to their existing Amazon Pay button. Affirm announced an initial partnership with Amazon in Aug 2021, exclusive through Jan 2023. Techcrunch
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Buy Now Pay Later is a game changer for travel e-commerce, says Digitrips
Leading multi-product travel platform, Digitrips says BNPL services are a game changer for travel e-commerce, with purchases accounting for up to 75% of sales for the company’s B2B2C customers. Digitrips operates 65 white-label storefronts for EU e-commerce players. According to the platform, the financial service now represents anywhere between 35% to 75% of sales for their B2B2C customers, depending on the site’s customer typology. Breaking Travel News
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PayJustNow’s CEO on the benefits of buy now pay later for consumers and businesses
BNPL services have shaken South Africa’s retail credit market, providing a lifeline in a cash-strapped environment by offering consumers a convenient way to purchase goods and services online or in-store immediately without paying the total amount upfront. The company now has over 840,000 consumers and partnered with 2,700 merchants, expanding its presence to over 6,000 points of sale. Bizcommunity
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Sezzle – The Responsible Way to Pay™
With over 60% of US consumers living paycheck-to-paycheck, Sezzle believes that finding The Responsible Way to PayTM is more important than ever. Sezzle is the only certified B Corporation in the BNPL industry. Key features include no interest, no hidden fees, one free payment reschedule, opt-in credit building, and payment options such as Pay-in-Full, Pay-in-Two, Pay-in-Four, or long-term monthly payments through referral partnerships with other financial institutions. GlobeNewswire