Australia Buy Now Pay Later Business and Investment Opportunities

  In Nigeria, traditional banking players are competing to outdo each other in winning not only adults but also children. In the past, teens were not considered eligible to have a banking account. However, to boost financial inclusion at an early age, banks can now offer parents to operate the accounts for their children. Therefore, the trend is helping parents to teach kids to save money at an early age. Several banks target teens with unique interest rates, gifts, and innovative prepaid card products in Nigeria. For instance, First Bank, the premier banking institution in the country, has two different packages for teens known as KidsFirst and MeFirst. Moreover, the bank provides kids with a trendy gift when the account is opened with a minimum of N10,000. The account is automatically converted into a MeFirst account when the kid turns 13. The bank offers kids a desirable and trendy prepaid card, through which parents can credit weekly and monthly allowances.Polaris Bank and Guar...

  According to   PayNXT360 ’s   Q4 2020   Global Gift Card Survey,   integrating gift card into mobile apps is expected to record increased investment over the next 4–8 quarters. Leading retailers are focusing on creating a digital gift card program that can help them to increase traffic, boost sales and cultivate brand loyalty. It has become critical for retailers to embrace the new generation of mobile integrated digital / e-gift cards. Given the increasing self-use, retailers need to start viewing gift card as payment tool and enhance the value proposition with loyalty programs and option to reload. In add i tion, mobile wallet providers are also offering various cashback offers on purchase of gift cards on their mobile application. All these factors along with convenience are driving the growth of mobile gift cards. Globally, the adoption of gift cards has seen a steady increase over the years. Consumers have been using gift cards for various transactional p...

  BNPL  providers in Africa have recorded strong growth over the last four quarters. Various players in the region are offering new forms of alternative credit and point-of-sale (POS) lending options such as BNPL to lure customers offering them a convenient and flexible payment mode. Julla, a PoS financing startup, launched Julla app in Kenya in August 2019, to enable customers purchase items and pay for them at a later date . PayJustNow, a South African based BNPL provider, is focusing on growing merchants’ partnership list to offer customers a cost-effective and flexible shopping experience . Also, the company is leveraging AI, cloud technology, and a progressive web app (PWA) to collect valuable information about customers that can be used drive more purchases, aid retailers improve their customers' experience, and help develop a decision-scoring engine that can make recommendations to reduce risk and boost returns. Due to nation-wide lockdown because of COVID-19, the South...

  In recent years, big names in the payment industry such as PayPal and Visa have moved into the BNPL payment option. As the sector continues to jump from a niche payments subtype to an increasingly mainstream payment option, rivalry among these players is expected to intensify many folds. This rising interest among consumers turned into a significant growth opportunity for BNPL providers in 2020 that no one could have forecast. Notably, the growing interest among consumers and the subsequent rise in the number of BNPL players operating in the deferred payment space have led to more mergers and acquisitions over the last few quarters. Global leading and pureplay BNPL firms are increasingly looking to enhance their consumers and merchant partners, leading to various M&A activities.   Klarna acquired social shopping startup Hero In July 2021, Klarna acquired Hero, a UK-based social shopping platform, for an undisclosed amount. This acquisition will allow Klarna to provide it...

  Being a different cultural market, the Japanese consumers preferred to manage their transactions in cash in the last decade. However, the scenario is changing rapidly; with the government’s push towards the digital economy, leading FinTech companies are showing interest in establishing their presence in Japan.  Even though preferences have changed recently,   PayNXT360 ’s   recent survey indicated that more than 35% of consumers usually conduct cash-based transactions in 2021. Google set to acquire Pring to capitalize on the growing trend of cashless payments in Japan Since 2015, Google has been offering its smartphone payment business – Google Pay, in Japan. However, to capitalize on the growing trend of cashless payments in the country, the company announced that it would acquire Pring, a Tokyo-based cashless payment and settlement startup. The acquisition, which is expected to cost Google between US$180 million and US$270 million, will allow the IT giant to gain...

buy now pay later market research Changing consumer behavior and the continued rise of e-commerce are fueling flexible payment options such as buy now, pay later (BNPL) solutions, especially in Europe. Transition to digital payments had been long underway, even before the global pandemic outbreak. However, it has drastically accelerated customer preferences for using flexible payment solutions such as BNPL. According to the Financial Conduct Authority in the UK, five million people have started using buy now and pay later platforms since the global pandemic. As a result, in the United Kingdom, the use of buy now, pay later platforms had almost quadrupled in 2020. Consequently, PayNXT360 expects that the growth in the flexible payment industry is likely to attract several global, big BNPL brands to the European market, leading to several mergers and acquisitions in the following quarters. Mergers and acquisitions to increase in the Middle East BNPL sector The e-commerce market is one of...

The growing BNPL industry is having a direct impact on the banking system. In Australia, banks are experiencing a decline in credit card businesses. Moreover, interest margins and non-interest income are also getting affected due to the wide adoption of BNPL services. These growing concerns among the banking players have resulted in them responding by removing the fees on low-balance cards entirely. Moreover, some of the banks in the country have also launched their own interest-free card and moving towards BNPL payment options. Australia Buy Now Pay Later Business and Investment Opportunities PayNXT360 also expects the growth in the Australian e-commerce industry is to continue in the next couple of years. Consequently, the share of consumers in Australia using the BNPL option at online and offline checkouts is projected to increase subsequently. Australia Buy Now Pay Later in Retail Shopping: Market Size and Forecast • Gross Merchandise Value Trend Analysis • Average Value Per Tr...