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By 2026, BNPL will be the new normal, especially for mid-low cost purchases – thanks to the speedy adoption by eCommerce platforms coupled with rising user demand.
As the world went into lockdown in 2020, Buy Now, Pay Later (BNPL) recorded significant growth resulting from massive eCommerce and merchant adoption, consumer desire for convenience and transparency as well as a rise in emerging BNPL brands. Merchants and BNPL providers collectively supercharged the market by simplifying online and POS purchases for goods and services through buy now, pay later. The global BNPL market is currently projected to cross USD 1 trillion in spending by 2026.
The ultimate goal of a Buy Now, Pay Later (BNPL) online payment solution is to enhance the customer experience and provide an easier way to pay for goods and service through installment-based repayments; which translates to increased conversions for both merchants and lenders. It’s no surprise that 57% of merchants using Buy Now, Pay Later (BNPL) reported significant increases in checkout conversions in 2021.
In our latest whitepaper “Everything you wanted to know about BNPL”, we delve deep into the Buy Now, Pay Later (BNPL) trend to bring out the hidden truths about this innovative technology, covering topics including: global BNPL brands, BNPL delivery models, benefits, trends, and so much more!
