ANZ partners Visa for BNPL offering
Visa is joining forces with ANZ to bring its instalment payments product to Australia, enabling the bank's credit card customers to buy now, pay later at the checkout.
D.A. Davidson’s Chris Brendler breaks down buy now, pay later rebound
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A new way to buy now and pay later is available in Australia via Visa Installments
In 2017, Visa’s fintech programs contributed to the global growth of installment loans. Using Visa Installments Solution, Australians can use the BNPL financing they love while in-store or online. Visa Installments is a new product offered by ANZ in partnership with Visa. It is the first roll-out of installment payments designed from the ground up – at the network level – to be presented to customers in-store and over eCommerce channels without them having to do anything new.
Is BNPL taking over credit cards?
Stripe partnering with AfterPay is another sign of the huge potential BNPL solutions hold. But is this an indicator of further decline in credit card demand? Watch today’s episode of ‘All About Payments’ to see Marek’s breakdown of this news️
In this breakdown we cover
↳ The market potential for BNPL
↳Stripe’s partnership with AfterPay
↳ Impact of the pandemic on eCommerce and BNPL
↳ Squarespace as the first website building platform to leverage this partnership
↳ The declining credit card use in high credit card penetration markets
Do you think that the rising demand for BNPL is taking over credit cards? *Comment your thoughts️*
#Stripe #Afterpay #bnpl #payments
As covered before, Buy Now, Pay Later is one of he fastest-growing online payment methods in the Netherlands, the UK, the US, as well as France, Australia, Brazil and Japan. As demand for BNPL solutions continues to grow, Afterpay and Stripe partnered with the goal to expand the reach of installment payments even further.
My name is Marek from PaymentGenes. And today, it’s all about payments!
Today we will breakdown this announcement, provide insights on what makes this strategic partnership interesting, and as always, provide our take on how this news impacts the payments landscape
Under this partnership, merchants integrated with Stripe are able to offer Afterpay, providing shoppers the opportunity to pay in 4 installments for their purchases without having to take out a traditional loan or pay upfront fees.
To understand the potential motives behind this partnership and its strategic timing, it is important to look into how the ecommerce landscape has evolved.
The pandemic has undoubtedly accelerated the growth of ecommerce and pushed the growth of new merchants, customer segments and even types of products. In fact, an ecommerce report revealed that 50% of ecommerce merchants experienced a more than 100% increase in their revenues during the pandemic.
The growth in ecommerce has fueled the BNPL solutions even more, which are predicted to hit $357bn by 2025, which represents a whopping 30% of all estimated ecommerce spend. source
With this information in mind, it is clear that Stripe is tapping into this lucrative opportunity, with a possible goal to become a big player in the field of BNPL.
Afterpay and Stripe are also extending the payment service to top e-commerce platforms, with Squarespace—the all-in-one website building platform—being the first platform to leverage the partnership and offer Afterpay to its customers.
By offering Afterpay, Squarespace enables merchants to build a fully integrated checkout experience with ease. Merchants will also experience the benefits of offering customers a flexible payment option, which is proven to attract new customers and deliver higher conversion rates and order value. Understandably, bnpl is one of the top requested features from squarespace’s customers.
As Millennial and Gen Z consumers are demonstrating a clear preference for flexible payment options, Afterpay is equipping retailers with the tools to meet this growing consumer demand – offering the younger generation a way to pay in installments.
Title Screen: The main takeaways
BNPL will continue to be one of the fastest growing and one of the most favored payments methods. But… the growing popularity of this solution poses the question: Is this an indicator of the dismantling of traditional loans such as credit cards and those provided by retail banks? One might make that conclusion by simply comparing the growing BNPL revenue to the decrease in the number of credit cards issued, especially in markets where credit card penetration rates are traditionally high, such as the US. graph
We certainly believe that the convenience BNPL offers cannot be competed with at the moment. At the same time, that doesn’t mean that BNPL is the perfect solution for high stake transactions for which loans and credit cards are. Do you think that the rising demand for BNPL is taking over traditional loan arrangements?
Let us know down the comments below
If you want to stay up to date with the latest Fintech news, don’t forget to like this video and subscribe to our channel. Thanks for watching and see you again next week. Cheers bye bye!
Webinar Recording – The Power of Cards from BNPL to Crypto
With more than 5 million BNPL accounts in Australia and almost 1 in 5 Australians owning crypto, both BNPL and Crypto are the two hottest payment trends that are set to accelerate further in 2021.
From retail goods to rental property expenses, the use cases for BNPL services are becoming wider and more innovative – but there are a few hurdles to jump over. Crypto faces similar challenges of limited merchant acceptance and usability despite its surging popularity.
Overcoming the challenges of limited acceptance and lack of in-store experience is the opportunity for BNPL and Crypto to be opened up to every checkout – online and in-store – through a seamless customer experience.
Join this webinar to understand the opportunities for BNPL and Crypto players, as well as the wider Fintech community, to scale their operations, access new customers and increase sales volumes.
-Uncover consumer behaviour, trends and key players in the Australian Payments landscape.
-Hear insights and case studies into how BNPL and Crypto players are leveraging card innovations such as ‘Zero Balance Cards’ and “Just In Time Funding” to power their business.
Head of Innovation & Partnerships APAC, VISA
Payments Consultant and Advisor, Payment Services
Business Development Manager, Novatti