BUY NOW PAY LATER: It’s a Blockbuster 📢

Now showing at a store or connected device near you 🍿🎭

Featuring #CREDIT is important #CARD is not!

So is Covid-19 giving the Buy Now Pay Later model its moment?

Let us look at the key shifts :
1. Work From Home: has had the worst impact in living history on #ConsumerSpending

2. Social distancing: catalyzing the adoption of #DigitalPayments

3. #DigitalFootprint: Above two are leading to greater digital transaction trail getting created per individual

And, Worldpay’s Global Payments Report’20 revealed that Buy Now, Pay Later schemes like

1. Klarna, Afterpay, and Affirm are growing at a rate of 39 percent annually in the U.K and will double their market share by 2023

2. Had growth rate double of bank transfers and more than three times that of digital wallets

There’s nothing new about deferred payments (your good old credit card has existed for decades) but who doesn’t like interest-free installments?

So does the rise of #BNPL hint at THE DEATH OF CREDIT CARDS?

This week’s #FINCUTS is my take on the instant hit and blockbuster BNPL service as a whole.

Take a look!