{"id":17753,"date":"2021-11-23T10:43:33","date_gmt":"2021-11-23T09:43:33","guid":{"rendered":"https:\/\/www.galitt.com\/2021\/11\/23\/the-buy-now-pay-later-trend\/"},"modified":"2021-11-23T14:24:00","modified_gmt":"2021-11-23T13:24:00","slug":"the-buy-now-pay-later-trend","status":"publish","type":"post","link":"https:\/\/www.galitt.com\/en\/the-buy-now-pay-later-trend\/","title":{"rendered":"The “Buy Now Pay Later” trend"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.6.6″ _module_preset=”default” custom_padding=”||0px|||”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.6.6″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_row _builder_version=”4.6.6″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.6.6″ _module_preset=”default”][et_pb_post_title _builder_version=”4.6.6″ _module_preset=”default”][\/et_pb_post_title][et_pb_text _builder_version=”4.6.6″ _module_preset=”default” custom_margin=”50px||0px||false|false” custom_padding=”||24px|||”]<\/p>\n

The Buy Now Pay Later (BNPL)<\/strong> is a deferred and dematerialized payment system that has been tested for several years. It allows users to pay for purchases in installments, while ensuring that the merchant has immediate access to the funds. Here is a look at the applications of BNPL and the major players in this fast-growing service.<\/span><\/p>\n

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Source\u00a0: Lydia<\/p>\n

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Objectives and examples of applications of Buy Now Pay Later<\/strong><\/span><\/h2>\n

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BNPL<\/strong> joins a growing list of services that aim to make the payment experience easier<\/strong>. Retailers are scrambling to find ways to ease the checkout process, with checkout-free store systems like Amazon Go and the recently launched Auchan Go<\/a><\/strong><\/span>, which opened on 14 September 2021.<\/span><\/p>\n

The BNPL has another target: the customer journey during online purchases<\/strong>. One of the major challenges for e-retailers is not to lose sales during the online payment process. Many users and potential buyers abandon their orders if this process is too long. The long forms present in many e-commerce sites are one of the most impactful causes of abandonment.<\/span><\/p>\n

Buyers also expect a certain level of flexibility in the payment methods offered. BNPL is closely linked to split payments, <\/strong>a payment method that has greatly convinced Europeans. According to a study conducted by Oney, split payments are used at least once a year by 60% of consumers <\/strong>surveyed in France, Poland, Portugal and Spain. Many consumers expect this option to be offered to them, and are ready to abandon their purchase if it is not.<\/span><\/p>\n

Concretely, the BNPL will intervene at the time of the choice of means of payment by the user. It joins the options already available such as bank cards, Paypal and others. Each Fintech offering a BNPL solution handles it differently, but some common points come up in a user journey:<\/span><\/p>\n