Let's Connect @ Meet Magento Singapore 2022

  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X
  • All

What is Buy Now Pay Later?

BNPL is a solution for point-of-sale financing. In eCommerce, these services are presented as an option in the payment flow along with other payment methods. If customers choose to pay using BNPL, they are redirected to the loan provider’s website to create an account.

After seeing all their terms and conditions, customers can select one of their repayment plans and complete their purchase. Once the purchase is made, eCommerce businesses get the full payment upfront, and the customer pays installments to the BNPL provider.

If you target Generation Z or Millenials with your business offerings, BNPL is a vital eCommerce feature to consider. According to studies, the growth of BNPL among Gen Z has grown 600% since 2019, while it has tripled among Millenials.

Want to read more on this topic? Check out our related resources:

Blog:

6 Shopping Cart Abandonment Stats and Facts that Retailers Must Know in 2022

eCommerce CRM: 5 Benefits and Best Options for Online Store Management

ebook:

Future of eCommerce: 5 trends to watch out for in 2022

Ecommerce Insight:

Expert Q & A Session with Mateusz Kuczmiński

ENQUIRY

Ready to Get Started

Communication is the key for us to understand each other. Allow us to understand
your requirements or queries. Present us with an opportunity to serve you.

Fill out the form and out team will get back to you
within 24 hours

    Head Office

    815 Brazos St STE 500, Austin,
    TX 78701, USA