The Buy Now, Pay Later option expands the payments area because of the ongoing change in every business. By allowing for more flexible and easy payment options for consumers, Buy Now Pay Later is revolutionizing the way consumers make purchases both online and in-store.
Buy Now, Pay Later, or BNPL for short, enables customers to make payments to businesses over time rather than all at once. BNPL businesses are mushrooming throughout the e-commerce industry. Customers can make regular purchases with BNPL applications since they are simple to use and feature low interest rates.
With BNPL as a choice, business owners can give clients an easy way to pay while making sure they also get the full sum right away.
BNPL can boost your bottom line and simplify things for your customers as a business owner. By using BNPL, you can give your consumers a straightforward option to pay for their goods while ensuring that you get the whole amount right away.
For BNPL service providers, Africa offers a tremendous possibility for expansion. BNPL in Africa was predicted to reach $7.18 billion in 2022, according to projections. Some estimates reckon that the market will be worth $3.9trn by 2030, leaving plenty of room for African companies if they can meaningfully tackle the space.
Source: IBS Intelligence Global FinTech Perspectives