Buy Now Pay Later (BNPL) is taking the world by storm, with banks and financial institutions looking to ride the wave of success in the space that fintech’s have pioneered. But where do they start? In this podcast, Paul Chandler of Compass Plus Technologies takes us through how banks can break through the crowded market and take action now, and the models they can follow to get there.
The BNPL market has evolved significantly over the last few years, with over 900 million people worldwide will use BNPL by 2027, compared to the 360 million in 2022 according to Juniper Research. This drastic shift has likely been driven by consumer demand, with BNPL products and services providing an avenue for affordability at a time where the “cost of living crisis” is at an all time high.
Polly Jean Harrison, Features Editor at The Fintech Times, sits down in conversation Paul Chandler, Sales Director – Europe at Compass Plus Technologies, to learn more about how banks and PSPs are perfectly positioned to enter the market on the back of this consumer demand, to take on the non financial brands and fintech’s who have dominated the landscape so far. Chandler also explores the different models of buy now pay later offering banks can follow, and how they can determine the best plan for them.
As the interest in embedded finance grows exponentially, and agile challenger banks are publicly gaining traction, the race for BNPL market share is well and truly on and anyone not actively getting involved will be left behind.
Listen to the podcast now: