In context of the high interest rates being applied on loans, inflation and economy’s slow healing process post the pandemic; the competition on the customers’ wallets is hiking and customer’s purchasing habits are evolving.

In the past 2 years, online customers behavior has shifted towards adopting the Buy Now Pay Later “BNPL” approach as a payment method, with the main two reasons behind the shift were the surge in the online shopping and heavy investment and growth of BNPL FinTech’s.

WHAT IS BUY NOW PAY LATER (BNPL) PAYMENT METHOD?

It’s a service that allows customers to purchase any product or service and pay for it later within 14 days for example or over installments, in accordance to the rules and regulations set by the company providing that product or service. In turn, customers can buy their wanted items or services even when they are short in cash, and the convenience that lies behind it is the fact that it doesn’t need a credit history or approvals to conduct the purchase. Given the convenience and flexibility that BNPL provides, has improved customers’ experience and expectations.

The BNPL payment method is considered the payment method of choice among Millennials and Gen Z given their desired flexibility and agility in transactions, which banks are struggling to cope with, on top of the fact that most of those segments don’t have the patience for going through a long banking process to get what they need, when they desire immediate spending without having to bear any interest charges. The psychologically relaxed feeling of customizing payments, while having the required flexibility and visibility has reflected positively on the conversion rates and average ticket size in closing sales for those offering BNPL payment method.

BNPL as a payment method is playing a primary role and must be considered as such, while FinTech’s across the World are accelerating the service aggressively, and new players are entering the market such as Apple Pay Later, indicates that this service will serve beyond retailers and will soon include many other sectors such as the education, health, and tourism industries.

WHY DO YOU NEED BUY NOW PAY LATER?

We at Telr we make sure to provide you with all the means and tools such as ( BNPL, QR codes, recurring payment) through our secure payment gateway to increase your conversion rate and ensure a higher value of average purchases, learn more about Telr Buy Now Pay Later in cooperation with Tabby Telr Buy Now Pay Later – Telr and contact us for more information regarding Telr The best payment gateway with best transaction fee Telr the best payment gateway in UAE | Accept payment online

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