Among the first things that the pandemic changed was the shopping habits of most individuals. Online shopping became more popular and in fact, overtook a major part of the retail for the first time ever. And this further led to a change in payment methods.
Earlier credit cards used to come extremely handy for most of the consumers. Buy Now, Pay Later’ services are the new financial programs that are quickly replacing this.
This ‘Buy Now, Pay Later’ services have changed the payments landscape not only in Australia but throughout the world. These are essentially a service that allows you to make purchases and receive the product without paying the full price upfront. Instead, you are allowed to pay in regularly scheduled instalments over a certain time.
‘Buy Now, Pay Later’ services, also a bit like interest-free loans are increasingly becoming popular with shoppers to pay for their purchases. More and more retailers have realised its usefulness and are offering their services which allow customers to buy without any credit card or taking loans or pay any interest. It allows shoppers to spend money that they currently have. Though this interest-free finance isn't like a traditional loan, there are still costs involved.
Platforms such as Afterpay, Zip, Openpay, Humm, Payright and Sezzle allow them to spread the cost of a purchase over time without having to pay interest. These Platforms have been uniquely positioning to further expand through a number of near-term growth initiatives. For BNPL players, innovation remains crucial to carve out their space.
Recently, Afterpay and Qantas Frequent Flyer announced an exclusive partnership that allows members to earn Qantas Points through the Afterpay platform.
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