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Buy Now Pay Later Users to Reach Over 900 Million Globally by 2027

Buy Now Pay Later users will surpass 900 million globally by 2027; increasing from 360 million in 2022.

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A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027; increasing from 360 million in 2022. This substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost credit solutions.

BNPL schemes enable consumers to spread the cost of their purchases without interest charges; making them a highly attractive alternative to credit cards. Additionally, BNPL services do not require hard credit checks and an increasing number of merchants are accepting this payment method; making it easier to access for consumers than traditional credit.

India to Experience High User Growth

The research identified India as having potential for rapid growth in BNPL, with users predicted to grow from 25 million in 2022 to 116 million by 2027. This is due to rising eCommerce usage and growing interest in international goods available through online retailers. In turn, it recommends that vendors build strategic partnerships with vendors in developing markets with established consumer bases, to successfully capitalise on this user growth and associated revenue.

Virtual Cards to Further Boost Usage

The research predicts that the adoption of virtual cards, where digital only cards are used for purchases, will increase the usage of BNPL solutions, as they only require merchants to accept card payments – overcoming previous limitations on growth. The advancement of virtual cards allows BNPL schemes to compete with credit cards; particularly in-store, where single use BNPL cards can be used within a digital wallet to complete contactless transactions.

Juniper Research recommends that in order to compete in this highly competitive landscape, BNPL vendors must differentiate their services: including offering virtual cards, browser extensions that automatically facilitate BNPL payment services, and digital loyalty schemes.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

OPay, Paga, Others Makes CB Insights List of Promising Fintech Startups 2022

Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.

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Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.

In the annual list, The Fintech 250, which comprises of 250 most promising private fintech companies in the world, OPay was ranked fourth out of the six African Fintech startups that made the list, with total funding of $570 million.

Paga and TeamApt with total funding of $38 million and $58 million were listed fifth and sixth, respectively

Jumo, a leading South Africa mobile payments company for banks and network operators, came first with $267 million. KuCoin, a cryptocurrency exchange platform registered in Seychelles, with $180 million in total funding was ranked second on the list of six most promising African fintech startups.

MFS Africa, a fintech company that connects service providers and customers in South Africa, with $281 million total estimated funding.

According to CB Insights, this year’s winners were chosen based on factors like proprietary Mosaic scores, funding, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.

In addition, the report also noted that factors such as rising inflation, interest rate hikes, and struggling public tech stocks have made it more difficult for new and emerging fintech startups to make a dent in the already maturing fintech market.

OPay, Nigeria-Chinese owned most capitalised firm on the list, raised the most money but factors like the high inflation rate of 20.52%, interest rate of 15.5% and a weak local currency impacted the company’s ranking on the list. 

The same goes for MFS Africa, ranked below Jumo and KuCoin.

Paga is a leading mobile money company that is building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone.

TeamApt is Nigeria’s largest business payments platform, supporting over 400,000 businesses to get paid; processing $100 billion annualized run-rate transaction value, via its products – Moniepoint and Monnify.

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Sofri Partners CarePay to Commemorate Independence Day with Discounted Healthcare Services

Sofri partners with CarePay to offer discounts up to 37.5% on healthcare services

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Sofri, a financial product of Links Microfinance Bank (member, DLM Capital Group), in partnership with CarePay, a healthcare fintech in commemoration of Nigeria’s 62nd. Independence celebration is offering Nigerians, discounts up to 37.5% on healthcare services.  

In partnership with CarePay, Sofri will provide all its Mastercard debit card users up to 37.5% discounts at over 300 CarePay healthcare provider locations across Nigeria. Some of the participating healthcare providers include MedPlus, HealthPlus, Synlab, Smile 360 Dental, Reddington Hospital Group, Outreach Hospital Group, Lily Hospital Group, Paelon memorial, Subol hospital, Bee-Hees Hospital, Exclusive Dental, Amara Medicare, Shield specialist hospitals, Pure Snow Dental, Bethel Dental, Optilens eye clinic and many more.

The Managing Director, Funsho Idowu, stated that the discounted healthcare services are part of the corporate social responsibility initiative of Sofri towards fostering increased accessibility and affordability of healthcare services for Nigerians. “It is very disheartening to find that many Nigerians cannot afford the healthcare services they need so we have partnered with CarePay to offer our Sofri Mastercard debit cardholders up to 37.5%discount on the CarePay discount card preferred provider network beginning from 1st October. This is a bold CSR project for our brand, and we are committed to making a significant impact on the healthcare and wellbeing of our customers.

CarePay’s Managing Director, Yomi Sule, remarked that the brand is delighted to work with Sofri to offer Nigerians affordable healthcare services in celebration of Nigeria’s Independence. “There is no minimum spend and requirement and the discounts apply to all services and medical products offered by the healthcare merchants,” he further explained.

To access the offer, customers must download the Sofri app, sign up for a Sofri debit card, and visit the brand’s social media (@banksofri) to access the list of CarePay healthcare merchant locations they can visit around them.

Sofri offers loans, savings, investment, and payment services to all Nigerians.  CarePay’s healthcare discount business model allows financial services enterprises to embed healthcare benefits such as discounts, cashbacks, and telehealth into their value proposition to drive affordability of healthcare services for their customers and brand loyalty for the enterprises.

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Multi-channel Payments Platform Interswitch Unveils ‘Quickteller Transport’ to Enrich Commuters Travel Experience

Interswitch has added ‘Quickteller Transport’ to its arrays of innovative services to enrich travelers’ booking experiences.

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African integrated payments and digital commerce platform company Interswitch has added ‘Quickteller Transport’ to its arrays of innovative services to enrich travelers’ booking experiences.

This new feature will enable users to easily search and book inter-state trips from multiple travel operators across Nigeria.

Users will also be able to filter their search to specific or preferred operators, compare fares based on criteria such as vehicle type, departure point, and time, as well as access specialized functions provided by transport operators, including seat selection and preferred pick-up location option, all at their convenience.

Speaking at the launch, the MD of Interswitch Industry Ecosystems Division, Chinyere Don-Okhuofu disclosed that the ‘Quickteller Transport’ feature is another innovative step taken by the company in its commitment to continuously provide its customers with convenient access to lifestyle and payment services.

In her words, “Transportation is a necessary aspect of human life, enabling both social and economic interactions. In keeping with our culture of driving innovation and positively impacting consumer lifestyle in the society, we developed our Quickteller Transport service to provide added travel booking and payment convenience to our over 5 million customers.

“Built as a multimodal offering, we will be rolling it out to include other travel and transportation modes such as trains and ferries, working with operators across Nigeria.

“We are ecstatic to be launching this service. And as we launch our suite of new complementary services, Quickteller customers can be assured of our commitment to providing an excellent experience using Quickteller to access all their lifestyle and payment needs.”

Quickteller Transport is already embedded as a service on the Quickteller Web and Mobile app and is available for use by both new and existing Quickteller customers.

What Interswitch intends to achieve with the newly launched feature is to leverage technology in enabling the process of booking for transport and making payment seamless. The platform is robust and inclusive such that it caters to the needs of both the government and private companies.

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