When a business is bought by another company, often some changes are made. For this reason, Afterpay customers may now be wondering whether the service will look a little different, after the buy now pay later giant is sold to Square.
Another bank has announced it’s jumping on board the Buy Now Pay Later (BNPL) train! Today, Citi Australia revealed that in October 2021 it’ll be launching a brand new BNPL service called ‘Spot. Buy Now Pay Later.’ And pre-registrations are now open. Traditionally known for its extensive suite of credit card options, Citi says that the service is a separate brand and will be issued by it’s affiliate company, Diners. “We are excited to enter the buy now pay later market with an offering that will be compelling for customers and merchants,” Head of Cards and Loans at Citi Australia Choong Yu Lum said.“This is a global first for Citi, and we’re confident that success in the Australian market could lead to a worldwide rollout of the new payment method.”
Buy now pay later (BNPL) giant Afterpay has announced a broadening of its services into online banking. The new money and lifestyle app called Money begins its rollout today, trialled by the company’s Australian employees.
Aussies aren’t just using Buy Now Pay Later (BNPL) to buy a fresh outfit - the majority of them are using these platforms to buy big necessities like fridges, heaters, new beds and more, according to Mozo’s 2021 Buy Now Pay Later Report.“Shoppers don’t just use Buy Now Pay Later for small purchases like clothing. Mozo research found that 65% of users purchase large necessary items on the platforms, like fridges or other household appliances,” says Mozo spokesperson, Claire Frawley. Just behind large necessary purchases, over half of BNPL users (57%) are spending on luxury items like designer clothing and jewellery, while more than a quarter (28%) are buying essentials like food.
Buy Now Pay Later (BNPL) has well and truly captured Aussie consumers’ attention and continues to solidify itself as a serious player in the digital payment game. For a number of years, shoppers have been turning to interest-free platforms like Afterpay, Zip and Humm to purchase items, whether online (42%) or in-store (16%), according to the latest Mozo research. This ongoing shift away from more traditional payment options has prompted our focus on this topic in our 2021 Buy Now Pay Later Report.
Buy Now Pay Later (BNPL) provider Afterpay has been named one of the three most popular alternative payment methods in Australia, in a new report from Worldpay. In its report, the global payments processing platform looks at how 2020 and the Covid-19 pandemic have affected the way people all over the world exchange money for goods and services.