Power Retail’s second annual report on the emerging sector, BNPL 2019: More shoppers, more players and more options, they provided analyses from 9,430 online shoppers, 94 Australian retailers and reviewed 30 industry reports and studies from both within Australia and overseas.
According to this report, the Buy Now, Pay Later (BNPL) schemes have pretty much reached total saturation in terms of awareness, with 98 % of shoppers aware of such schemes.
Grant Arnott, the group’s managing director, said, “The actual usage of BNPL has risen between our reports, from 27 per cent to 39%. It’s then no doubt that over one-third of Australians will be looking to use these payment options during this busy time.”
Some of the findings about the use of BNPL options are that:
- 10% of consumers use them “whenever they can” when making online purchases.
- The value of goods bought through such offerings has steadily fallen, from an average $1,098 in April 2016 to a median $155 in September 2019.
- Fashion accounts for the lion’s share of BNPL purchases, at 52% of all transactions. Other popular transactions were electronics and electrical goods, house and garden products, and beauty products.
- Almost 1 in 5 (19%) shoppers who have used such options to buy goods have missed a payment within the past year.
- Women were much more likely than men to have ever used BNPL options (42% vs 30% of men), although men tended to use these options for higher-value purchases.
- Popularity was highest among under-25s, and fairly steadily decreased with age.
Source: My Business
Aussie fintech startup Groupee ships instant pay sharing platform Posted on: 08-01-2020
Groupee will introduce a world-first, real-time payment app that allows groups of people to instantly share the cost of any purchase, anytime and anywhere that accepts Visa tap-and-go payments.Read More
How Amazon Go unlocked a new era of next-gen payments Posted on: 06-01-2020
Ever since the first checkout-free store opened its doors in Seattle in 2016, there has been a lot of buzz surrounding Amazon Go. This retail giant recently announced that it’s opening internationally.Read More
Cashless economy may be coming, but it's not here yet Posted on: 02-01-2020
The first credit card was introduced in 1950 by Frank McNamara, of Diners Club fame. A US archaeologis, Jonathan Mark Kenoyer, said that the ancient civilisations in the Indus Valley used clay tablets in much the same way as credit cards over 5000 years aRead More