Installments are growing in adoption 2.5 times faster than traditional credit card payments. Installment payments represent $1.4 trillion in global payments volume, according to the Euromonitor International 2020 Installment Sizing Report. The new deal allows Canadian merchants to offer flexible payment options to credit cardholders via Visa Installments through Global Payments and Bank Desjardins.Ĭanadian adoption of installment payments grew much faster than the US, increasing 30% in the past year alone. The Canadian market appears a perfect place for Visa Installments to introduce BNPL in a new partnership with Global Payments and Canadian credit union group Bank Desjardins. Visa Installments available for Canadian merchants Expect more of the same on the horizon in both developed and developing markets. The world’s biggest payment players are paying close attention to BNPL and mapping out their future market positioning through partnerships and acquisitions. The takeaway from these new developments is clear. Oh, and did we mention Klarna’s $160 million buyout of social shopping service Hero Towers Ltd earlier in July? How about the acquisition of Four Technologies by PROG Holdings and Vive Financial? Or Mastercard’s ownership of BNPL merchant service provider Vyze? Discover and Sezzle plan to launch a new buy now, pay later service on the Discover card network. Now you can add Discover’s $30 million investment in US-based Sezzle into the heated, competitive BNPL mix. Note, however, that the selection of players is not exhaustive and does not include, for example, white labels as these do not have their own app- such as Divido, PayU, and Swap.The BNPL news in the past several days alone saw Visa unroll BNPL for merchants in Canada, PayPal target Australian merchants with the same, and Apple ready to roll out ‘Apple Pay Later’ soon with Apple Card partner bank Goldman Sachs. If an app does not feature in the statistic, it is because download figures were too small. The names provided are based off multiple publications covering BNPL brands, and focus on BNPL providers with an app. It is therefore unclear whether these figures are fully comparable. * Some of the apps under review are not necessarily a "pure" BNPL player: The PayPal app, for example, has a BNPL option built inside of it - called "Pay in 4" - whereas Klarna is devoted solely to BNPL. Potentially due to this confusion with its Australian counterpart, the Dutch/German AfterPay changed its name in 2022 to "Riverty is the new AfterPay". This was not the case, as this concerns a Dutch company called AfterPay - with a capital P, founded in 2010, taken over by Germany's Bertelsmann - which also happens to be active in BNPL and credit services. A special note on a specific brand: Up until 2022 people often confusde that Australia's Afterpay is active in the Netherlands. It is unclear whether the PayPal download figures come from Dutch shoppers trying out BNPL options or from them purchasing more from abroad. PayPal, generally speaking, is not the most used method to pay for online shopping within the country - although the source does not clarify whether it included cross-border e-commerce in its numbers, as Dutch consumers do sometimes shop online in Chinese webstores. What stands out here is that the Netherlands is one of the few countries in Europe where the Swedish payment app received more downloads than the PayPal app. The Netherlands' BNPL market has increasingly been overtaken by Klarna - reaching nearly one million downloads in 2022.
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