蘑菇AV

From tumbling valuations to the arrival of Big Tech firms, we run down the biggest BNPL developments of 2022.

础尘补锄辞苍鈥檚 BNPL partners鈥擜ffirm and Citi鈥攍ikely benefited from growing consumer demand for the tool

The company has been beefing up its BNPL capabilities ever since its exclusivity period with Affirm ended earlier this year

Despite delays, Apple can benefit from its extensive user base and merchant acceptance to build BNPL success.

The service may incentivize more shoppers to pay with the BNPL provider, and it may also bring Klarna key data benefits

For example, despite their growth, buy now, pay later (BNPL) services are used by only about 4% of US social commerce buyers, per our March 2024 survey. But they鈥檙e used by 11% of US digital buyers overall, per our April 2024 survey conducted by Bizrate Insights.

The key stat: 54% of US consumers who took on debt to pay for holiday gifts are at least somewhat concerned about repaying it, per data from CivicScience. 27% of buy now, pay later (BNPL) users concerned about paying debt owe between $100 and $500, 10% owe between $500 and $1,000, and 19% owe $1,000 or more.

The brands built on their previous BNPL partnerships, bringing Affirm鈥檚 product to Amazon Pay to grow the buy button鈥檚 reach

After touting a recession-proof business model, the BNPL firm slashed 19% of its workforce and will restructure to the tune of $39M.

BNPL players are reimagining how consumers access lines of credit鈥攚hile also seeking elusive profits

Its growth and cost-cutting measures brought the BNPL fintech its second straight profitable quarter. And it鈥檚 projecting full-year profitability for FY 2024

For example, Visa launched its Flexible Credential product this year, a digital card that lets consumers pay with debit; credit; buy now, pay later (BNPL); or rewards. Prediction 5: A major issuer will pilot a subscription-based rewards credit card by the close of 2024. Despite some subscription-based credit cards popping up in 2023, no major issuer piloted such a card this year.

The tech giant discontinued its buy now, pay later (BNPL) service in June and instead partnered with Klarna and Affirm. This was a major turnaround from its grand aspirations to build a suite of in-house financial services dubbed 鈥淏reakout鈥� in 2022. As Apple鈥檚 first independent lending venture, Pay Later was expected to be a key part of this suite鈥攂ut it didn鈥檛 even last a year.

Ingenico and Splitit are focused on cutting customer friction to grow their in-store BNPL presence.

The firm completed big down rounds, branched out with new products, and battled intensifying BNPL competition.

The travel booking site partnered with Stripe and Klarna to offer BNPL and smoother bank transfers.

The expected record-high rates will raise demand for budgeting tools, rewards focused on everyday spending, and BNPL.