CHARLIE WRIGHT DIRECTOR OF OPERATIONS AT EPOS NOW

version dubbed buy-now-pay-later ( BNPL ) became mainstream thanks to Swedish fintech company Klarna . The firm offers credit terms , allowing consumers to pay for goods in instalments . It has attracted more than 90 million customers and 250,000 retailers worldwide .

BNPL is trending in many other parts of the world too . For instance , in Mexico , there is Kueski , where 60 % of the population lacks access to banking services . Adal Flores , Co-Founder and CEO at Kueski , said , “ In the near future , BNPL solutions will become even more integrated into traditional financial ecosystems , allowing consumers to make interest-free purchases both online and in brick-and-mortar stores – even without a debit or credit card which is important for markets with low card availability and penetration .”

Siamac Rezaiezadeh , Director of Product Marketing at GoCardless , thinks “ Another trend to watch for in 2022 is BNPL for business . A few companies such as Biller have popped up in this space , and it ' s likely more players will enter the fray .”

The fintech ecosystem is changing ever so rapidly . According to Ralph Andretta , President and CEO at Alliance Data , " The shift in spending power across generations and the impact of the pandemic on shopping behaviour are key drivers in the accelerated adoption of buy now , pay later , and we see this trend continuing .”

110 January 2022