BNPL, the buy now and pay later schemes, started its journey in the US a few decades ago. The movement was partly driven by the replacement of credit card systems, as the creators wanted to implement a late payment solution that was more convenient than ever – he writes world economy.
Nearly 60 percent of the American population already uses BNPL services. B2C (Business-to-Consumer) adaptation of deferred payment is very high in Western Europe, and even in the Czech Republic and Poland, a similar service will be launched soon here in the B2B (business-to-business) business model,” said Benjamin Perini, co-founder of PastPay.io, news portal.
The service provider promises that in its system, companies can have a payment deadline of 30 or even 60 days in two clicks absolutely free, without hidden costs. With this said, the merchant side can benefit to the extent that BNPL creations increase the average value of the customer basket: the majority spend more and more.
PastPay promises target web stores with a 60 percent higher average cart value, an 80 percent lower cart abandonment rate, and a 40 percent higher conversion rate. No need to worry about customer late payments, merchants receive payment from PastPay as soon as the purchase is completed. Service is expected to start in Hungary soon.
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