In Portugal, only 8% of consumers use fractional purchases
The concept of “Buy now Pay later” (buy now, pay later) and which allows you to defer or pay in installments is growing globally and, by 2025, should reach a global transaction value of around 680 billion dollars (about 646 billion However, in Portugal, and despite the fact that 29% of Portuguese people are aware of the existence of this option, only 8% use this form of payment.
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The figures are from the XI Means of Payment Trends Report by Minsait Payment, a subsidiary of Minsait technology, which states that this payment method is still little known and used in Europe, with the exception of the United Kingdom, where 69% of the population knows O”Buy now Pay later” (BNPL) and 29% use of this option.
The BNPL system can be used in retailers (physical and connected) for installment payments for purchases, with an as-revealed number of studies and interest-free, competition around BNPL concrete services is increasing. Currently, there are several technology companies, e-commerce platforms and fintechs that we will use this option to add value to your offers.
As the BNPL offers are still very similar in the different providers of these services, there are already those that are starting to explore compatibility blockchain and cryptocurrencies with this system.
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As Minsait refers, “as financial institutions are related to a strategic crossroads: or do they defend themselves against another challenge posed by fintech The technology even stresses that the banking industry “needs to act quickly to avoid the risk of offering specific BNPL services in a segment at hand”.
And it reveals that there are already financial institutions, with reputable credit cards that are already creating their own “But now pay later“, and who see this option as an opportunity to attract customers.
However, it does not fail to warn of the lack of legislation in this area of financing, or that facilitates the maintenance of the service services area. The United Kingdom, for example, is already taking steps to prevent its population from over-indebtedness.