Afterpay’s Post

More than three in five (62%)* Australians have used a BNPL service in the past year alone, including 57% of millennials. For merchants using Afterpay, the platform can significantly enhance conversions and increase brand visibility, ultimately driving consumer engagement. Merchants using Afterpay have reported impressive results, including a 65% increase in daily clicks, a 15% rise in daily orders, and an 11% increase in daily GMV (Gross Merchandise Value). By offering customers the option to split payments over time, Afterpay merchants see a notable increase in the average order value (AOV). In fact, Afterpay customers have an AOV 28% higher than non-Afterpay customers. For more information on how we drive value to merchants, see the below article.

Fascinating read coming from PYMNTS Real-Time Payments Tracker showcasing how there is an increase in expectation for retailers to provide credit card alternatives Here are the 4 key takeaways: 🎄 Customers seek Faster payments during the holiday season - 1 in 5 consumers will spend more during the holiday season as a result of improved payments technology 🛍️ Merchants Deploy Alternative Payment Methods - 85% of merchants plan to accept alternative payment options in the coming years with $19 trillion being processed through channels such as Digital Wallets, A2A transfers and BNPL in 2022 it is seen by 70% merchants as a neccesity to avoid negatively effecting sales ❌ The Risk of Limited Payment Options - Customers are likely to drop retailers for lack of payment options whilst SMB's are struggling to meet younger generations' payment expectations with one survey showing 73% of Gen Z shoppers and 75% of millennials would shop more at SMB's if they offered similar payment convenience as big chains 🕰️ Real-Time Payments are vital for Holiday Success - Real-Time payments have become crucial to boosting the effiency and competitiveness of retailers as holiday seasons become more rivalrous. Having real-time payments ensures fast and reliable transactions that bolster the chances of successful conversion allowing an increase in digital traffic to be effectively capitalized Full article available below: https://lnkd.in/eJEFXB3G

Interesting read from PYMNTS!

Affirm Debuts Two New BNPL Options Buy now, pay later (BNPL) provider Affirm has launched two new payment options. The company on Thursday (June 6) announced the debt of Pay in 2 and Pay in 30, designed to offer customers more flexibility and affordability. As the name suggests, the new offerings let consumers split the cost of their purchase into two interest-free payments each month, or to pay in full interest-free within 30 days of their purchase. It joins Affirm’s Pay in 4 and monthly installment plans. “Roughly 80% of e-commerce transactions in the United States are for purchases under $150,” Vishal Kapoor, head of product at Affirm, said in a news release emailed to PYMNTS. “Providing greater choice and flexibility is key to meeting our consumers where they are,” Kapoor added. “Adding options like Pay in 2 and Pay in 30 allows us to better meet consumers’ individual preferences, enabling them to pay for purchases large or small with more options that works best for their budgets.” The company pointed to Bureau of Labor Statistics data showing that more than 30% of non-farm workers are paid either semi-monthly or monthly. According to the release, Affirm has seen an uptick in cart conversion within its app since offering its Pay in 2 and Pay in 30 options. The company plans to test and roll out these options more broadly to its merchant partners in the months ahead. Elsewhere in the BNPL space, recent research by PYMNTS Intelligence — per the report “Divided, Not Conquered: Acquirer and Merchant Confusion Clouds Split-Payments Landscape” — found that in-store shoppers are unlikely to be offered pay later options, even as the payment method catches on digitally. “Supplemental research from the report found that 35% of merchants offer BNPL online during checkout, while only about half of that share do so during checkout in the physical store,” PYMNTS wrote last month. “Similarly, consumers are twice as likely to be told about BNPL options before checkout online as they are to be informed via signage in physical stores.” And many consumers say they want in-store BNPL options. Separate PYMNTS Intelligence research found that about a third of consumers expressed a desire for BNPL to be more widely available from brick-and-mortar merchants. Meanwhile, PYMNTS also wrote last month about the popularity of BNPL among Generation Z consumers, who are more than 50% likelier than the population overall to find pay-later options very or extremely important when picking a merchant. One in three consumers in this age group find these options important, compared to 20% for the overall population. #news #technews #fintech #fintechnews #finance #financenews #dailynews

Worldpay came out with a banger of a report! WorldPay delved deep into shopper personas, payment preferences, and shopping habits, unveiling some eye-opening findings. Here are some key takeaways: 1️⃣ Modern shoppers crave seamless experiences across channels, emphasizing the need for synergy. 2️⃣ Shocking stat: 23% of Modern shoppers will ditch a purchase if they can't pay their preferred way. Payment flexibility is crucial! 3️⃣ Big Spenders are the holy grail of shopper personas - check out the mind-blowing stats in the screenshot. 4️⃣ The Digital Wallet is the current trend! Connecting an App ID Card to a customer profile in-store is on fire! 🔥 5️⃣ Millennials love personalization - 41% say it encourages them to spend more while shopping. 6️⃣ Loyalty programs are effective only if they communicate seamlessly across all channels. In this age of economic anxiety, people are reevaluating priorities. Hence, it's a good time for merchants to consider how they can alleviate some of the burden: Consider flexible payments, meaningful rewards, and providing entertainment and fun. NewStore, Inc.

Are eCommerce merchants adequately considering the payment options they offer customers? This is increasingly impacting conversion rates. 👉🏽 PYMNTS Intelligence's report revealed that 16% of US consumers consider the ability to use their preferred payment methods as an important factor when making non-grocery retail purchases. 👉🏽 Drew Olson from Google Pay emphasized consumers' desire for more payment options across various merchants, indicating a growing demand for flexible payment methods. 👉🏽 Panera Bread's George Hanson highlighted the importance of meeting customer demand for frictionless transactions by introducing biometric payments, reflecting the increasing digital adoption and consumer expectations for seamless payment experiences.

When it comes to online shopping, digital wallets have become increasingly popular as they offer a secure and convenient way to make payments. Whether you're buying groceries or booking travel, digital wallets provide a seamless payment experience. In addition to their online benefits, digital wallets also offer a contactless payment alternative to physical cards, allowing you to make in-store purchases without the need to physically handle your card. However, despite their advantages, the adoption of digital wallets for in-store payments has been growing at a slower pace compared to their online usage. #payments #wallets

💰Are #payments choice the best feature #Online or merchants during this season can offer ? Yes 🙌 ⏰ it’s Friday late afternoon, not #blackfriday yet, and earlier I needed to research a few purchases online. Of course the experience got me going… - ⚖️ If you too, enjoy using your mobile device and recently started to enjoy a digital wallet, don’t you find it very annoying when asked to enter your card details for an online payment…or when you forgot your wallet at the store ? 🧨Come on ! Let me know if I’m alone - but I believe that we can do better ! #merchantservices is one way to delight customers. 📢The article below ⬇️ offers good insights per markets and why every one involved should pay attention too (and not only to make me happy but it’d help) #engineering #innovation #paymentprocessing #ecommerce #digitalwallets #paytm

Surprisingly, over a 3rd of people want to make online purchases with cash. A survey of approximately 350 individuals for Stitch's consumer habits report unveiled two notable payment preferences: • 37.5% listed cash on delivery as one of their preferred payment methods. • 35% would often or always opt for cash at ATMs or in-store for online purchases, if available. And 67% would use it at least a few times a year. Interestingly, the younger demographic shows the highest inclination towards cash usage, at 41%, challenging the expected trend of older generations favouring cash while the younger favour digital methods. This insight might seem intuitive to those familiar with the South African consumer landscape, yet it's intriguing how major e-commerce platforms like takealot.com, Superbalist, Bash, Game don’t seem to offer cash payment options (based on my research). Given these insights, offering a cash payment option seems like a no-brainer. Additionally, it's worth noting that the user journey for voucher payments (e.g., 1Voucher) mirrors that of cash. However, voucher payment fees are around 6%—significantly higher than high-volume card transactions. Special thanks to Dewald for this insight.

🛍️Unlocking the Power of UPI: Revolutionizing Online Shopping 🛍️ 💵Simplifying Payment Processes💵 In today's digital age, convenience reigns supreme, especially in the world of online shopping. Unified Payments Interface (UPI) has emerged as a game-changer, simplifying payment processes for millions of online shoppers. Seamlessly integrating with banking apps, UPI allows users to make instant payments directly from their bank accounts, eliminating the need for multiple steps and enhancing security. With just a few taps on their smartphones, customers can authorize payments through UPI-enabled apps, revolutionizing the online shopping experience. 💰Maximizing Savings for Shoppers💰 Beyond simplifying payments, UPI and e-commerce partnerships are incentivizing shoppers with cashback offers and discounts. By choosing UPI as their preferred payment method, customers can earn cashback on their purchases or enjoy reduced prices, maximizing their savings. Additionally, UPI integration has made refunds and returns faster and easier, while also offering EMI options for high-value purchases, making expensive items more affordable. 👨💻 Overcoming Hurdles in Online Transactions👨💻 Despite its benefits, UPI faces challenges in ensuring the security of user data, resolving technical glitches, expanding merchant adoption, and enabling seamless transactions across UPI apps. However, by implementing robust security measures, addressing technical issues promptly, incentivizing merchant adoption, and enhancing interoperability, UPI can overcome these hurdles and continue transforming the online shopping experience. 🌏The Future of UPI and E-commerce🌏 Looking ahead, the future of UPI and e-commerce is promising. As UPI-enabled platforms expand globally, enhanced security measures are implemented, and emerging technologies are integrated, the possibilities for innovation are endless. By prioritizing a user-centric approach, continuous innovation, and collaboration with traditional payment systems, e-commerce platforms can capitalize on the full potential of UPI and revolutionize the way we shop online. In conclusion, UPI is shaping the future of e-commerce by simplifying payments, maximizing savings, and overcoming hurdles in online transactions. By addressing challenges and embracing innovation, UPI and e-commerce are poised to redefine the future of digital transactions, offering customers a seamless and rewarding shopping experience. #upi #onlineshopping #ecommerce #digitalpayments #convenience #security #savings #cashback #emi #futureofpayments #technology #innovation #customerexperience #digitaltransformation #financialtechnology #integration #mobilepayments #securetransactions #usercentric #techinnovation #retailtech