Buy Now, Pay Later has become a world-class solution for enhancing the purchasing power of customers. For making prompt payments on behalf of customers, BNPL is their monetary companion. It has the potential to attract online shoppers to manage their shopping habits. The BNPL app model is exploring the possibilities in the fintech sector. However, it has emerged on the landscape of Point-of-sale (POS) for both online and in-store businesses.
Putting it simply, BNPL is the solution that permits customers to buy goods or services without having to pay at that moment. Over the last few years, the BNPL app solution has been rolled out as a financial weapon to shoppers. Although it is a short-term financing, it has profitable impacts for both customers and vendors.
Many businesses have also evaluated their success metrics. Also, research shows that BNPL users will exceed 900 million users by 2027 worldwide. As the number of users is increasing, so should your business offering. However, after understanding its wide acceptance among customers, it left no doubt among businesses.
Still, its importance has been remarkable in some of the major industries. Check out the industries listed below.
Which Industries Should Utilize BNPL Applications?
The progress of the BNPL app solution is worth noting. Especially as the Point-of-sale (POS) financing services, industries are making considerable gains. Alongside this, various industries are looking for BNPL business models to attract customers. However, here are the names of industries that can leverage the BNPL solution.
- Fashion & Garment Industry
- Healthcare & Wellness Sector
- Media and Entertainment
- Banking or Fintech Sector
Your industry-oriented business can join hands with BNPL solutions. Furthermore, you can also develop a Buy Now, Pay Later
(BNPL) application. It has been a rewarding solution for customers. By splitting the payments into equal installments, the single payment of big amounts has been minimized.
Some of the top BNPL applications that your business can integrate are beneficial. These applications are;
However, you can also create your own app. For that, you need to understand the detailed information about BNPL, its features, and development cost. Read through how to build a BNPL mobile application!
What are the Benefits of the BNPL App Solution for Merchants?
Gone were the days, when buyers were hesitant to make purchases on credit. BNPL has broadened the scope of credit payment options. It offers services without charging interest on repayments. The merchants who have integrated the BNPL app or are planning to do so will increase your profitability. Let’s dive into the benefits of the BNPL app for merchants.
- Boosts Conversion Rates
As the BNPL solution allows customers to split the bill, it decreases the abandonment rate. Consumers also find that BNPL options have assisted in managing their payments. Thus, it helps in increasing your conversion rates. It indeed works as the best alternative for large amounts of purchase.
- Increases Your Customer Base
Customers find BNPL as the no-risk financial option. Its ability to pay for purchases without charging additional fees is an attractive solution. Integrating the BNPL payment option grabs the attention of regular buyers. So, your business potential can upscale with the increased customer base.
In addition to that, if you offer online services, your business can become accessible to global customers. Therefore, your business can get global recognition efficiently.
Related Guide: Reasons Why Customers Prefer BNPL for Shopping
- Provide Omnichannel Experience
Now, BNPL can effectively manage to provide an omnichannel customer experience. By enabling the BNPL option online and in-store, customers get an optimized experience. BNPL apps like Klarna offer virtual cards. In addition to that, you should have NFC-powered terminals, so customers can easily use virtual cards.
Hence, BNPL helps merchants to handle the payment modes. It ultimately offers convenience to customers.
- Enhances Customer Loyalty
When customers are satisfied with their purchase, it increases the possibility of their return. BNPL is a flexible payment mode to lower the burden of customers’ payments. Emphasizing this, BNPL ensures a positive customer experience, so it also indulges their shopping habits. Your business will gain their trust and loyalty. Thus, indirectly BNPL assists merchants in establishing long-term customer relationships.
Get Started With Your BNPL App Development
After digging into the benefits, developing a Buy Now, Pay Later application is what you should go for. You can make your startup BNPL application. It will make monetary sources from various industries.
By integrating your BNPL app on the payment gateway of multiple businesses, you can earn a commission on every transaction. Thus, it has countless benefits in the long run. You should begin by looking for the best mobile app development company. It is important to choose an expert with good experience in various project types. You can contact app developers for hire from renowned companies like Rlogical Techsoft!