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The Silicon Review Asia

Fintechs are trying their best to get a market share in the BNPL market

Fintechs are trying their best to get a market share in the BNPL market

The buy now, pay later (BNPL) trend is now allowing consumers to pay for their purchases in interest-free installments. BNPL is gaining immense popularity due to the fact that people are always looking out for alternative financing methods. This trend has furthermore gained traction by the ongoing Covid19 pandemic. An increase in demand has paved the way for companies to compete with each other, and they are all looking for new strategies to find success in this ever-changing market. The ecommerce sector managed to reach new heights due to accelerated growth, and this has created a need for easy online financing options. BNPL is popular in the ecommerce circuit, which is why it has boosted the growth of ecommerce providers.

The pandemic was responsible for people losing their jobs, and they were in great need of flexibility with their purchases. Simultaneously people were also able to clear off the debts incurred during the crisis. When compared to credit cards, BNPL solutions are appealing to consumers who want to have lesser financial commitment. The market is quite large for BNPL, and many large industries and fintechs are competing hard to get a market share in the BNPL companies.

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