Looking Into the Real Adoption Rate of Buy Now Pay Later with Web.3.0
Amid rising inflation, global conflicts and the lingering aftershocks of the Covid-19 pandemic, the average consumer has felt their belts tighten and their pockets shrink in the past couple of years.
But every problem gives us an opportunity to find a solution. This is where @Pay’s ‘Buy Now, Pay Later’ comes in.
With its hassle-free, zero-interest, short-term loans to make all kinds of purchases, the idea of ‘buy now, pay later’ has resulted in a seismic shift in the online commerce industry.
Buy Now, Pay Later allows consumers to spread the cost of their purchases across a number of months, rather than demanding a single up-front payment.
Previously, the concept of a loan worried customers, but now, the no-to-low-interest rates on BNPL options have attracted new participants to the industry who would otherwise have been excluded due to a lack of financing options.
The BNPL industry has caught consumers’ and organizations’ eyes and is attracting growing interest from businesses, investors, and users. In light of the recent Coronavirus pandemic, people are increasingly seeking alternative means of financing, which has dramatically heightened demand for BNPL solutions.
Buy Now, Pay Later is a Booming Industry
In 2021, reports suggested that the Buy Now Pay Later Market size was $15.91 billion and is projected to grow from $22.86 billion in 2022 to $90.51 billion in 2029 at a CAGR of 21.7% during the 2022–2029 period.
The economic disruptions in 2020 boosted demand for BNPL payments significantly, giving rise to the mushrooming of new local players across the globe, such as Klarna, AfterPay, Paypal’s credit feature, and more.
With more people shopping online than ever before, BNPL options were catapulted into the mainstream, and can now be found on a range of popular e-shopping sites such as Amazon, eBay, and all manner of online technology, furniture, sports, gardening, and hobby sites. Over $4.9 trillion was spent by customers on e-commerce sites in 2020 alone, and that number is expected to climb further in the coming years.
BNPL wasn’t the only sector that saw drastic growth over the last couple of years; the blockchain and cryptocurrency market also noted a steep rise in interest and market cap. Looking at the rise of these two sectors, we aim to build on the growth of both of them, and provide a solution that bridges the gap between Web2 e-commerce, and Web3 payment technologies.
Thus, by bringing together BNPL, cryptocurrencies and fiat currency, and blockchain and smart contract technology onto one platform, @Pay aims to incorporate these emerging markets into one user-friendly platform.
Taking BNPL to Another Level with Web3
With the advent of blockchain technology, new ventures have started building permissionless and trustless crypto-based BNPL platforms that bring massive value to small retailers and consumers.
@Pay is leading the charge in this area, and we are laying the foundation for the future of online payments that takes advantage of BNPL and cryptocurrency technology . We aim to target the common BNPL criticisms pertaining to security, safety, and trust with our robust blockchain-based ecosystem.
Through our @Pay platform, we plan to integrate the best aspects of the Web3 space to every-day online shopping, allowing customers to put their cryptocurrencies to use for all manner of purchases.
Because of the flexible, autonomous nature of cryptocurrencies, we can bring novel, innovative features to our customers such as crypto-cashback, where users are rewarded with tokens for the purchases they make using their crypto.
Using @Pay, customers can rest assured that they’re paying a fair rate for their goods and services even amid times of market instability. Because the cost of goods is spread across a longer timeframe, users needn’t worry about parting with more of their coins than they should have just because the market jumps in the moments after they’ve clicked ‘buy’.
Furthermore, the trustless, permissionless nature of crypto BNPL assists firms in conducting business across the globe securely with ease, and with no third-party fees.
@Pay is pioneering DeFi based BNPL. Our model aligns with consumer interests by empowering them to access what they want and need. @Pay allows users to maintain financial wellness and control to help people spend responsibly.
At @Pay, we combine blockchain and crypto technology with BNPL to provide consumers with a variety of payment options and, eventually, cheaper rates in both online and offline establishments. With the tremendous growth of BNPL in the TradFi world, @Pay is all set to grow in 2022.