BNPL is disrupting the consumer loan industry
Paynova BNPL SaaS ready to support the change
Today Paynova CEO David Larsson speaks at Redeye Fintech Seminar in Stockholm.
David Larsson describes that ecosystem for personal loans is disrupting and that Paynova BNPL SaaS, accelerated by recent strong partnerships, is ready to support the change.
Consumer demand and behavior drives shift to BNPL
Younger generations reduce their use of traditional credit cards. Lengthy and complicated on-boarding experience, lack of choice of credit offers as well as less need for long term relationship with a financial institution makes new generations look for innovative solutions buying now and paying later. In addition, the pandemic further fueled the shift towards digitalized shopping experiences causing a disrupting state of the traditional in-store focused consumer loan and credit card industry.
BNPL market-share increase rapidly
Consumer demand for easily accessible credit purchases will continue and BNPL is expected to grow 10-15x in Merchandise volume by 2025. Researchers estimate BNPL market to generate 1 trillion USD in annual gross merchandise value.
The BNPL competition intensifies
Payment giants such as PayPal, VISA and Mastercard are ramping up their BNPL capabilities but also super-merchants such as Amazon, Zalando, IKEA experiment on how to increase AOV and retain consumer relationship by tailored branded in-house BNPL solutions. The industry of consumer lending will not stay passive while their business diminishes. Banks and financial institutions but also industry newcomers such as wallets and fintech will adjust to the consumers preferred BNPL. Traditional consumer loan industry is often stuck in legacy tech infrastructure limiting the speed and ability to adapt. This indicates that financial institutions will evaluate a buy rather than build tech strategy to develop their BNPL offers.
Paynova BNPL SaaS enables the change – your brand, customer and BNPL
Paynova is a BNPL SaaS company which enable the financial industry as well as enterprise merchants to compete in a growing and evolving international BNPL market. We offer fast to market and world class technical BNPL functionality to banks, fintech and large merchants. Always in their brand. We are a tech company that facilitate BNPL, not a BNPL provider nor a Bank. Our modern SaaS platform together with a range of optional solutions provides full flexibility for our customers launching their own BNPL.
Paynova’s strong Partnerships
Our focus on BNPL technology has attracted the giants in the payment world. Our recent Partnership with Visa grant their salesforce to resell and market Paynova BNPL SaaS platform and solutions to their customers and partners. This provide Paynova immediate access to the banking and financial institutions. The partnership and cooperation have excelled and deliver over expectations, and we are already engaged in joint sales processes. In 2020 Paynova BNPL integrated in PayPal’s payment platform for the enterprise segment. Our business relationship with PayPal remains strong and we have a continuous dialogue on how Paynova best can support a localized BNPL offer.
Way forward – Paynova as a BNPL SaaS Company
Paynova offer world class and fast to market BNPL functionality to a rapidly changing international financial industry and enterprise merchants. We have made substantial investments over the last years developing the platform and solutions to serve enterprises in meeting consumer demand for easy, accessible and flexible BNPL offerings. While our BNPL SaaS platform and solution business grow, we will shift toward a software-based business model.
Timing is right. Momentum in the international BNPL market, our technical readiness as well as strong partnerships world now provide foundation for Paynova to launch and scale the offer we have set as a leading star while investing, testing and building. Our goal remains, 15 Markets and 50M transactions 2023
David
CEO