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Online BNPL Transactions Set to Double by 2024
Australia is a BNPL world-leader for online transactions. A new report has found that we’re only just getting started on this BNPL trend, with figures set to double by 2024.
According to the report, BNPL payments for online transactions are set to double to 20 percent across the country by 2024.
The trend has no signs of slowing down, said Phil Pomford, the GM for Global E-Commerce APAC at FIS. “We do see the [BNPL] trend continuing,” he explained.
“That’s built off, I guess, the number of players coming into the market, the fact that it is already so embedded in the market, and also the growth that we’re expecting to see within the market as well.”
This ongoing trend is expected to inspire millions of Aussies to take up the payment services.
According to the report, Australia is one of the leading countries for BNPL usage, with ten percent of all online transactions using the payment service. Globally, the standard rate is currently only two percent.
Pomford explained that Australia is a world-leader for BNPL, especially online, but there is plenty of room for regulations.
Last week, the Australian BNPL industry set up its own code of practice. These outline the commitments to factor like late fee capping, and background checks for specific BNPL services and transactions.
“We see regulations only as positive things. [FIS is] a regulated business ourselves we work in regulated industries,” he said. “For us what that does obviously is it opens up transparency and brings protection to consumers and brings protection to all within the ecosystem.”