With recent layoffs at Klarna and inflation throwing a spanner in the works for many Buy Now, Pay Later (BNPL) providers, the BNPL space is facing tough times. But these issues have not impacted the demand for it. In fact, Apple is entering the space and will be launching Apple Pay Later along with the release of a future iOS update, possibly in the spring of 2023.
When brands offer BNPL, they can experience an increase in sales of up to 30% and an increase in average order value (AOV) of up to 70%. But not every type of BNPL option enables merchants to build strong brand equity.
Read the full article in Payments Journal.