{"id":108437,"date":"2021-03-02T18:04:47","date_gmt":"2021-03-02T18:04:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=108437"},"modified":"2021-03-02T18:04:47","modified_gmt":"2021-03-02T18:04:47","slug":"buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/","title":{"rendered":"Buy now pay later to outstrip card payments by 2024, expert forecasts"},"content":{"rendered":"

The use of buy now pay later payment grew 10 per cent in New Zealand last year and its use could outstrip card payments for e-commerce by 2024, a global payments expert has<\/span> forecast.<\/span><\/p>\n

Phil Pomford, general manager for global eCommerce, APAC, at FIS, said the global payments landscape was changing dramatically and Covid-19 had accelerated many trends that were already kicking off.<\/p>\n

He said e-commerce grew at the fastest rate in the last five years in 2020.<\/p>\n

“With shops being closed in different places and at different times e-commerce has really become a place for consumers to go to to get some of basic items, but also broader consumer items.”<\/p>\n

It had forecast 19 per cent growth in e-commerce in 2020 but now it expected that figure to be slightly higher.<\/p>\n

“Obviously, we didn’t predict what was coming down the pipe in terms of a global pandemic but it certainly shows what Covid has done is really pushed things along.”<\/p>\n

And he said it was not going away any time soon with it forecasting annual growth of 12 per cent from here on in to 2024.<\/p>\n

Pomford said in New Zealand buy now pay later – where consumers spread their payments over a number of weeks but get the item upfront – had got a stranglehold and it was going to continue to grow.<\/p>\n

“We expect it to grow and potentially overtake cards by 2024.”<\/p>\n

The explosion of buy now pay later was projected to see e-commerce credit card transactions fall from 37.6 per cent in 2019 to 22.8 per cent in 2024.<\/p>\n

E-commerce as a whole was projected to grow from $5 billion to $7 billion in 2024 – an increase of 40 per cent while sales via mobile phones were projected to grow to 61 per cent of all e-commerce transactions by 2024, up from 47 per cent.<\/p>\n

“One of the big trends is around growing mobile spend – expect mobile to be almost 50 per cent of spend.”<\/p>\n

Pomford said for retailers that mean they needed to ensure consumers had a seamless experience by having mobile-optimised web pages and an easy online check-out process.<\/p>\n

“Consumers today are looking for frictionless, they are looking for speed, looking for simple ways of using biometrics to check out. Merchants who can help consumers make very simple transitions … will do extremely well and that really does link to omni-channel commerce.”<\/p>\n

He said consumers wanted to be able to buy it online and return it in store.<\/p>\n

“Things like that I think merchants in New Zealand really do need to think about that as they look forward.”<\/p>\n

When it comes to in-store payment trends credit cards remain the most popular accounting for almost 37 per cent of transactions in 2020.<\/p>\n

But digital wallets, the likes of Applepay and Androidpay, were the fastest-growing payments method with predictions that it will grow 25 per cent a year for the next four years.<\/p>\n

The one thing that isn’t changing much in New Zealand is cash. It makes up just under 13per cent of point-of-sale transactions and is expected to fall only 0.7 per cent in the next five years.<\/p>\n

That contrasts to Australia where cash payments made up around 8.3 per cent last year and are forecast to fall to 2 per cent by 2024 making Australia a virtually cashless society.<\/p>\n

“The move towards cashless is slower in New Zealand. I think New Zealand has bucked the trend around cashless and we expect the levels of cash to remain similar between now and 2024 based on our predictions.<\/p>\n

“I think New Zealand’s very early and rapid response to Covid – targeted lockdowns like what we are seeing at the moment – has meant shops have been closed less than other places so I think that is why cash has continued to remain higher than the average.”<\/p>\n

Pomford said globally cash use had dropped10 per cent in the last year which was quite significant.<\/p>\n

“Cash has been seen as unhygienic and there were early reports around cash being a transmitter.”<\/p>\n

But he warned that the drop in cash use could have consequences for financial inclusion and groups like charities and those who were paid in tips.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The use of buy now pay later payment grew 10 per cent in New Zealand last year and its use could outstrip card payments for […]<\/p>\n","protected":false},"author":3,"featured_media":108436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nBuy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The use of buy now pay later payment grew 10 per cent in New Zealand last year and its use could outstrip card payments for [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-02T18:04:47+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotoXXBZKLNGMNDP72IK64MECI3SAA.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/\",\"url\":\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/\",\"name\":\"Buy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-03-02T18:04:47+00:00\",\"dateModified\":\"2021-03-02T18:04:47+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/fin2me.com\/category\/business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Buy now pay later to outstrip card payments by 2024, expert forecasts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Buy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/","og_locale":"en_US","og_type":"article","og_title":"Buy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me","og_description":"The use of buy now pay later payment grew 10 per cent in New Zealand last year and its use could outstrip card payments for [...]","og_url":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/","og_site_name":"Fin2me","article_published_time":"2021-03-02T18:04:47+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotoXXBZKLNGMNDP72IK64MECI3SAA.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/","url":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/","name":"Buy now pay later to outstrip card payments by 2024, expert forecasts - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-03-02T18:04:47+00:00","dateModified":"2021-03-02T18:04:47+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/business\/buy-now-pay-later-to-outstrip-card-payments-by-2024-expert-forecasts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/fin2me.com\/category\/business\/"},{"@type":"ListItem","position":3,"name":"Buy now pay later to outstrip card payments by 2024, expert forecasts"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/108437"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=108437"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/108437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/108436"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=108437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=108437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=108437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}