{"id":9024,"date":"2022-07-25T07:00:12","date_gmt":"2022-07-24T23:00:12","guid":{"rendered":"https:\/\/qashier.com\/sg\/?p=9024"},"modified":"2023-07-13T17:12:57","modified_gmt":"2023-07-13T09:12:57","slug":"genzs-millennials-and-the-rise-of-bnpl-services","status":"publish","type":"post","link":"https:\/\/qashier.com\/sg\/blog\/2022\/07\/25\/genzs-millennials-and-the-rise-of-bnpl-services\/","title":{"rendered":"Gen-Zs, Millennials and the rise of BNPL services"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Buy Now, Pay Later (BNPL) trend is steadily growing in popularity, specifically in Southeast Asia. By the end of 2021, the <\/span><a href=\"https:\/\/www.juniperresearch.com\/researchstore\/fintech-payments\/buy-now-pay-later-research-report?utm_source=juniper_pr&amp;utm_campaign=pr1_buynowpaylater_financial_fintech_jun21&amp;utm_medium=email\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">market forecast<\/span><\/a><span style=\"font-weight: 400\"> is that BPNL will have an estimated 340 million users, set to increase to 1.5 million by 2026.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">This is a heads up for businesses looking to market to Gen-Zs and Millennials. <\/span><a href=\"https:\/\/techwireasia.com\/2021\/04\/the-rise-of-buy-now-pay-later-in-sea\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">This report<\/span><\/a><span style=\"font-weight: 400\"> shows those in their 20s-30s propel this growth. For merchants looking to target this market, you&#8217;ll need to offer the BNPL payment option at your point of sale to capture this consumer segment.<\/span><\/p>\r\n<p><b>How can BPNL support your business growth?<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">In our blog post on <\/span><a href=\"https:\/\/qashier.com\/sg\/blog\/2022\/03\/21\/how-digital-payments-are-changing-southeast-asia\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">how digital payments are changing Southeast Asia,<\/span><\/a><span style=\"font-weight: 400\"> we listed BNPL amongst the future trends of digital payments.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">But how can offering BNPL payment help your business to grow?<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">First, let&#8217;s understand the fundamentals behind this payment solution. The concept of Buy Now, Pay Later allows consumers to tap on flexible payment plans in exchange for affordable purchases.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">These services are generally accessible via mobile applications, used at the point of sale (POS) to split a payment into 3-4 monthly, interest-free instalments (when paid on time), track purchases, and manage bills.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">What is the difference between BNPL firms and credit card companies? A credit card is a link between bank accounts. For instance, your Visa or Mastercard issues you a certain amount of credit, eventually deposits money from your bank into the merchant account.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">A BNPL provider such as <\/span><a href=\"https:\/\/www.atome.sg\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Atome<\/span><\/a><span style=\"font-weight: 400\"> or <\/span><a href=\"https:\/\/billease.ph\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">BillEase<\/span><\/a><span style=\"font-weight: 400\"> is a linker and banker. Since it plays both roles, it gives new merchants a quick way to onboard without traditional banking procedures.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">On the customer&#8217;s end, BNPL encourages sales that wouldn&#8217;t happen if customers had no credit &#8211; increasing sales conversion rates for merchants. Additionally, BNPL solutions such as Atome or Billease offer interest-free or low instalment rates. These accessible propositions are enough to attract new users.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">At the same time, customers now have apps from BNPL providers that regularly highlight merchant promos to them, further increasing repeat business. The apps also provide users with a way to check their account status. This transparency gives them more control over their spending.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">This is necessary, especially in Southeast Asia. The <\/span><a href=\"https:\/\/www.bcg.com\/publications\/2020\/southeast-asian-consumers-digital-payment-revolutions\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">research<\/span><\/a><span style=\"font-weight: 400\"> shows that 49% of urban consumers in the region who are bank customers already use e-wallets and prefer digital payments over credit cards. Therefore, it&#8217;s no surprise that the BPNL market, which combines the convenience of an e-wallet with the luxury of a delayed payment option, looks set to expand.<\/span><\/p>\r\n<p><b>Who does BPNL attract, and why is that important?<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">BNPL offers relief for credit-starved Millennial and Generation Z consumers, especially if they aren\u2019t eligible for credit cards but need an economical way to purchase big-ticket items.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">The underbanked group in Southeast Asia who are in this age category will also greatly benefit from BNPL payment options. The numbers show that many Southeast Asians are &#8216;underbanked,&#8217; i.e. not well-served or have unmet financial needs such as no access to credit cards.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">In Vietnam, for example, the underbanked group is made up of about 15 million from the middle class, according to <\/span><a href=\"https:\/\/www.thinkwithgoogle.com\/intl\/en-apac\/consumer-insights\/consumer-trends\/banking-on-vietnams-millennials-why-finance-players-are-going-digital\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Google&#8217;s trend report<\/span><\/a><span style=\"font-weight: 400\">. In contrast, a <\/span><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210721005433\/en\/Vietnam-Buy-Now-Pay-Later-BNPL-Market-and-Investment-Opportunities-Report-2021-End-Use-Sectors-Operational-KPIs-Retail-Product-Dynamics-and-Consumer-Demographics-2019-2028---ResearchAndMarkets.com\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">survey<\/span><\/a><span style=\"font-weight: 400\"> suggested that BNPL payments in the country were expected to grow annually by 137.3 per cent (US$491.3 million) in 2021.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Elsewhere in Southeast Asia, BNPL payments in the Philippines are <\/span><a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2022\/05\/12\/2441574\/28124\/en\/Philippines-Buy-Now-Pay-Later-BNPL-Markets-and-Investment-Opportunities-Report-2022-Payments-are-Expected-to-Grow-by-109-7-to-Reach-803-5-Million-in-2022-Forecasts-to-2028.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">expected<\/span><\/a><span style=\"font-weight: 400\"> to grow by 109.7% annually to reach US$ 803.5 million in 2022. These substantial growth numbers indicate that for young Southeast Asian consumers, BNPL has become an attractive payment option.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">By offering BPNL as part of your payment option, you are positioning your business in the sweet spot to reach out to these Millennials and Gen-Zs, especially those who cannot or don&#8217;t want to rely on banks for a credit card.<\/span><\/p>\r\n<p><b>Qashier integration with Atome and BillEase<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">The BNPL business model offers lucrative revenues for businesses already on Atome or BillEase. For example, if you&#8217;re a <\/span><a href=\"https:\/\/qashier.com\/sg\/payments\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Qashier Smart POS client<\/span><\/a><span style=\"font-weight: 400\">, your customers can easily purchase any goods or services in your shop.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">All they need to do is to use their Atome or BillEase apps on their mobile phone to scan the QR code on the terminal to pay.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">They can then choose the instalment options from their mobile apps. It&#8217;s simple &#8211; you must select the BNPL payment method on your Qashier smart POS to generate the QR code.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Any promotions or discounts would be automatically included when you set it up on the smart POS terminal. There is no approval waiting or verification checks you need to carry out as a merchant. That&#8217;s how seamless and fast the transaction is.<\/span><\/p>\r\n<p><b>What about other payment options?<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">The good news is, <\/span><a href=\"https:\/\/qashier.com\/sg\/blog\/2022\/07\/18\/paynow-dynamic-qr-and-qashier-supercharges-your-business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Qashier is now integrated with PayNow<\/span><\/a><span style=\"font-weight: 400\">. If you&#8217;re based in Singapore, this is one of the most popular e-wallet payments. Apart from that, Qashier Smart POS allows merchants to tap on any payment method, from credit to debit cards to other e-wallet options.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Whether using the <\/span><a href=\"https:\/\/qashier.com\/sg\/qashierx1\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">QashierX1<\/span><\/a><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/qashier.com\/sg\/qashierx1\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">QashierXL<\/span><\/a><span style=\"font-weight: 400\"> or <\/span><a href=\"https:\/\/qashier.com\/sg\/qashierpay\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Qashier Pay<\/span><\/a><span style=\"font-weight: 400\"> Smart POS terminals, your business and customers can look forward to cashless, fuss-free transactions.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Our Smart POS solutions can handle different operational aspects, from QR code table ordering to table management (F&amp;B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Qashier promises a seamless setup within 10 minutes without needing technical expertise. It boasts an user-friendly interface that is simple for anyone to learn and use. You\u2019ll find 7-days-a-week responsive technical support from the local team if you require assistance.<\/span><\/p>\r\n<p><span style=\"font-size: 16px\"><span style=\"font-weight: 400\">Speak to us to see if Qashier&#8217;s Smart POS can meet your business needs. Find out how Qashier\u2019s Smart POS can meet your business needs. <\/span>Schedule a meeting with us <a href=\"#sign-up-now\">here<\/a>, call us at <a href=\"tel:3165 0155\">(+65) 3165 0155<\/a>, <a href=\"https:\/\/wa.link\/47iwaz\">WhatsApp (+65) 8882 8912<\/a>, or email <a href=\"mailto:hello@qashier.com\/sg\">hello@qashier.com\/sg<\/a>.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Buy Now, Pay Later (BNPL) trend is steadily growing in popularity, specifically in Southeast Asia. By the end of 2021, the market forecast is that BPNL will have an estimated 340 million users, set to increase to 1.5 million by 2026. This is a heads up for businesses looking to market to Gen-Zs and &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/qashier.com\/sg\/blog\/2022\/07\/25\/genzs-millennials-and-the-rise-of-bnpl-services\/\"> <span class=\"screen-reader-text\">Gen-Zs, Millennials and the rise of BNPL services<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":15,"featured_media":9025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[59],"tags":[70,95,94,91,67,68,73],"class_list":["post-9024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-running-your-business","tag-beauty-salon-pos-system","tag-buy-now-pay-later","tag-digital-payments","tag-ecommerce","tag-pos-solutions","tag-restaurant-pos-system","tag-smart-pos-system"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gen-Zs, Millennials and the rise of BNPL services - Qashier Singapore<\/title>\n<meta name=\"description\" content=\"A generation of &quot;underbanked&quot; are the driving force behind the Buy Now, Pay Later trend in Southeast Asia. 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