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We looked inside some of the posts by paynxt360 and here's what we found interesting.
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Innovation takes the lead into the fast-growing global BNPL market in H2 2023
The uncertain economic conditions and inflationary pressures have prompted consumers to delay their purchase payments by leveraging buy now pay later (BNPL) schemes. The growing user base is, therefore, leading to the launch of new and innovative products catering to the needs of different demographics.
Juni, in June 2023, announced that the firm is introducing a new product Juni Invoices, which revolves around the concept of buy media pay later.
Click here to read more — https://www.paynxt360.com/view-point/innovation-takes-the-lead-into-the/713
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Hong Kong bets on consumption voucher schemes to revive pandemic-hit economic growth
In response to the economic crisis, the Hong Kong government has been running a consumption voucher for the last three years, including 2023. Designed to stimulate consumer spending, this scheme is aimed at uplifting the economy by providing direct financial support to residents. As part of the 2023 consumption voucher scheme, authorities in Hong Kong distributed the second installment of e-vouchers to eligible citizens in July 2023. The second installment of the scheme is expected to inject HK$13 billion into the local market, thus supporting the recovery of the domestic economy.
Click here to read more - https://www.paynxt360.com/view-point/hong-kong-bets-on-consumption-vouc/712
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BNPL firms reported strong numbers despite rate hikes and margin pinch putting companies in a tough spot
Over the last 12 months, narrower margins and rising interest rates have been the major challenges faced by buy now pay later companies globally. The uncertain macroeconomic environment resulted in funding and significant valuation declines, even for major players like Klarna. Despite this, players in the segment have reported strong numbers in Q2 2023, largely due to the growing uptake of the payment method across different age groups.
Click here to read more — https://www.paynxt360.com/view-point/bnpl-firms-reported-strong-numbers/711
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NFTs are powering innovation in the global loyalty programs industry in 2023
The adoption of loyalty has been increasing rapidly among consumers over the last 12 months. The surge in inflation, coupled with the subsequent increase in interest rates, has resulted in consumers seeking more value for every dollar spent. With their ability to provide more value to consumers, loyalty programs have gained widespread traction among consumers as well as businesses. Across sectors, brands and businesses are revamping their loyalty and reward programs to make them more attractive and value-offering for consumers.
Click here to read more — https://www.paynxt360.com/view-point/nfts-are-powering-innovation-in-th/710
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New-age brands are leveraging WhatsApp to build loyalty and drive sales growth in India
Shopping through online channels, including e-commerce platforms and social networks, is projected to grow significantly over the next five years in India. With millions of new shoppers expected to turn to online channels and make frequent purchases, new-age businesses are leveraging WhatsApp and its conversational commerce capabilities to build brand loyalty and drive sales growth.
Click here to read more — https://www.paynxt360.com/view-point/new-age-brands-are-leveraging-what/709
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Low base and huge demand will aid the alternate lending market in India in 2023 and beyond
The alternate lending space has continued its upward growth trajectory in H1 2023, with increasing disbursements and the entry of new players, supporting the market growth. The surge in disbursements is also an indication that the market is poised for accelerated growth from the short to medium-term perspective. Investment in the sector is also rising significantly, which shows that venture capital and private equity firms are also foreseeing growth opportunities in the Indian alternate lending market.
Click here to read more - https://www.paynxt360.com/view-point/low-base-and-huge-demand-will-aid-/708
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Gift card launches are increasing across different industry verticals amid growing demand in 2023
The popularity of gift cards, especially digital ones, is on the rise globally. The trend, which picked up momentum during the pandemic outbreak, has been largely driven by a tech-savvy population and robust digital payment infrastructure worldwide. The adoption of the payment tool is rising across industry verticals. This has resulted in a higher number of new product launches in 2023. Travel and retail are among the sectors where new gift card solutions have been launched in the global market over the last 12 months.
Click here to read more — https://www.paynxt360.com/view-point/gift-card-launches-are-increasing-/707
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Strategic alliances aiding innovation and growth in the global embedded finance sector in 2023
Much of the innovation and growth in the global fintech sector has been led by strategic partnerships between firms. From buy now pay later to alternate lending, alliances have resulted in new product launches and accelerated growth for the overall market. Embedded finance is no different. Firms, including payment giants like Visa and Mastercard, have entered into a strategic collaboration to launch new products and services, which has subsequently aided the industry's growth.
Click here to read more - https://www.paynxt360.com/view-point/strategic-alliances-aiding-innovat/706
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ONDC will propel the growth of the e-commerce market in India
The Open Network for Digital Commerce (ONDC), often referred to as the UPI (Unified Payments Interface) of e-commerce, has a bold vision to democratize digital commerce in India. Looking ahead, ONDC has set ambitious targets for the next five years, aiming to attract a staggering 900 million buyers and 1.2 million sellers onto its shared network. The network's ultimate goal is to achieve an impressive gross merchandise value of US$48 million during this period.
Click here to read more - https://www.paynxt360.com/view-point/ondc-will-propel-the-growth-of-the/705
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Safaricom and Craft Silicon target market share in the Kenyan BNPL market in 2023
In Africa, the adoption of buy now pay later products is poised for accelerated growth over the next five years. Rising inflation and subsequent fall in disposable income have led many shoppers to turn to alternate financing sources like BNPL providers over the last 12 months. The market growth will be also driven by the higher number of unbanked and underbanked consumers across the region, who are turning to BNPL products to access credit and fund their daily purchases.
Click here to read more - https://www.paynxt360.com/view-point/safaricom-and-craft-silicon-target/704
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The gift card market is growing in the United States, but unused gift cards are a major problem for the sector
The popularity of gift cards in the United States has been increasing consistently over the last five years. Going forward, digital gift cards are expected to emerge as a more popular option, compared to physical gift cards. This is also evident in the number of new digital gift card product launches in the United States.
Click here to read more — https://www.paynxt360.com/view-point/the-gift-card-market-is-growing-in/703
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The B2B BNPL sector is benefiting from soaring inflation and working capital optimization in 2023
Rising inflation levels have increased the pressure on small and medium enterprises, which were already reeling under the impact of the global pandemic outbreak. With worsening economic conditions, small and medium enterprises (SMEs) turned to buy now pay later providers to weather the cost-of-living crisis. Many businesses have leveraged business-to-business buy now pay later services to pay suppliers sooner and secure inventory more rapidly while extending their runway and improving cash flow. This has created the perfect growth environment for B2B BNPL providers globally.
Click here to read more — https://www.paynxt360.com/view-point/the-b2b-bnpl-sector-is-benefiting-/702
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Chinese social commerce firms are riding growth on discounted product offerings in 2023
The e-commerce sector experienced a significant downturn in the Chinese market in 2022. Many of the leading firms, in the e-commerce and social commerce space, shut operations due to inflation, declining consumer spending, and regulatory crackdown. To revive the sector growth and drive consumer spending, e-commerce platforms are offering huge discounts to shoppers in China.
Alibaba, for instance, kicked off the 6.18 mid-year shopping festival by offering 60 million products at discounted prices. As part of its strategy to attract more shoppers and accelerate revenue growth, the firm offered a discount of RMB 50 every time a consumer shopped for RMB 300 on the Tmall platform.
Click here to read more - https://www.paynxt360.com/view-point/chinese-social-commerce-firms-are-/701
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Prepaid card launches rising at a rapid rate across Africa and the Middle East region in 2023
In Africa and the Middle East, digital payments are on an accelerated growth trajectory, with the adoption of prepaid cards and digital wallets rising significantly ever since the pandemic outbreak. The entry of new-age digital banks, coupled with the growing fintech landscape, has substantially aided the growth of the prepaid card and digital wallet market across the region. With the competitive landscape growing in the segment, firms are forging strategic alliances to launch new and innovative prepaid card offerings in the African and Middle Eastern markets in 2023.
Click here to read more — https://www.paynxt360.com/view-point/prepaid-card-launches-rising-at-a-/700
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Fashion brands are revamping loyalty programs to derive more value from their customers in 2023
Inflation has affected businesses across industry verticals. This, coupled with the fall in consumer disposable income, is also having an impact on the bottom line of fashion brands globally. Furthermore, as customer acquisition costs continue to rise, firms are seeking to leverage the potential of loyalty programs to derive more value from their existing customers in 2023. This has resulted in the revamping of loyalty programs by fashion brands, a strategy that has been adopted by players across industry verticals.
Levi’s, for instance, entered into a strategic partnership with hip hop music festival Rolling Loud. The collaboration, announced in March 2023, offered loyalty members a chance to upgrade their festival tickets to VIP passes. Over the last few quarters, Levi's has been consistently adding more rewards and perks for its loyalty members, including the offering of a US$500 gift card for select members in September 2022.
Click here to read more - https://www.paynxt360.com/view-point/fashion-brands-are-revamping-loyal/699
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Higher adoption of digital gift cards leads to new product launches in the retail and travel segments in 2023
The growing preference for personalized shopping experiences and convenience, coupled with advancements in technology, has driven the popularity of digital gift cards over the last five years. The surge in adoption of digital gift cards has, therefore, paved the way for new digital gift card product launches globally. The trend is especially gaining momentum in the retail and travel sector due to the shift in consumer behavior.
EML Payments, for instance, launched a digital gift card offering for shoppers in the United States and Canada. The payment solution, launched in May 2023, will enable shoppers to purchase the payment tool and get them instantly delivered for a seamless shopping experience.
Click here to read more — https://www.paynxt360.com/view-point/higher-adoption-of-digital-gift-ca/698
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Alternate lending is on the rise across the African markets in 2023
Throughout Africa, alternate lending is growing into prominence at a rapid rate. The new-age financing platforms have provided consumers and small businesses with easier access to capital, which was previously unavailable through traditional banking channels. Many African consumers are turning to alternate lending to improve their lives and invest in their communities. Small businesses, on the other hand, are seeking credit to establish and grow their businesses in the region.
Click here to read more - https://www.paynxt360.com/view-point/alternate-lending-is-on-the-rise-a/697
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