#BNPL explained

[reportwire]

SNBL or BNPL? That is the question! 

For long, Buy Now Pay Later or BNPL has been a popular model for making purchases with consumers using the easily available option to buy stuff ranging from appliances to gadgets to practically everything.  But now a disruption seems to be happening in the segment and a bunch of start-ups – the most common category of disruptors – are taking the BNPL model head-on by offering a Save Now Buy Later…

[mukeshverma1]

Explained: The Distinction Between Buy Now, Pay Later (BNPL) and Consumer Financing Platforms

In recent years, the landscape of online shopping and payment options has seen a significant shift, giving rise to innovative financial solutions that cater to the evolving needs and preferences of consumers. Two such popular alternatives are Buy Now, Pay Later (BNPL) and Consumer Financing platforms.

While both these options offer flexibility in managing payments, they function quite differently and serve distinct purposes. In this blog, we will delve into the world of BNPL and Consumer Financing, understanding their differences, benefits, and potential considerations for consumers.

Buy Now, Pay Later (BNPL)

The Concept: Buy Now, Pay Later often called ‘Shop Now Pay Later’ is a payment model that allows consumers to make purchases upfront but split the total cost into smaller, interest-free installments over a predefined period. Unlike traditional credit cards or loans, BNPL services are typically offered by third-party providers and integrated into the checkout process of online retailers. .

How it Works: When a consumer chooses to use BNPL, they can select the option at the checkout page of the online store. The consumer is required to create an account with the BNPL provider, and after a quick approval process, they can complete the purchase without paying the full amount upfront. Instead, the total cost is divided into several installments, usually spanning over a few weeks or months.

Key Features:

Interest-free: One of the most appealing aspects of BNPL is that it typically does not charge any interest on the installments. As long as the consumer pays on time, they can avoid any additional costs.

Convenience: BNPL eliminates the need for credit checks, making it a more accessible option for consumers who may not have access to traditional credit or prefer not to use credit cards.

No Hidden Fees: BNPL providers are transparent about their terms and conditions, ensuring that consumers are aware of the payment schedule and any potential fees upfront.

LazyPay App - Where simplicity meets accessibility!

With a hassle-free approval process and the convenience of our 'One Tap Feature,' LazyPay is the go-to solution for over 45,000 online stores, empowering users to elevate their lifestyles. This provides Shop Now, Pay Later services to make a positive impact on people's lives, enabling them to defer the payment period. It supports over 20,000+ billers in categories such as electricity, water, gas line, gas cylinder, DTH, FASTag, landline, internet and many more. Just provide some basic information and get your credit limit checked. LazyPay will remind you regularly, and you can track your spending and make fast repayments.

The Distinction and Choosing the Right Option

The primary difference between BNPL and consumer financing lies in the nature of the transactions they cater to. When deciding between BNPL and consumer financing, consumers should consider the following:

Repayment Period: BNPL usually offers shorter repayment periods, often ranging from a few weeks to a few months. Consumer financing, on the other hand, can extend to several months or even years.

Interest Tolerance: If a consumer prefers avoiding interest altogether, BNPL is the obvious choice. However, if they are comfortable with interest payments for the convenience of deferred payments, consumer financing might be more appropriate.

Credit Score: BNPL services typically do not require a credit check, making them accessible to individuals with varying credit scores. In contrast, consumer financing usually involves credit checks, and a good credit score can lead to better terms.

[legalfundservices]

Buy Now, Pay Later- A Concept Primer

Buy now, Pay Later (BNPL) is the latest buzz word acquired by the internet used by every company as their payment solution. BNPL is a credit line extended to the subscriber/customer to purchase or make payments from their end. The amount has to be paid fully in various instalments, which eventually has to be paid in full. The difference between BNPL and credit card is the levying of interest on payment of the amount back in total. BNPL apps charge no interest until there is a default of payment from the customer’s side. On default of payment within the stipulated time only a fixed amount is charged. As usage of BNPL does not affect a person’s credit score, it can also be approved for a person who cannot apply for loans due to low credit score or no credit history.

In layman’s terms, it's a payment method that lets you purchase something immediately, but pay for it over time instead of all at once. So, if you wanted to buy a new sofa for your living room, for example, you could use BNPL to purchase it and then pay for it in smaller installments over several months instead of having to pay the full price upfront. It's a popular option for people who may not have the money to pay for something upfront but still want to make the purchase. However, it's important to be aware that using BNPL can sometimes come with additional fees and interest charges, so it's important to read the terms and conditions carefully before using it.

The rise of the concept of BNPL can be explained in conjunction with changes in various socio-economic factors. The rise of BNPL can be attributed to a few factors. Firstly, with the growth of e-commerce and online shopping, consumers are looking for more convenient and flexible payment options. BNPL offers a way to make purchases without having to pay for them upfront, which can be especially appealing for larger purchases. Secondly, many people today are living on paychecks every month and may not have the funds to make a large purchase all at once. BNPL allows them to spread the cost over several smaller payments, making it more manageable and accessible. Finally, BNPL providers have made the process of applying and being approved for this type of payment method much easier and faster than traditional credit options, which has also contributed to its popularity. Overall, the rise of BNPL can be seen as a response to changing consumer needs and preferences, as well as advancements in technology and the financial industry.

The money-making business behind BNPL is not very clear to the customer. Overall, while offering BNPL can be a convenient payment option for consumers, it's important to be aware of any additional fees or charges that may be associated with it. While on the face of it the customers do not have to pay any extra charges on payments, BNPL companies make money in a few different ways.

1.       Merchant fees: When a consumer uses BNPL to purchase a product, the BNPL provider charges the merchant a fee for processing the payment. This fee is typically a percentage of the purchase price and is how the BNPL provider earns revenue.

2.       Late fees and interest charges: If a consumer is unable to make their payments on time, they may be charged late fees or interest charges. These fees can be a significant source of revenue for BNPL providers.

3.       Referral fees: BNPL providers may also earn revenue through referral fees. For example, if a consumer uses BNPL to purchase a product from a particular retailer, the BNPL provider may receive a fee from that retailer for referring the consumer to them.

In India, various applications have emerged offering BNPL service on different conditions. Apps like Zest money BNPL, Freecharge Pay Later, Paytm Postpaid, ePayLater provide BNPL services without a subscription fee. To use MobiKwik ZIP app a nominal subscription fee is charged. LegalPay, a third-party litigation funder has launched LegalPay Max, a pay later product for businesses to execute their legal expenses in instalments. This is a first of its kind product in the legal field which promises to increase legal professional’s clientele and reach. Providing diversified payment options eases the burden on the businesses in managing their legal and business expenditure. Ranging from various regulatory, compliance, arbitration and legal expenses, all is covered under a credit line which can be availed by the companies extending upto 50 lacs.

Due to ease in the usage of these platforms, safety concerns have mostly been overlooked by the consumers. Though BNPL works on the same lines of credit cards, they are not as regulated as them. For using such apps, usually a very soft credit check is done. Though a few apps take a thorough credit check, defaulting on these may affect the person’s credit score. There are major risks associated with the unchecked and reckless usage of BNPL apps. While BNPL can be a convenient payment option, there are also some potential dangers to be aware of:

High interest rates: If you're unable to make your payments on time, you may be charged high interest rates and fees. These can quickly add up, and if you're not careful, you may end up owing more than you can afford to pay back.

Overcommitment: Since BNPL allows you to make purchases without paying for them upfront, it can be tempting to overspend and buy more than you can afford. This can lead to financial stress and difficulty making your payments on time.

Credit score impact: Using BNPL can also impact your credit score. Late payments or missed payments can harm your credit score, making it more difficult to obtain credit in the future.

Hidden fees: It's important to read the fine print carefully before using BNPL, as there may be hidden fees or charges that you're not aware of. Make sure you understand the terms and conditions before agreeing to use this payment method.

Limited consumer protection: Unlike traditional credit options, BNPL may not offer the same level of consumer protection. This can include things like fraud protection and dispute resolution, so it's important to be aware of what protections are in place before using BNPL.

Overall, while BNPL can be a useful payment option in certain situations, it's important to use it responsibly and be aware of the potential risks and dangers. A personal account of the finances and a careful understanding of BNPL’s terms and conditions should be taken into consideration before using it.

[realasslesbian]

I'm gonna defend some corporations rn so hang tight, but I actually see no problem with BNPL schemes and tbh this whole hysteria about them being 'irresponsible lenders' just seems orchestrated by big banks. Lemme explain:

Oftentimes BNPL schemes don't charge customers anything at all in fees or interest (and if they do it's a paltry amount). Instead, they earn money by charging businesses who offer them as a payment option (sort of like how tap and go cards charge a business per use). They're literally charging the rich to give to the poor.

Now, if you're living hand to mouth, this can be an absolutely excellent way of budgeting and dealing with unexpected expenses. Instead of your $1000 car repair having to come out your $500 fortnightly welfare payment (leaving you without a car until you can save that amount) you can just spread that cost out into several more reasonable amounts and get your car fixed asap. All without actually paying any fees or interest, just the amount you'd be up for anyway.

Sure, you can get yourself into trouble with BNPL. You can go down to the pokies and get yourself into trouble there too (tho I never see banks being as upset about the gambling industry as they are about BNPL, I wonder why). But anyway, even if you get into trouble and can't make your BNPL payments, these types of lenders are often extremely savvy with that (bc let's face it financial hardship is a common issue for their customer base). I've personally found that BNPL lenders will go to extraordinary lengths to help, regardless of how much help you need. Almost always they'll waive late fees if you contact them, meaning you're still paying them nothing at all.

Conversely, most banks I've dealt with will seemingly endeavour to just cause further financial hardship by refusing to negotiate and being just plain rude (bc if you default on a traditional loan they can still earn money by picking from your destitute carcass). They'll charge you interest, they'll charge you fees, they'll charge you for looking at them the wrong way. Additionally, you can't access these types of finances at all if your credit score isn't squeaky clean, which most poor people's isn't.

So if you need $1000 to fix your car, are you gonna go to the lender who'll maybe help you, take their sweet ass time thinking about it, act sanctimonious as fuck and still charge you for the displeasure, or are you just gonna fill out a form online, tap n go your car repair and live happily ever after knowing that a multi-million dollar corporation is paying the fees?

Banks are out here throwing around the term 'irresponsible lending', but in fact, it just seems like they're hell mad someone is stealing their bit and making money out of it. If anything, I'd say that in comparison to BNPL schemes it's actually traditional banks who are the irresponsible lenders. BNPL schemes are proving that a lending model which targets rich people for fees and charges, while providing low/no-cost finance to those in need, is actually a viable way to lend. And that's entirely against the traditional bank's MO of keeping a boot on the neck of the poor to earn rich people big profits. No wonder they gotta have this desperate smear campaign about it.

[newzzwired]

How ‘Buy Now, Pay Later’ Really Works

How ‘Buy Now, Pay Later’ Really Works

Money is tight these days. Holiday shopping, ballooning inflation, and a looming recession have forced people to more carefully consider their finances. Those factors might help explain the explosion of “buy now, pay later” services. BNPL plans offered by companies like Affirm, AfterPay, and Klarna let you spread the cost of a purchase—anything from a Peloton bike to a basket of groceries—over…

[ishaansinghh0210]

3 Unique Products to Pick for Bhai Dooj 2022

Another heart-warming Bhai Dooj is just around the corner! It is one of the few festivals soaked in happy childhood nostalgia. This is the best time to recollect good memories, love, laugh and engage in cheerful banter with siblings. Myntra offers attractive deals and discounts to add to the spirit and enthusiasm of this special day. Explore a wide range of categories and pick some exciting gifts for your loved ones. 

A Myntra BNPL deal comes in the form of microloans. It is ideal during festivals when you wish to shop big. Download the pay later app and use the fund at the checkout. Stay worry-free since you can repay via easy EMIs at a later date. This article explains how. 

Myntra Shopping with BNPL

BNPL is a flexible payment method with easy sign-ups. It gives you the freedom to purchase when you do not want to touch your savings. No longer worry about credit cards or exceeding the monthly budget. Look at the products you can pick for the occasion. 

Myntra has an impressive collection of wallets. You can choose from top brands like Baggit, Hidesign, Lavie, Tommy Hilfiger and Van Heusen.

Perfumes are a great gift, and plenty of choices are available online. Pick a safe fragrance like citrus, which are widely popular. You can see brands like Calvin Klein, Davidoff, SKINN and Versace. It could make for an incredible present for anyone who loves to smell good always. 

Myntra is known for its exclusive collection of the latest Indian and Western wear. Take your pick from both the top wear and bottom wear sections. You can check out the Bundles option, which makes shopping quite affordable. 

Low fees and eligibility criteria make BNPL even more attractive to young adults. Buying hesitation is entirely removed, and shoppers can transact in a simple, transparent way.

Buy Now Pay Later

Get the pay later app on your Android or iOS phones. Now make the most of this fantastic financial technology to maximise online shopping. Borrow any amount between ₹3,000 and 

₹60,000 and pay back in the next 90 or 180 days. The EMIs can be cleared quite conveniently through the NEFT, IMPS or UPI methods. A good lender has redefined the way your creditworthiness is assessed. For instance, an SLQ score between 0-995 determined via non-traditional parameters is used to judge your ability to repay. The deal is available anytime and anywhere, so you never miss out on a sale. 

Conclusion

BNPL has revolutionised short-term financing options. Read the terms and conditions and tick off your eligibility to boost the chances of desired BNPL deals for Myntra shopping. 

[moremarketresearch]

Contactless Mobile Payments to Surpass 1 Billion Users for the First Time in 2024

Contactless Mobile Payments to Surpass 1 billion Users for the First Time in 2024, driven by emerging markets. A new study from Juniper Research has found that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024, rising from 782 million in 2022, representing a growth of 60%. The report identified increased investment in contactless acceptance infrastructure, especially across emerging regions, as key to driving growth, through which over 200 million new contactless payment users will be added to the market by 2024.

‘Convenience’ Accelerating Adoption

The research predicts that increasing consumer demand for convenient and frictionless payment methods is also accelerating this growth, as consumers only require a smartphone or NFC-enabled device to use contactless payments, thus eliminating the need to carry multiple payment cards. “NFC mobile payment vendors must maximise convenience by offering further payment options, such as BNPL (Buy Now, Pay Later), to encourage greater adoption. BNPL allows consumers to pay in several instalments; making high-value purchases more affordable.” Research author Jordan Rookes explained

Increasing Smartphone Penetration in Emerging Regions Will Drive Growth

The research cites growing smartphone ownership in emerging regions as a key driver of this growth. Smartphone penetration rates among emerging regions, such as Asia Pacific, will exceed 99% by 2024; enabling an additional 67 million individuals to adopt mobile payments as they will possess the necessary hardware to conduct NFC payments via their handsets. To capitalise on these high-growth markets, NFC mobile payment vendors must encourage consumers to switch from mobile money to NFC payments, by educating consumers on the benefits that NFC payments provide, whilst aiding efforts to improve NFC acceptance infrastructure. The advent of soft POS, which enables smartphones to accept NFC payments, will quickly increase contactless acceptance infrastructure; owing to the lower cost associated with soft POS, in comparison to traditional contactless POS, as it eliminates the need for additional hardware. Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary. Read the full article

[nickgerlich]

Apple Pie

I’ve said it before, and I suppose I will be saying it long into the future: What goes around, comes around. In fact, I said it not too many blogs ago. It’s just that, while innovators are still busy innovating, much of what passes for new today is really just a new spin on an old thing.

And one of those old things we have already talked about this term, complete with its new wrapper: Buy Now, Pay Later (BNPL). It’s called installment shopping. Credit. Whatever you want to call it when you make your payments spread out over time, but you get to enjoy the product now.

During inflation, this becomes an especially compelling option, because higher prices are causing many shoppers to defer purchases. You know when people are looking to discount grocers as a way to save money, then times are tough. But, as we have discussed before, about 70% of our economy is consumer-driven, and if we don’t keep buying, then the economy can and will suffer more. It’s our moral and patriotic duty to keep buying. I suppose. To a limit, right?

There’s one item that many of us have been using BNPL for years, and that is our smartphone. I have been making monthly interest-free installments on phones for as long as I can remember. My carrier (AT&T) often has promotional offers that tease me with upgrade choices so I can get the latest phone, yet just keep merrily making my monthly payment, seemingly to infinity. It’s a nice loop, isn’t it? In fact, it kind of guarantees a shopper in perpetuity, because you become vested in the process.

Which may help explain why Apple and Best Buy just partnered for Apple’s new Upgrade+ program on select MacBook Pro laptops. The program allows shoppers to buy a new computer with 36 easy payments, and then a balloon payment in Month 37. A $999 laptop, for example, is only $19.99 a month until the very end, and then there’s the $280.35 finale.

But if you choose to stay in the program, you can simply trade in your three-year-old laptop for a free upgrade, avoid the $280 payment, and keep rolling with the $19.99, which in my estimation is a no-brainer. Who in their right mind would want to get off this merry-go-round when you can swap a big balloon payment for another three-year set of cheap and easy?

I just wish I had known this were coming a month ago, when I bought my latest MacBook Pro. The old one was coughing up blood, to put it mildly, and it was time. I have been a Mac user since 2005, and with all the other gadgets I own (like phone, iPad, and more), I have an ecosystem of Apple products. They do play very well together, don’t they?

Had this option been available, I would have jumped at it, because there is no doubt in my mind I will be a Mac user until I die. To be able to spread out the payments rather than making a much more painful $1500 purchase is far more appealing.

BNPL has thus far been the mainstay of third-party banks and credit organizations, and this one is no different. Citizens Pay is the underwriter on this one, and like the others, the whole thing depends on the consumer making their monthly payments, lest hefty penalties accrue.

While I did not get to take advantage of this for my laptop, I am seriously thinking of this option for the new camera body I plan to buy this year. Sony just announced the new aR7v, which clocks in at $3899. And that does not include any lenses. It’s a Ferrari among Hyundais. But to be able to spread it out over 12 payments (still a hefty $325), it’s a pill that is much easier to swallow. I have the cash, so I could just buy it now and call it good. But if I could kick that can down the road for a year? Niiiiice. Better yet if I put that money to use to make even more money.

The primary risk for everyone, of course, is over-extension. We must all be careful to make sure we can indeed afford the monthlies. Credit card debt—which is what this really is—has long been a tricky proposition. It’s what helps prop up our economy, but can become suffocating if done to excess.

I suspect that Best Buy needs a program such as this to stimulate sales, because they recently turned in a rather dismal Q2 FY23 report, showing a 12.1% decline in revenues from the previous year. That’s huge. Going into the holidays, Best Buy needs to start hitting home runs, not bunt singles. They won’t win any World Series games with such pathetic results.

All of which means that if this flies, don’t be surprised if Best Buy looks to do more of it across more brands and categories. Our economy is depending on it. Their employees and stockholders are depending on it.

And in the end, buying more stuff is as American as apple pie. I mean Apple. Skip the pie, Best Buy by and by. It goes around, and comes around.

Dr “Wish I Had Waited“ Gerlich

Audio Blog

[projectcubicle1]

Is Buy Now, Pay Later Beneficial for Ecommerce Stores?

Is Buy Now, Pay Later Beneficial for Ecommerce Stores?

Buy Now Pay Later (BNPL) is slowly growing in popularity. This payment model allows customers to receive a purchase before paying for it. Sounds too good to be true? Perhaps, but this is the reality we live in. Today, the customer-oriented approach encourages businesses to make the online shopping experience as convenient as possible. And BNPL model and buy now pay later apps are natural consequence of this process. However, not all brands are fans of this solution. After all, it is a long-standing tradition that the client receives the product only after they put the cash on the table. Besides, alternative payment methods like credit cards, bank transfers, and echeck payments are widely used and work pretty well. Why change something that works? If you are interested in learning the answer to this question, read on! Below, we explain the most significant advantages of BNPL, including it being a more affordable financing option and a way to keep your business competitive. What Is BNPL Model and Buy Now Pay Later Apps? The extremely low interest rate environment that existed at the time gave birth to the BNPL model. This climate made it possible for BNPL enterprises to obtain capital at a cost that was relatively cheap and to provide point-of-sale loans to clients shopping online. The process of making purchases on the websites of many different merchants has been simplified by the formation of partnerships with "buy now, pay later" (BNPL) applications by these businesses. These Buy Now Pay Later apps function similarly to credit cards in that they enable users to make immediate purchases and spread out their payments over a period of time.

It Is a More Affordable Financing Option

Did you know that the average American household has $6,270 of credit card debt? The situation is not much better in other countries, where many families are forced to live from paycheck to paycheck. The interest rates on conventional loans have started growing, leaving thousands of people scraping by whatever means they can. With such dramatic circumstances, it is no wonder that people are looking for alternative financing options. BNPL services offer an excellent solution to this problem. Instead of borrowing money from a bank and paying high-interest rates, customers can take advantage of BNPL and pay for their purchases over time. The interest rate offered in a BNPL model is usually lower than those in traditional financing options, making it more affordable. It also has a less strict approval process for shoppers, as it requires only a soft credit check. All these reasons make BNPL an attractive option for customers.

Keeps Your Business Competitive

If your business sells products online, you are probably aware that the competition is becoming fiercer. This is because online stores have been popping up like mushrooms in recent years. To stay competitive, you need to focus on providing a better online shopping experience and testing new solutions. If your ecommerce store does not offer BNPL as a payment option, you are at risk of losing customers to competitors who do. In today’s market, customers have many options, and they will not hesitate to take their business elsewhere if you do not offer the payment methods they prefer. Therefore, it is essential to offer as many payment options as possible and ensure that one of them is BNPL. This way, you will make it easier for customers to buy from you and increase your chances of winning their business.

Helps You Increase Sales

The main reason why more and more stores decide to use BNPL is its ability to boost sales. Shoppers who opt for this payment method are usually more inclined to make a purchase. Why? Because by paying for their goods in installments, they do not have to part with their cash immediately. According to RBC Capital Markets, BNPLs “increase retail conversion rates 20% to 30%, and lift the average ticket size between 30% and 50%.” Thus, offering BNPL can be an excellent way to encourage customers to come back and buy more from your store.

Can Boost Your Customer Lifetime Value

  The average customer lifetime value (CLV) is used to measure how much profit comes from a single customer over their entire relationship with a company. Depending on your industry, this sum can vary greatly. As it is said, the customer is the king. And a client who knows that you are willing to make their life easier will return to your store more often. Offering BNPL is an excellent way for your business to attract new customers as well as retain current ones. Additionally, BNPL can reduce the risk of fraud and returns. If you offer your customers flexible payment terms and make a purchase decision easier for them, they will be more loyal to your brand. Sooner or later, these clients will return to your store to make another purchase. This way, the number of your customers will steadily increase, growing your client base.

Conclusion

As you can see, the benefits of BNPL are well-grounded. Using this method to accept payments is a convenient way to make your customers’ experience easier and more pleasant. Plus, BNPL can help you increase sales and keep your business competitive. All in all, it is an excellent way to boost your bottom line and improve your online shop. Still, before you decide to use BNPL for your ecommerce store, make sure you have already considered all the pros and cons of this move. Remember that this payment method requires developing a thorough plan and a smooth transition process. Carefully consider all the factors and, if the result is promising, incorporate BNPL into your online store’s arsenal of payment options. This way, you will keep customers happy while boosting your sales. Good luck! Read the full article

[paynxt360]

BNPL is dramatically uplifting the e-commerce business through AI and ML integrations

Though the short-term point of sale loans is not new, BNPL has been possible because of the recent maturity of artificial intelligence and machine learning. Specifically, by taking advantage of AI/ML, BNPL platforms are empowered to collect and analyze customer data, thereby helping companies to take more sophisticated decisions and generate revenue over the longer run. Thus, this innovative payment method is facilitating companies to take advantage of data-driven strategies to unlock value in a sales environment that is shifting online.

Future of BNPL- AI/ML driven business models driving growth across organizations

With the adoption of BNPL payments, key market players need to infuse their go-to-market strategies with advanced technology, AI/ML, to make these programs sustainable. Specifically, to manage risk and respond quickly to market needs, these BNPL providers need to harness data, respond to the shift as needed, and keep pace with the evolving regulatory environment. These data-driven decisions will help the key market players to have a direct and tangible impact on the future adaptability, growth and longevity of the BNPL offering over the long run.

BNPL providers are partnering up with AI-powered technology providers to verify their identities

The BNPL payments space is highly regulated, and therefore, BNPL providers need to emphasize 'know your customer' (KYC) and anti-money laundering (AML) regulations. Therefore, BNPL platforms are partnering up with AI-based tech platforms to curb the growing fintech fraud rates. For instance,

In June 2022, Twisto, a Zip Company, a BNPL provider, announced its partnership with Veriff, a global identity verification provider, to provide identity verification (IDV) services for online merchants. Through this partnership, Veriff will enable the consumers to quickly and seamlessly verify their identities via Twisto's platform.

This partnership expedites the IDV process, ensuring compliance with know your customer (KYC) regulations. Notably, Veriff provides KYC verification with its video-first technology and offers users extra protection through location verification.

Since post integration of Veriff's technology, Twisto noticed a significant increase in the customer conversion rate; PayNXT360 expects this partnership to continue in the long run with increased benefits to both companies.

Banking software companies are launching AI-Driven Buy-Now-Pay-Later Banking Service

With the rising popularity of BNPL loans, Banking-as-a-Service (BaaS) also got revolutionized. This became important since consumers now need a frictionless digital experience and easy access to finance at the point of sale. Therefore, software companies are launching AI-based BNPL banking services to attract more customers. For instance,

In January 2022, Temenos, the banking software company, launched its BNPL banking service. Now, Temenos BNPL, combined with patented Explainable AI (XAI), will be able to help banks create ethically-driven lending programs.

Moreover, post embedding XAI, Temenos will enable banks and fintech firms to pre-approve loan applications in real-time based on pre-determined criteria, including soft and hard credit scoring.

Since this AI-based BNPL service is innovative, it is expected that the banks and fintechs will be attracted, acquiring significant customers over the long run.

To know more and gain a deeper understanding of the global BNPL market, click here.

[legalupanishad]

Crypto Regulations in Australia: All You Need to Know Today!

This article on 'CRYPTO REGULATIONS IN AUSTRALIA' was published by Legal Upanishad.

Introduction

Crypto is also known as Cryptocurrency. It is a form of digital currency where no physical cash is needed and it uses cryptography to secure its digital transactions. Cryptocurrency uses a decentralized system instead of being regulated by the central authorities. It believes in a peer-to-peer system where there is an ease in transferring and receiving payments. When these transactions take place, they are verified and recorded in a digital ledger and the most known digital ledger is Blockchain. Like the physical currency is stored in our wallets, similarly, cryptocurrency is stored in wallets but digitalized ones. The first cryptocurrency was Bitcoin. The author states the types of cryptocurrencies in Australia and discusses the Crypto Regulations in Australia in this article. This article explains the current Australian crypto regulatory framework.

Types of Cryptocurrencies

Crypto has two classifications which are as follows: - Coins: Coins are those cryptocurrencies that are used to serve as decentralized digital currency platforms. These include Bitcoin and Altcoin, which have their independent ledger existing as a unit value. - Tokens: Cryptocurrencies other than coins which are served to make legal contracts, decentralized financial products, and enterprise solutions, using real-world applications are known as Tokens. Tokens require a proper record of transactions for their functioning purpose. Observing the technological growth in today’s world, one can surely say that cryptocurrencies are supporting investors by providing various benefits and soon crypto will replace physical cash. Crypto shall be the only future currency.

Is Cryptocurrency legal in Australia?

The cryptocurrency was legalized in Australia in the year 2017, subject to the Anti-Money Laundering and Counter-Terrorism Financing Act, 2006. However, the regulations relating to buying cryptocurrency are quite strict. The introduction of crypto in Australia has made it a financial technology leader. The cryptocurrency is viewed as a property or an asset by the Australian Tax Office, thus, it is liable to capital gains tax. 

Crypto Regulations in Australia

The Crypto Regulations in Australia are managed by the Australian Securities and Investments Commission (ASIC). Though there have been various legislative amendments, ASIC has informed that all measures and guidance are been taken for cryptocurrencies. It has recently introduced a consultation process for crypto assets. It sees to it that all the appropriate steps are taken for crypto regulations in Australia and nothing illegal is practised. As per the December 2021 news updates, it is said that Australia Proposes New Laws to Regulate Crypto. Australia proposes to create a licensing framework for the crypto exchanges and launches a centralized bank digital system including cryptocurrencies. Also, the country seems to expand its online payment transactions providers like the famous provider's Apple Inc and Alphabet Inc's Google as well as buy-now-pay-later providers like Afterpay Ltd. Australian government aims to keep its country in the frontiers of the technological fields and grow more than the other countries. The number of Australians transacting in cryptocurrency is rising immensely, the global pandemic being a major reason which has made everyone transact online. As per the recent SBS News, Treasurer Josh Frydenberg has announced plans for tougher regulation of non-cash payment systems such as cryptocurrency and buy-now-pay-later (BNPL) services like Afterpay. Mr Frydenberg said while Australian investors will still bear risk in cryptocurrency investments, more regulation is being introduced to promote greater transparency and accountability. Even though the Reserve Bank has been muted about the possibility of it creating a digital currency to respond to the demand for cryptocurrency, Mr Frydenberg said the idea is under active consideration. Further, let us know the New Australian Crypto Regulation Planned for 2022, said Senator Braggs. He stated that Australia’s planned cryptocurrency legislation could be coming soon. Also, the planned legislation will make Australia a leading nation in the digital asset world. He said that Australia needs a robust policy framework for digital assets in line with consumer protection, investor promotion, and market competition.

Current Australian Crypto Regulatory Framework

The Australian Crypto Regulations have planned for some kind of strict crypto control. Nonetheless, the country is one of the leading crypto places having legalized cryptos as early as 2017. As stated prior, the cryptos are considered property which makes them liable to capital gains tax and this helps in the growth of the economy. There have been made amendments to the laws regulating cryptos in the years 2018 and 2019. Yet, the crypto regulations face various challenges but the major one is the definition of digital assets. Also, the crypto stakeholders keep on calling for updates regarding the crypto regulations as cryptos are said to be the main source in digital payment transactions. As said by Senator Braggs at a Blockchain Australia-supported NFT virtual event, “The new Australian crypto regulations would also address crypto energy concerns. The Australian government is looking to attain a net-zero economy, which seeks to balance the greenhouse gas produced and those removed from the atmosphere. With the new regulations, Australian mining can soon rely fully on renewable energy sources.”

Crypto Regulations in Australia

Best Crypto Exchange Australia

3 Cheap Bitcoin Exchanges: As per the latest Economic times news report, the following are said to be the Best Crypto Exchange Australia: - eToro: eToro is a Bitcoin trading platform regulated by the Australian Securities and Investments Commission and has an Australian financial services license. eToro has an office in Sydney, New South Wales. The platform is open to Australian customers, traders in New Zealand, and many other countries across the world. eToro is also regulated by the FCA and CySEC. It enables the buying and selling of more than 120 crypto coins presently. - ByBit: ByBit is an alternative Crypto trading platform in Australia. ByBit offers both spot trading and margin trading for crypto (which is called futures trading), which is not available in eToro. - Binance: Binance is the most famous Crypto trading platform which Australian users can use. Although the user base is higher in Coinbase, the volume of trade is on the higher side on Binance.

Suggestions

- Investing in Cryptos in Australia is said to be beneficial for the person aware of the regulations, yet he should be alert and not commit any illegal acts. A person must be careful with online transactions and pay taxes on time. - Legal Trading in cryptocurrencies must be done instead of illegal for the want of more monetary gains. As the Australian Securities and Investments Commission’s regulations are very severe and would not tolerate any wrongdoing. - Anything used excessively is harmful to a person. So, the use of cryptocurrencies should be monitored by oneself. - Everything has pros and cons, similarly, it is with cryptocurrencies, so, along with taking the benefits, one should be acquainted with cons also.

Conclusion

The author would conclude by stating that, if a person wants to buy cryptos in Australia then he must first find a licensed exchange to do so. Cryptos are said to be a beneficial form of digital currencies and the Australian Securities and Investments Commission has made several regulations for operating cryptocurrencies, keeping in mind the frauds being done through them. The author has also stated the current Australian crypto regulatory framework and the best bitcoins available to trade in Australia. Thus, the Crypto Regulations in Australia seem to be the best, growing the country’s economy and following the laws of the country.

References

- Geeti Chawla, Amanda Ceruti. (2021, September 19). Australia: Understanding cryptocurrency in Australia. Retrieved: https://www.mondaq.com/australia/fin-tech/1112638/understanding-cryptocurrency-in-australia - https://gocardless.com/en-au/guides/posts/cryptocurrency-regulations-in-australia/ - Mediawire. (2022, January 28). Best Crypto Exchange Australia - 3 Cheap Bitcoin Exchanges Retrieved: https://economictimes.indiatimes.com/industry/banking/finance/best-crypto-exchange-australia-3-cheap-bitcoin-exchanges/articleshow - Staff Reporter. (2022, January 22). New Australian Crypto Regulation Planned for 2022 Says, Senator Braggs. Retrieved: https://coinculture.com/au/policy-regulation/australian-crypto-legislation-in-2022 - Biwa Kwan. (2021, December 8). Australia to toughen regulations for cryptocurrency and 'buy-now-pay-later' providers. Retrieved: https://www.sbs.com.au/news/australia-to-toughen-regulations-for-cryptocurrency-and-buy-now-pay-later-providers - Renju Jose, Byron Kaye. (2021, December 8). Australia proposes new laws to regulate crypto, BNPL. Retrieved: https://www.reuters.com/markets/currencies/australia-plans-update-regulatory-framework-payment-systems-2021-12-07 https://www.reuters.com/markets/currencies/australia-plans-update-regulatory-framework-payment-systems-2021-12-07/ https://www.sbs.com.au/news/australia-to-toughen-regulations-for-cryptocurrency-and-buy-now-pay-later-providers https://coinculture.com/au/policy-regulation/australian-crypto-legislation-in-2022/ https://economictimes.indiatimes.com/industry/banking/finance/best-crypto-exchange-australia-3-cheap-bitcoin-exchanges/articleshow Read the full article

[webdesignerindirapuram]

The Retail Business Trends and Prophecies for 2022!

With the upsurge in the number of cases COVID-19 cases in 2021, the entire year has greatly impacted retail businesses globally due to continued lockdowns through the year causing a profound downfall in sales numbers for almost every merchant. As we entered the year 2022, we must first analyze the global market trends and understand the overall market dynamics after the pandemic has settled a bit, and how they impacted the overall supply chains globally.

Pandemic’s     Impact on Global Supply Chains – The lockdown disruptions caused a huge gap in demand     and supply of products due to continued lockdowns worldwide. Customers     were forced to shop from their confined rooms and had no option to try or     test the products. The shipping delays, stuck consignments, and     skyrocketing freight rates made the scenario even worse. Even global     manufacturers suffered because of market uncertainty.

Rising     Inflation – In spite of various stimulus packages, unemployment support, and aids     by the federal governments, the overall retail markets had seen a grim     turnaround in 2021 because of lowered discretionary power of the customers     globally. Customers have little to no money, and this has greatly impacted     their spending behaviour with the online shopping remaining the only     option to make a purchase.

It’s     Safer to Buy Online – Due to the continued COVID precautions and the fear     of becoming a victim of the virus, people switched to online shopping     which allows them for no-contact deliveries, local pick-up and drop     options, easy online checkouts, and many flexible paying options. Retailers     suffered greatly as they failed to offer such flexibility and have no     infrastructure in place to support such initiatives.

Overall     Increase in Average Selling Price – Across the industries, a general trend     of increase in overall average selling price was pretty much noticeable     where the manufacturers shift their focus towards high-profit yielding     products. As a result, a dramatic upward increase in average selling price     was seen that is up by almost 25% for many products ultimately lowering the     overall demand.

Need     for Newer Point of Sale Options – The retailers across the industries needed to change their point of sale options     using the newest technology. As such, the retailers who failed to make     timely upgrades to their POS options were greatly impacted and suffered losses.    

Prophecies for Running A Successful Business in 2022!

With innovation in technology, many retailers who were able to implement timely changes to their overall operations have been able to see off a very challenging year 2021 and survived. Others unfortunately succumbed to the pressure and gave up. A never-say-die approach has become the need of the hour. It’s time to make amends in your business strategies and give them a new flight of air in year 2022. The question is what to do? Here are some top strategies to help the retailers modernize and innovate their businesses that will get them back into running a profitable business:

 ·         Hybrid Retail – Due to the dramatic shift in customers’ buying habits, it is high time to offer more convenient shopping options for an overall new shopping experience. Take your business online and consider opening many outlets for online sales.

·         Time for Automation – Try reducing the manpower by having machines work for humans. Embark on the use of technology, gadgets, and devices that can interact and interoperate to augment your operations.

·         Use the Power of Social Media – Collaborating with influencers, sharing vLogs, YouTube explainer videos, live streaming on Facebook, and posting Reels on Instagram is a great way to lure your customers.

·         Augmented Reality & AI – It’s time for robots being put to use to enable your customers interact with your brand and products virtually.

BNPL – Adding the buy now and pay later option will strengthen your brand value and help your customers avoid digging deep into their pockets.

Read more: Website designing in Indirapuram 

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The End of Klarna's Easy Money Is Bad News for BNPL

The End of Klarna’s Easy Money Is Bad News for BNPL

Sebastian Siemiatkowski, the cofounder and CEO of Klarna, looks slightly frayed down the barrel of his webcam as he explains over Google Meet why everything is fine at the fintech despite increasingly frenzied warnings of a looming recession. Klarna is a European heavyweight, currently the bloc’s most valuable private tech company. Since launching in 2005, the Swedish unicorn has become…

[financialplan]

Holiday home-makeover is easy with online stores like Amazon. But let no cash crunch come in between transforming your home. Fill up your cart without thinking twice. A BNPL plan will pay on your behalf. This article explains how.

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It's Wedding Season! Shop for all Necessities Stress Free with BNPL Shopping Deals on Leading Ecommerce Merchants

The Indian wedding season is about heavy ethnic wear, traditional jewelry, plenty of gifts, invitation cards, decor, food, and a bunch of events. The grim reality is that with celebrations comes financial stress. But you can drive away your woes with a BNPL shopping deal. This article explains how.

[buynowpaylaterfinancing]

You have finally decided to treat yourself with a new pair of shoes, the dress you saw the other day or a piece of furniture for your home. At first glance, Buy now pay later sites can be an attractive option as they allow you to shop now and make affordable monthly payments within certain limits.

In this article we will explain to you how BNPL works and give you some advice on shopping responsibly!