Australian public hearing considers case for regulatory controls to ensure payment apps get access to smartphone NFC technology nfcw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nfcw.com Daily Mail and Mail on Sunday newspapers.
This story features AFTERPAY LIMITED, and other companies. For more info SHARE ANALYSIS: APT
While the struggle continues for BNPL supremacy across three continents, the Afterpay revenue model evolves and the spectre of PayPal looms large.
-How the large BNPL players are faring in Australia, UK and the US
-Will it be first-mover advantage, a duopoly or an oligopoly?
-Comparison between PayPal and Afterpay
-Has there been a revolution in Afterpay’s revenue model?
-Survey results show BNPL may be detrimental for some customers
By Mark Woodruff
Before leaving Australia, on a virtual tour for travel-starved readers, we initially find that Afterpay ((APT)) holds the position as market leader in the domestic market for BNPL. It is the most downloaded, frequently used app, with the most traffic and unique visitors to the site.
Mozo s 2021 Buy Now Pay Later Report: Aussies have a new go-to for their biggest purchases mozo.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mozo.com.au Daily Mail and Mail on Sunday newspapers.
Checked for accuracy by our qualified fact-checkers and verifiers. Find out more about fact-checking at CHOICE. Need to know
Financial counsellors say the number of vulnerable customers getting into financial difficulty with BNPL is on the rise
Many customers have multiple BNPL accounts
Some customers are using payday loans to cover BNPL debts
For Leash Sullivan, a 34-year-old single mother who lives in the suburbs of Adelaide, the last year has been tough. She works in hospitality and events and saw her hours greatly reduced during the coronavirus pandemic, which meant she increasingly had to rely on government support payments through JobSeeker.
Buy Now Pay Later versus credit cards: Which one is right for me? Tuesday, 25 May 2021
The buzz around buying now and paying later is loud right now: according to Mozo’s research, 5.8 million Australians had a Buy Now Pay Later (BNPL) account in 2020.
That’s 30% of the population!
Of this growing number of users in Australia, statistics from the RBA show that over half are under 40. Illion’s 2020 Credit Card Nation report illustrates this too - summarising that the Buy Now Pay Later market is dominated by under-35s and that over 50s make up only 15% of it.
The report suggests that while younger Australians have been more willing to embrace BNPL later services, Gen X and Boomers have largely stuck with credit cards. Now we know these are generalisations. The truth is you might be a Millennial who has stuck with your credit card, or you could be a Gen X or Boomer ready to take the leap to Buy Now Pay Later.