Newcomer into the payment methods mix, Buy Now, Pay by the Middle of the Next Month🧐
eBay is introducing a new payment method in collaboration with Riverty, first available for shoppers in Germany, before rolling this out more widely in early 2025. The method is called ”monthly invoice” and is essentially a way for shoppers to differ payments for their purchase. All purchases made during a given month are compiled into one invoice and the shoppers have until the middle of the month to pay the invoice.
The platform already accepts various payment methods i.e. cards, ApplePay, GooglePay, PayPal, Venmo. The new payment method addition is in effect a form of credit or micro-loan extended to the shoppers as they have a short-term window to make purchases, with the payment terms being deferred until a designated due date.
The typical BNPL model (such as Klarna or Afterpay) allow shoppers to split payments over several instalments, often spread across a few weeks or months, usually with zero or low-interest costs.
The new payment method on eBay does not impact how sellers receive their payments. Sellers will continue to get paid according to the same payout schedules they are accustomed to, with no changes to the timing or process of receiving their funds.
The market perception of Buy Now, Pay Later (BNPL) services is quite balanced. On one hand, BNPL has gained popularity for offering convenient and flexible payment options that allow consumers to make purchases without upfront payments. On the other hand, there has been increasing scrutiny from regulators and consumer advocates due to concerns about rising debt levels, lack of regulation, and potential financial harm to consumers who may overextend themselves. This dual perspective reflects both the appeal of BNPL as a payment solution and the challenges it presents in terms of consumer protection and financial stability.
The global BNPL market was valued at $30.38 billion in 2023 and is projected to grow to $167.58 billion by 2032 (Financial Times)
👉🏽hashtag#Paymentexperts, any perspectives to share on hashtag#online vs hashtag#offline hashtag#payments and hashtag#transactions🎤?
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