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May 5, 2022

Alchemy launches BNPL solution for retailers

Embedded financing software firm Alchemy has launched a buy-now-pay-later (BNPL) lending platform, which the company says will turn retailers into fintechs.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Alchemy’s BNPL solution is designed to integrate with major e-commerce platforms and sales and CRM tools including HubSpot and Salesforce.

It enables merchants to process down payments and instalment payments using their existing payment providers.

The solution provides merchants with an individual portal, which will offer them visibility into their entire BNPL portfolio. Merchants can access the portal to browse all BNPL clients, total payments collected, and outstanding balances among other things.  

Furthermore, the platform will allow to customers access their payment information, and understand their remaining obligations.

They will also be able to add additional bank accounts, and credit cards to further process their remaining instalment payments.

The solution also offers passive identity verification to verify the identity of online consumers. This process only requires personally identifiable information such as name, address, phone number and email to verify the consumer’s identity.

BNPL, which allows merchants and small businesses to sell their products and services without accepting the full payment at checkout, is gaining traction globally.

Last month, Singapore-based cross-border payments platform Thunes forged an alliance with Clearpay to provide BNPL options to its merchant network, payment service providers and marketplace partners.

This March, Switzerland-based ZoodPay announced a partnership with Network International to rollout BNPL solutions for the latter’s merchant network in Jordan.

In January, XRPayNet, a cryptocurrency built on the XRP Ledger, revealed plans to debut BNPL in the crypto space, seeking to take on major BNPL players including Klarna and AfterPay.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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