View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 1, 2021

Laybuy rolls out buy now pay later app for UK customers

Buy now pay later (BNPL) player Laybuy has launched an app, enabling customers in the UK to make payments in six instalments at 5,000 retail brands.

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.

App users can make the instalment payments at zero interest at Amazon, eBay, Asos and Nike, among others.

Laybuy’s app has a built-in ‘shop directory’, which shoppers can visit to choose the retailer they want to shop with.

The retailer’s website will then load up as normal within the Laybuy app.

While making payments, users’ details will be automatically generated enabling them to pay in instalments.

This development comes shortly after the firm’s digital BNPL card launch in the UK, enabling customers to use Laybuy for contactless payment in-store.

Launched through a tie-up with Mastercard, the card can be loaded into users’ digital wallets.

Laybuy managing director and co-founder Gary Rohloff said: “Today’s launch is a significant step towards Laybuy’s goal of making Laybuy available everywhere.

“Not all shops accept BNPL or often it’s a different provider. This is a real game changer and means Laybuy will soon be available in the UK at more than 5000 brands.”

Laybuy started in New Zealand and launched in the UK through an alliance with Footasylum.

Earlier this year, the firm completed $25.7m (A$35m) placement from new and existing institutional investors to accelerate growth in the UK.

The BNPL market is a booming sector, with several players grappling for space.

Earlier this month, Square agreed to acquire Australian BNPL fintech Afterpay in an all-stock deal valued at around $29bn (A$39bn).

The San Francisco-based digital payments firm plans to integrate Afterpay into its existing Seller and Cash App business units.

Also, recently, Citi Australia entered the BNPL space with the launch of its new offering, dubbed Spot. Buy Now Pay Later.

On the other hand, Apple recently joined forces with Affirm’s PayBright to launch a BNPL offering in Canada.

 

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International