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July 18, 2019

Mercari launches instant pay feature for online sellers

Selling app Mercari has launched a new feature, which will enable online sellers to cash out instantly.

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  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
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  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
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Through the new Instant Pay feature, sellers can transfer their balance instantly to a bank account. They will be charged $2 as processing fee.

The amount that can be transferred on a monthly basis is capped at $500.

Mercari claims to be the first online marketplace to provide the feature.

Traditionally, processing for such payments takes three to five days to complete.

In this context, Mercari cited a study that found US households having over 5.3 billion items collectively worth $93bn that are not used.

Mercari US CEO John Lagerling said: “Mercari is on a mission to make selling easier than buying — and now with Instant Pay, we’re making it easier to get paid, too.

“Mercari’s sellers are real people; they shouldn’t be limited by banking standards that were built for businesses. So we’ve changed the model from five days to five minutes.”

For eligibility, sellers need to conduct a pre-registration/verification of identity process.

Through this process, sellers can obtain a Mercari ID Check badge.

Lagerling added: “We created ID Check to further improve trust among our community members by inviting them to undergo a voluntary verification process.”

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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