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January 11, 2022

XRPayNet to debut BNPL offering in crypto space

By Shalini mani

XRPayNet, cryptocurrency built on the XRP Ledger, is set to debut buy now, pay later (BNPL) options in the crypto space, seeking to take on major BNPL players including Klarna and AfterPay.

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.

The firm is developing an app that will offer an interface for micropayments processed by the XRP ledger to provide low transaction costs and increased speed.

This app will provide a payment interface for digital and instore transactions in retail environments and enable business-to-consumer (B2C) payments.

It will also feature built-in solutions for direct payments as well as BNPL service.

The company said: “We aim to capture and overcome the current needs of real-life and on-demand crypto payment systems that are increasingly demanded by people and businesses across the globe.”

According to XRPayNet, it is targeting the digital and in-store payments, peer-to-peer transactions and enterprise-to-consumer payment markets. p

Latest developments in the BNPL space

Recently, Latitude, Australia-based digital payments, and lending firm, revealed its intention to buy Humm’s consumer business, consisting of BNPL, instalments, and cards, for $241.8m.

In December 2021, the US Consumer Financial Protection Bureau launched an investigation into BNPL credit and ordered five major BNPL firms to submit data on the risks and benefits of their services.

The same month, a report by Reuters said that Australia is weighing new regulations to control cryptocurrency exchanges, digital wallets and BNPL firms in the country.

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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