How Banks Can Ride The BNPL Trend (Ha Dao)

بازنشر افلاطون

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در سال 2021، «اکنون بخرید بعداً بپردازید» (BNPL) در سرتاسر جهان به کار گرفته شد. پلتفرم BNPL مستقر در دبی، Tabby 50 میلیون دلار در تامین مالی سری B خود جمع آوری کرد، غول اندونزی BNPL Kredivo با ادغام 2.5 میلیارد دلاری Spac وارد بورس شد، اپل در حال راه اندازی برنامه BNPL با Affirm است، و Square اخیرا بزرگترین خرید خود را با قیمت 29 میلیارد دلار اعلام کرد. برچسب برای Afterpay. همه این فعالیت‌ها در یک بازه زمانی یک هفته انجام شدند، که نشان‌دهنده رشد بالقوه این روش پرداخت جدید و رقابت شدیدی است که در انتظار آن است.

What’s BNPL?

با BNPL، خریداران این گزینه را دارند که در هنگام تسویه حساب، برای تامین مالی در نقطه فروش (POS) درخواست دهند و به آنها این امکان را می‌دهد که کل پرداخت را به چند دوره (بدون بهره) تقسیم کنند به جای اینکه همه چیز را از قبل پرداخت کنند. بسته به ارائه دهنده خدمات، مصرف کنندگان می توانند وام را به صورت ماهانه، نیمه ماهانه یا هفتگی بازپرداخت کنند.

تفاوت این روش با روش های سنتی تامین مالی POS چیست؟

On the surface, this payment method doesn’t sound like a new innovation as installment lending and layaway have existed for almost a century. Unlike the traditional POS financing methods, BNPL allows buyers to have full ownership of the purchased item and pay 0% interest rate. Additionally, the model focuses more on facilitating sales rather than “a customer’s ability to repay their loan”1 which is what the traditional credit model focuses on.

What’s the BNPL demographic and selling point to merchants?

با پرداخت‌های ثابت، بهره صفر در صورت پرداخت به موقع، و بدون کارمزد پنهان، BNPL یک گزینه پرداخت جذاب برای جمعیت جوان‌تر است که اغلب امتیازات اعتباری محدودی برای گزینه وام‌دهی سنتی دارند. ASIC تخمین می زند که 60٪ از کاربران BNPL بین 18 تا 34 سال سن دارند و 40٪ کمتر از 40 هزار دلار درآمد دارند.

From the merchants’ perspective, BNPL lifts conversion and sales by 20% while also increasing average order value by 60%.3 BNPL is a new approach that enables both sides of the transaction to win which enables BPNL providers to charge a higher fee, ranging from 3-6% (compared to 2.5% for a credit card transaction).

با توجه به محبوبیت آن، بسیاری از بازیکنان مانند صادرکنندگان، شبکه های کارت و فین تک ها سعی کرده اند بخشی از این پای را به دست آورند. همانطور که بازار شلوغ تر می شود، هر بازیکن بر انتخاب مدل کسب و کار مناسب برای ارائه خدمات خود تمرکز می کند.

چرا بانک ها باید اهمیت دهند؟

Incumbents are known for their risk averse mentality and often approach a new trend with a watch and see attitude. Despite its fast growth, BNPL still only represents a fraction of the overall payments market. This fact doesn’t necessarily mean incumbents should overlook BNPL; in fact, they should keep a close eye on its development as this trend could potentially eat into the bank’s core business.

The biggest examples are Affirm’s debit card along with Apple Pay’s BNPL launch. Earlier this year, Affirm unveiled its BNPL debit card that has a pay later option but functions like any other debit card. This move poses a risk to issuers because the offering will eat into incumbent’s card business as Affirm grows its user base. Additionally, as Karen from PYMNTS noted, Apple Pay threatens issuers more than fintech players since issuers would have to “pay a fee to Apple to erode their revolving business and disintermediate their relationship with the customer.”4

بانک ها چه کاری می توانند انجام دهند؟

There are multiple business models banks can choose to get involved with the BNPL space. Each option presents a different mix of costs, potential upside, time to market, business disruption, and customer segmentation. Understanding the fundamentals behind each model and assessing the banks’ own business objectives/drivers will facilitate the decision making process.

شکل 1: ارزیابی عوامل برای مدل های مختلف BNPL

ترازنامه خود را به شرکت های BNPL اجاره دهید: کراس ریور بانک در حال حاضر با ارائه ظرفیت تامین مالی Affirm بر روند BNPL با این مدل سوار است. این مدل ایمن است زیرا شرکت‌های BNPL اغلب پس از شروع آن وام‌ها را خریداری می‌کنند، اما همچنین سود بالقوه‌ای را که بانک‌ها می‌توانند کسب کنند، محدود می‌کند، زیرا کارمزد اغلب درصد کمی از کل منشاء است.
ادغام اقساط در کارت های اعتباری: Due to market pressure, banks are already offering installment options for their clients. In 2019, both Citi and J.P. Morgan launched new products that let customers pay off purchases through fixed payments (Citi Flex Pay & My Chase Plan). However, those fixed payments would still include interest rate, going against BNPL biggest selling point. A few weeks ago, Scotiabank introduced a different variation to the BNPL model by enabling its customers to pay off credit debt in fixed installment payments. Moving forward, other financial institutions might allow BNPL purchases by using their customers’ credit card balance. All of these BNPL variations could be a way for banks to get involved but this method wouldn’t be effective in targeting the main demographic for BNPL users who, in the Ascent survey, indicated that they want to avoid paying credit card interest (37%) and don’t want to use credit card (20%).5
یک شرکت BNPL را بدست آورید: Given the capital that has been injected into this segment over the past year, BNPL firms are being assigned at a hefty valuation. Affirm’s approximate ARR is $1M, representing a revenue multiple of 30x while Afterpay’s revenue multiple is 60x. These BNPL companies are being valued at a sizable multiple (note that the industry average for a SaaS company is around 16x and a bank is around 5x- BNPL companies share similarities to a lending business).6 It’s understandable considering that these fintechs are growing at a pace of 100% YoY and have a risk model that is “built on more than a billion data points”.7 The question remains on whether this growth is sustainable given the increase in competition and regulatory scrutiny.
شریک ساخت راه حل BNPL: Banks are known for their monolithic and antiquated technology stack that prevent them from providing the next gen customer experience and scaling rapidly to adapt to customers’ demand. Thus, partnering with a fintech infrastructure solution solves this problem as it allows fintech to find gaps in banks where they can support and accelerate the speed to market. One of the first firms to take this approach was Barclays, who decided to partner with Amount to bring a BNPL solution to the market later this year. However, many banks are hesitant to adopt this model as it could cannibalize its existing credit card business.

بانک ها چگونه می توانند بسیج شوند؟

To enter the market and compete with fintechs, banks should leverage their balance sheet and tap into existing customer networks. Incumbents have an advantage over fintechs with their large existing consumer and merchant base. For reference, back in 2006, ChasePaymentech’s customer base included more than 600k merchants. This number is significantly bigger compared to that of fintechs – Afterpay with 55k merchants, Affirm with 6k merchants, and Klarna with 250k merchants.8 Having an existing customer base will allow incumbents to cross sell their product and achieve economy of scales faster. Additionally, with their sizable balance sheets, banks can invest in their own BNPL product through a low cost insured deposit. This is a significant benefit comparing to fintechs who have to pay a higher fee for funding and are reliant on originating bank partners.

مک‌کینزی پیش‌بینی کرد که در 18 تا 24 ماه آینده، عقب‌مانده‌ها یا قادر به رقابت نخواهند بود یا برای ورود به بازار باید حق بیمه سنگینی بپردازند. بنابراین، سوال این نیست که آیا بانک‌ها باید گزینه BNPL را دنبال کنند، بلکه سوال این است که کدام گزینه؟ هیچ مدلی برای همه وجود ندارد زیرا هر بانک اهداف و محدودیت‌های متفاوتی دارد. شروع گفتگو و بحث در مورد عوامل متعددی مانند هزینه، افزایش بالقوه، زمان ورود به بازار، اختلال در کسب و کار و جمعیت شناسی مشتری اولین گام بانک ها برای شروع این سفر است.

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