Apple’s entry into the market will help boost e-commerce adoption by hesitant consumers
Apple’s entry into the buy now pay later market has shone the light on a sector that players in SA hope will bring more consumers into the world of e-commerce.
The model has been applied for about eight years for instance in the UK and Australia, where it has more than 11-million users. Prosus, through its financial technology unit PayU, invested in the business model, particularly in India. Apple created a buzz around the business model, which resulted in US buy-now-pay-later provider Affirm’s stock losing more than a fifth of its value since the announcement on June 6 at the iPhone market World Wide Developers Conference. Analysts suspect that Apple will take up a large part of the market.
As e-commerce has grown in SA, so has Payflex’s business, CEO Paul Behrmann says, admitting that it was tough to get the company off the ground. He credits the pandemic for providing a boost. “Buy now pay later in SA is starting to become a better understood product. We see more customers taking it up every day, and as a product I think it will sit forever in customers’ wallets as an option that allows them to avoid getting into debt.
Behrmann says consumers making use of buy now pay later tend to be those who already have access to credit cards or other forms of unsecured funding.
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