Diversify payment methods says global report
Buy Now, Pay Later is projected to grow faster than any other method of payment in New Zealand over the next four years, according to a new report released today from financial technology leader FIS® (NYSE: FIS). The annual Global Payments Report by Worldpay from FIS, which examines current and future payments trends across 41 countries, found that global trends in digital commerce accelerated under the pandemic, pushing many nations much closer to becoming predominantly cashless markets. eCommerce Trends With New Zealand’s eCommerce market continuing to grow amid the pandemic, the FIS report found: Analysis in the report forecasts rapid growth of BNPL transactions over the next four years, as new players enter the market. The explosion of BNPL could have significant consequences for eCommerce credit card transactions, projected to decrease from 37.6 percent in 2019 to 22.8 percent in 2024. eCommerce is projected to grow from $5bn in 2020 to $7bn in 2024, an increase of 40 perc...