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Finance Platform Railsbank Enters BNPL Arena

buy now pay later
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Embedded financing platform Railsbank has launched a Buy Now, Pay Later (BNPL) tool that the company says will give retailers “a bigger share of the spoils.”

“Existing BNPL providers are branding their own offering which takes the customer away from the retailer’s original website and takes the customer away from their website,” the British company wrote on its blog on Thursday (January 14th). “Here they interact and feed, which means that the original seller misses out on a wide range of marketing opportunities.”

Meanwhile, Railsbank says its BNPL credit solution – initially available in Germany and the UK – allows retailers to offer fully integrated and integrated payment experiences.

“Our solution means that the retailer customer does not see the BNPL provider’s brand, but the brand they are buying from,” said Louisa Murray, COO of Railsbank’s UK and European operations.

“We want to remove distractions and allow retailers to maximize interaction with their users. We believe this is a unique offering in the UK and will be very popular in a number of different retail sectors including fashion, homeware, travel and sports.

The company said customers can use the Railsbank BNPL tool to split payments into up to 36 installments, while retailers can cancel their checkout flows, discover new opportunities for engagement during checkout and checkout, and link reward accounts.

Read more: Explore buy now, pay later, and digital fraud prevention methods

Railsbank notes that the BNPL market is expected to reach $3.5 trillion by 2030. As PYMNTS reported in our examination of the phenomenon last month, it’s easy to determine the attractiveness of BNPL: customers want products right away but can’t or can’t pay the full cost up front.

PYMNTS research shows that customers use this option for a wide variety of purchases, including household goods and furniture (42%), electronics (30%) and clothing (24%). These rates change with age. Apparel purchases accounted for 40% of Gen Z BNPL users’ purchases.

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