APEXX and Worldline have signed a long-term agreement to provide Buy Now, Pay Later (BNPL) services, as the payment vertical continues to expand at a rapid pace.
The strategic partnership between the two global payments firms will see Worldline leverage APEXX’s BNPL connect platforms to enable its international e-commerce merchants to access the service in over 40 markets.
Worldline intends to launch initially with several ‘leading BNPL providers’ to maximise its coverage and expand its offer throughout 2022, whilst the duo have also detailed plans to cooperate with regulators in order to ensure compliance with established lending requirements and standards.
Davide Polidori, Head of Growth at Worldline’s Digital Commerce, remarked: “The BNPL market has grown enormously, bringing simple, flexible and instant purchasing power to customers.
“We’re pleased to be able to bring BNPL Connect to our merchants soon, which allows them to offer a wide range of responsible financing BNPL solutions and a streamlined customer experience for customers globally.”
BNPL Connect was launched in March 2021 as APEXX recognised the increasing consumer, merchant and PSP demand for BNPL services. This year, Juniper Research predicted that BNPL services will reach $995 billion by 2026, particularly in the wake of the financial pressures of the COVID-19 pandemic.
The research firm further estimated that the number of users of BNPL services will exceed 1.5 billion in 2026 from 40 million in 2021, recommending that merchants begin to integrate BNPL offerings into their payments structure to avoid being left behind.
Addressing BNPL demand, APEXX’s solution allows merchants to use one API to access multiple BNPL solutions, whilst customers can choose different options to suit their financing preferences, with the aim of reducing time spent and costs for merchants and PSPs.
“We’re delighted to partner with one of the world’s leading payment technology companies on BNPL Connect,” said Rodney Bain, Chief Strategy Officer and Co-Founder at APEXX.
“The reception since we launched has been incredible and the addition of Worldline’s unrivalled group of merchants onto the platform demonstrates the surging popularity and growing significance of BNPL solutions in the global payment industry.”