Buy Now, Pay Later (BNPL) is no longer just about giving shoppers more ways to pay. According to PayJustNow, the sector is evolving into a tool for product discovery, customer acquisition and long-term retail growth.
Greg van der Riet, chief commercial officer at PayJustNow. (Image supplied)
The company argues that BNPL providers are evolving into broader retail ecosystems that combine shopping, payments and financial services, creating new opportunities for merchants to attract and retain customers.
From the payment method to the online store, BNPL platforms are increasingly marketing themselves as shopping destinations that link customers with retailers before they even begin to construct a basket, as opposed to acting as a payment button at the conclusion of a transaction.
"The payment remains important, but it is becoming one part of a much broader relationship," says Greg van der Riet, chief commercial officer at PayJustNow.
He says retailers should consider whether their BNPL provider can help introduce relevant shoppers to their brands and encourage repeat purchases, rather than focusing solely on payment flexibility.
Customer acquisition becomes part of the value proposition
PayJustNow points to international players as evidence of where the market is heading.
Platforms such as Klarna have expanded into product discovery, price comparison and membership benefits, including cashback and travel insurance, while Affirm offers a shopping app that helps customers discover retailers and promotions alongside its payment services.
According to PayJustNow, these developments signal a shift in the competitive landscape, with BNPL providers increasingly competing for consumer attention long before checkout.
On its own platform, the company says it has 4.4 million registered consumers with a combined R26bn in available spending across its pay in Pay in 3 and Pay in 12 payment products.
It processes more than 21,000 transactions each day, reports an 88% repeat customer rate and works across more than 17,000 online and physical retail points of presence.
The company also says its platform generates around 165 million monthly impressions and four million clicks that direct shoppers to participating retailers and promotional offers.
According to PayJustNow, merchants using the platform have also seen retail basket sizes increase by around 30%.
Expanding into financial services
PayJustNow is also broadening its offering beyond flexible payments by introducing additional financial products through Finchoice, including term loans, cash facilities and insurance.
The company says customers typically begin with a conservative spending limit through BNPL. As they build a repayment history, real-time data and risk assessments are used to determine whether they may qualify for additional financial products.
"We use repayment behaviour, real-time data and risk assessment to determine which additional products may be appropriate for each customer," says van der Riet.
"Access develops in line with demonstrated behaviour, while customers retain a clear view of what they owe and when payments are due."
BNPL's next chapter
As competition in retail intensifies, PayJustNow believes merchants will increasingly evaluate BNPL providers not only on payment functionality but also on their ability to drive customer demand.
The company argues that the next generation of BNPL platforms will combine product discovery, payments, customer engagement and financial services while maintaining responsible lending practices that support long-term consumer trust.
