August 13, 2022

Black Friday Payments Data Shows Increase in BNPL Usage

There was a 51% increase in the use of BNPL payment methods in Europe during Black Friday, Cyber ​​Week and Cyber ​​Monday compared to the previous year, according to data from Mollie.

Payment service provider Mollie analyzed data from over 125,000 merchants across Europe, mainly in Germany, UK, France, Netherlands and Belgium.

The results show that buying now, paying later is still the way to pay. After seeing BNPL more than double in the crucial retail week of 2019-2020, this year the rise has continued at a significant, albeit reduced, pace.

PayPal CEO Dan Schulman told CNBC this week that the company’s BNPL service on Black Friday saw volume increase 400% from the previous year.

Meanwhile, Mollie’s research shows small and medium-sized traders across Europe experienced a 102% increase in overall transaction volume on Black Friday compared to the previous Friday, demonstrating that the event was not about not just behemoths like Amazon.

For Cyber ​​Monday, there was a 16% increase in overall trading volume compared to the previous Monday.

The times of the highest trading volumes during Black Friday differed by country. In Germany, the key purchase period was 11:00 a.m. to 12:00 p.m., in France from 7:00 p.m. to 8:00 p.m., in the Netherlands from 1:00 p.m. to 2:00 p.m. and in Belgium from 4:00 p.m. to 5:00 p.m.

Average transaction volumes and values ​​increased in clothing, footwear and accessories, home electronics and sporting goods. But sporting goods were the “star” of Black Friday this year, seeing an eight-fold average increase in the transaction value of clothing, footwear and accessories.

“Data from last year hinted at the rapid growth in buy-it-now and subsequent payment methods for small and medium-sized merchants. Our 2021 data shows strong and significant growth, driven by the flexibility and choice that BNPL offers to consumers, ”said Ken Serdons, Commercial Director of Mollie.

In the US market, Paypal celebrated the success of its BNPL offering over Thanksgiving weekend, reporting 750,000 transactions on Black Friday with volumes up 400% year over year.

Source link