BNPL
New credit, new customers
Across the markets of the future, Buy Now, Pay Later is on a steady and reliable trajectory. In the years to come, we expect BNPL to hold firm in countries like Brazil and Kenya (at 7% and 21% to 2028 respectively), while Vietnam, Indonesia and Peru are likely to see an uptick. Vietnam leads the pack, with BNPL growth forecast to climb from 20% in 2026 to almost 25% by 2028.
Credit is part of checkout
BNPL caters to shoppers who are familiar with paying over time, or who aren't able to pay in one shot. It gives them the credit line they need to complete a purchase. In Latin America, it's such a longstanding part of consumer culture, normal even for small everyday purchases, that shoppers would be surprised if it wasn't available as a checkout option.
The same pattern is emerging elsewhere.
In Egypt, ValU reached 11.5% of one of our retail merchant's total traffic within three months of launch.
In South Africa, Payflex
accounted for 20% of total
traffic by month four.
Offering more than one BNPL provider can extend this reach further. Each BNPL comes with its own credit line, and some shoppers need access to more than one to complete a purchase. Moreover, many times, these BNPLs cater to different customer segments, and so having just one option is not enough to cover the whole pool of potential customers.
Merchants who offer multiple providers catch those users who'd otherwise fall through the gap and continue adding incremental users. When one of our retail merchants in Mexico added Didi Paga Después alongside Kueski, Didi reached an entirely new pool of shoppers Kueski hadn't, driving 30% incremental new users.
A different route to credit
BNPL might be the new go-to way to split a purchase into payments across the Western world. In emerging markets, however, shoppers have long had a version of this built into their credit cards, which let them pay in installments for even everyday, small-value purchases.
BNPL is now expanding on that model, offering the same flexibility without requiring a card, or enough credit on one, and using alternative data to reach shoppers who might otherwise be excluded.
Saudi Arabia leads this group at 11%, followed by Egypt and Indonesia.
Turning credit into conversion
Giving people more time to pay can change what happens at checkout. A purchase that felt too expensive today becomes manageable, opening up a few clear advantages for merchants.
- 01
Allowing for bigger baskets
Giving shoppers the option to spread cost over time makes it easier for them to commit to large purchases.
- 02
Drawing new buyers
Over 500M people in emerging markets sit outside traditional credit systems. This means that a large share of BNPL shoppers are people who wouldn't have completed their purchase.
- 03
Reducing abandoned carts
Without an installment option at checkout, up to 66% of carts get abandoned. BNPL offers a useful alternative at a critical point in the payment process.
- 04
Offering low merchant risk
BNPL providers typically absorb the credit and fraud risk, while the merchant still gets paid upfront.
There’s also more to BNPL than connecting shoppers with credit. For us, aggregation is the floor, not the ceiling. We're layering on top of it, enhancing payment methods with the data credit providers need to lend smarter. That's how we turn BNPL into something more transparent and more reliable, and ultimately, into higher conversion for merchants.