Fast and Future-Proof: The Plot Twists Driving BNPL Technology Needs Before we jump into the features of future-proof BNPL lending technology, let’s cover some of the key industry factors that play a heavy role in determining these needs: 1. It’s growing, fast. It’s estimated that BNPL borrowing will grow by 400% 1 over the next few years. It’s also a direct competitor to credit cards with BNPL providers’ eyes set on taking a bite out of the $8 trillion 2 industry. This combination means one thing: competition. The hungry startups see the size of the opportunity and want to be a part of the disruption. The credit card giants, in fear of losing customers, are moving to create their own solutions to prevent churn. 2. Legislation is looming. If there’s one thing with a terrible reputation for stopping innovation and disruption in its tracks, it’s legislation. But legislation, when it comes to protecting the financial well-being of your customers, is essential for a healthy and trustworthy industry. While some countries are further ahead on the legislation roadmap, like Australia and the UK for example, we still don’t have clear details on what legislation will look like around the globe. However, that doesn’t stop you from preparing your technology to support stricter lending rules.
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