So what are the hallmarks of BNPL 3.0? One of the most exciting evolutions is the expansion into new markets like B2B and cross-border payments, automotive loans and repairs, medical expenses, and even charitable giving. Another defining feature will be the revised protections for consumers that come with regulation. There may be fees for usage, there may be stricter lending parameters, and there may be late payment penalties or interest. On the flip side, we’re already starting to see that BNPL financing can help consumers’ credit scores - some of the major bureaus are beginning to take these loans into account. And this will continue to help boost financial inclusion and financial standing, along with the impending consumer protections. At its core, this is the opportunity for providers to open new lines of business, reach new customers, collaborate with competitors, and finally pivot to profitability. Read on for strategies to get your business on the path to profitability.
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