The following is an excerpt from today’s Global Newsletter.
This morning’s featured news is from *cough* sorry, is from Amazon, who partnered with Affirm to offer *cough* wow, sorry again… just a second…
*Ahem, whoooooahhh, COUGH*
There we go. Wow, that smoke is really hitting all of the wrong places this morning.
Right, where was I? Oh yes, Amazon partnered with Affirm to offer BNPL to their North American customers. Any purchase over $50 qualifies for a 0% annual rate BNPL option. This is an FBD (“really” big deal, in fintech-speak).
It did not take us long to expect BNPL options with our digital purchasing activities. For example, regardless of whether or not I have disposable income to cover non-staple purchases, I seek out the BNPL providers to keep my savings in my accounts longer and spread out the purchase pain over several months. Is it partly to improve my chances of avoiding buyer’s guilt? Maybe.
No matter the motivation, it just makes sense for consumers, and vendors will likely tack on the expected fees to the selling price to recoup their side of the cost, much like they have done with Visa/Mastercard et al., for years.
LatAm: Nubank’s ‘little boxes’ onboard 1 million users in Mexico Nubank reached the mark of 1 million active users in Mexico just one month after launching its savings accounts product in the country. The bank will also launch a Mexican debit card for customers to withdraw cash from ATMs.
John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada's first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.