The news: Revolut began rolling out its buy now, pay later (BNPL) product across Europe, starting with Ireland, per the Independent.
Here’s how it works: Revolut Pay Later doesn’t require a partnership between retailers and the neobank; it’s integrated into the cards section of Revolut’s app.
Trendspotting: In Europe, BNPL growth is surging. The payment method is expected to make up 13.6% of transactions in the region by 2024, up from 7.4% in 2020, per FIS.
Challenger banks, incumbents, and Big Tech firms are piling in to grab a slice of the lucrative market:
Will it succeed? BNPL could be a massive market opportunity if Revolut can harness its large and engaged customer base.
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