For more than half a million South Africans, Buy Now, Pay Later (BNPL) has become a cashflow friendly budgeting tool that helps them get the most out of their money.
Now, local BNPL provider PayJustNow is helping struggling consumers stretch their rands even further by launching a Deals Page, which will allow customers to browse merchant offers and promotions straight from their website or app.
The new Deals page aims to help South African consumers get the best value from their purchases in the face of rocketing food prices and living costs, while driving traffic, awareness and revenues for local merchants, says PayJustNow CEO Craig Newborn. Customers can view deals while logged into their accounts and shop the deal directly.
“Consumers have been battered by rising interest rates and inflation over the past couple of years, which has seen them cutting back on their discretionary spending to make sure they have enough money for the essentials. As a result, we’re seeing a clear shift in spending behaviour, with more people than ever looking to take advantage of promotions and discounts,” said Newborn.
Merchants are already queuing up to take advantage of this new feature to gain new customers and help their current customers fulfil bigger ticket purchases despite tighter budgets, allowing shoppers to spread the cost of these bigger purchases across three months interest and fee free, while receiving the goods immediately. Loadshedding essentials including inverters, gas braais and cylinders, beds, and home improvement products including appliances, TV’s and furniture are some of the promotional products that PayJustNow customers already have exclusive access to.
PayJustNow did a soft launch of the Deals Page in December and January, and is forecasting significant month on month growth, offering considerable increases in brand exposure, turnover and sales to participating retailers.
With these innovations BNPL is here to stay. “We’re seeing our audience grow by an average of 26% monthly, thanks to more shoppers choosing BNPL as their preferred payment method. By appealing to responsible repeat shoppers, we lead industry approval rates with high conversions and an average incremental sales boost of 24%,” said Newborn.