Firms are launching innovative BNPL products to cater varied customers needs

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Juni, in June 2023, announced that the firm is introducing a new product Juni Invoices, which revolves around the concept of buy media pay later. The deferred payment solution is designed to streamline the handling of media invoices for e-commerce businesses. This will subsequently help the firm in attracting more customers.

• Juni Invoices will enable online retailers to choose between 30, 60, and 90 extra days to make media-related payments. With a major portion of the revenue getting spent on advertisement, Juni Invoices will enable businesses to better manage their finances to accelerate growth.

According to Juni, the firm’s European customers spent 63.5% of their total budget on advertisement in Q1 2023. As a result, PayNXT360 expects a high adoption rate for Juni Invoices in the European market from the short to medium-term perspective, accelerating the business growth. Juni Invoices is programmed for auto-collecting and scanning invoices through Google and Facebook Ads integration. The system has been designed to auto match each invoice with the respective transaction, which can potentially reduce the processing time substantially.

The firm is focused on solving the major pain points faced by its customers. Consequently, going forward, PayNXT360 expects the firm to add more features to Juni Invoices, including inventory financing and automations. This will further create value for customers, thereby driving the adoption of the BNPL-like product.

• Magic Eden, one of the leading NFT marketplaces, announced that the firm had entered into a collaboration with Robox, the leverage trading platform, in May 2023.  As part of the collaboration, the two firms have launched a new BNPL feature for NFT purchases. The scheme will enable Robox traders to purchase Solana NFTs on Magic Eden with 30% down payment. For the duration of the loan, the BNPL scheme will freeze the selected NFT into the holder’s wallet. However, they will continue to enjoy the benefits, including private Discord access and others.

The BNPL product launched by Magic Eden and Robox differs slightly when compared to lending platforms, such as the one offered by Binance and Blur. It is targeted towards those that are reluctant to take the plunge in the digital asset space, as they can trial it for a fraction of the total value using the deferred payment service.

The BNPL scheme offers three options to NFT holders. First, they can repay the loan along with interest to unfreeze the NFT. Second, they can sell the NFT and pay the remaining loan. Third, they can disagree to the term, which will see Robox platform auto-sell the NFT to recoup the funds.

• FuelBuddy, the doorstep fuel delivery startup based in India, has entered into a strategic collaboration with a banking institution to launch a BNPL product. The service will enable customers to make diesel purchase on credit at zero-cost with a 22-day repayment schedule. The launch of the innovative product is aimed at boosting the market presence, while also achieving higher sales in the domestic and the international market. In India, the firm has a presence in 180 cities and has achieved a monthly delivery volume of 7 to 7.5 million across all operating cities.

To achieve higher profits and sustained growth, the firm is seeking to expand its international presence. In April 2023, FuelBuddy entered into the UAE and Mozambique market. FuelBuddy and the BNPL product launched by the firm is a first of its kind in the Indian market. The domestic oil industry has always relied on petrol pumps to act as financier and money lenders.