Visa Plans BNPL Option for Small Businesses as Digital Payments Gain Steam
Visa is working with working capital platform Fundbox on digital payments and will introduce a buy now, pay later (BNPL) option for small businesses, plus other flexible payment products, it said Tuesday. “Small businesses that embrace digital tools tend to…
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be more resilient and better able to compete,” said Visa Chief Product Officer Jack Forestell. A Visa survey said 73% of small businesses see accepting new forms of payments as fundamental to their business growth; 59% said they already are, or plan to, use only digital payments within the next two years. EMarketer predicts (see 2202250039) BNPL users will grow 31.4% this holiday season vs. 2021, adding 14.2 million U.S. users. A Bizrate Insights report said 9% of in-store shoppers used BNPL in February, up from 6% a year ago.