Consumers are Happier with Digital Wallets vs. Legacy Payment Providers
- Ecosystem Vision
- Macro Trend Leverage
Last week we explored how PayPal was making inroads into Square’s ecosystem dominance thanks to improvements in its Venmo platform.Now, we’re unpacking the major trends driving digital wallet usage higher, including a shift to Buy Now Pay Later (BNPL) services vs. traditional credit cards.
PayPal offers a Pay in 4 option on its namesake platform and has expressed plans to expand BNPL functionality to Venmo in 2020. But so far BNPL functionality on Venmo remains to be seen. However, it’s clear the company is serious about the service. Last month PayPal announced plans to purchase Japanese BNPL firm Paidy for $2.7 billion.