Payflex report: South African customers recommend BNPL rather than banks

Monday 9 May 2022 12:08 CET | News

BNPL fintech Payflex has conducted a new survey counting for over 7,300 customers to find out payment preferences in South African market.
According to the company’s CEO, customers like the convenience of making installment payments for goods at zero interests, and will prefer Buy Now, Pay Later (BNPL) services as opposed to regular banking services. Being able to use their goods immediately without paying for them fully upfront is the main reason why South African clients prefer BNPL.

Payflex is one of the fintechs offering BNPL services in a rapidly growing market across South Africa. The company’s customers can register in a matter of seconds and can pay using their Visa, Mastercard, or Amex card. 

Payflex was recently acquired by global BNPL company Zip, with over 11.4 million customers worldwide, hoping to expand its customer base and introduce new benefits to the African consumers. The latter is available at over 1,500 online merchants and is expanding into the physical retail space, through a pilot project.

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Keywords: BNPL, research, mobile banking, credit card
Categories: Payments & Commerce
Companies: Payflex
Countries: Somalia, South Africa
This article is part of category

Payments & Commerce


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