By FintechNews staff
-Fintech unicorn and leading payment processor, Mollie, reveals trends for small and medium-sized merchants during Black Friday, Cyber Week and Cyber Monday The data shows that Buy Now, Pay Later (BNPL) purchases are rocketing in popularity.
-Payment service provider Mollie analysed data from more than 125,000 merchants across Europe, primarily from Germany, UK, France, the Netherlands and Belgium.
Payment methods and merchant performance
- Payment by BNPL methods more than doubled from 2019 to 2020. This year, BNPL usage increased by 51% for online purchases.
- Small and medium-sized merchants across Europe experienced a 102% increase in the overall volume of transactions on Black Friday versus the Friday prior.
- For Cyber Monday, there was an increase of 16% in the overall volume of transactions versus the Monday before.
- Average transaction volumes and values increased in clothing, shoes and accessories, home electronics and sporting goods categories.
- Sporting goods was the ‘star’ of this year’s Black Friday, experiencing eight times the average transaction value increase of clothing, shoes and accessories.
“Last year’s data hinted at the rapid growth of Buy Now, Pay Later methods for small and medium-sized merchants. Our 2021 data shows strong, meaningful growth, driven by the flexibility and choice BNPL offers consumers,” said Ken Serdons, Chief Commercial Officer at Mollie.
-PayPal CEO Dan Schulman told CNBC this week that the firm’s BNPL service on Black Friday saw volume up by 400% on the previous year.