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The concept of Buy Now Pay Later (BNPL) dates back to the 19th century when companies started offering installment plans to purchase heavy-priced goods like furniture. With advancements, things began to change, and now it is a widely adopted payment method.
The US Buy Now Pay Later market was valued at USD 1.64 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 24.3% from 2023 to 2030.
Millennials, followed by Gen X, are the most extensive user base of BNPL systems.
The BNPL market is forecasted to reach USD 33.4 billion by 2033.
In 2023, 40% of digital buyers exceeded user penetration, and this trend will continue in the near future.
BNPL has become renowned for combining credit flexibility with short-term repayment terms, digital shopping, and a seamless user experience.
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Credit cards are no longer in mainstream popularity. As consumers are looking for better alternatives and avoid accumulating debt, BNPL is emerging as the ideal choice.
Various economic, social, and political factors ensure an industry's exponential growth. Let’s analyze the factors behind BNPL’s growth.
Convenience is the most influential factor driving BNPL's growth. It allows consumers to purchase goods and services without having to pay the full amount in one go. Thus, it becomes an ideal choice for those in urgent need but are short on funds.
BNPL distributes the costs over time, making it easier for consumers to practice effective financial management.
Besides convenience, BNPL is in greater demand because of its wide adoption by young consumers. As stated above as well-
Millennials and Gen X (young generations) are the most extensive user base of BNPL systems.
BNPL apps like Afterpay are a better alternative to traditional methods for millennials and Gen X. This user category does not consider credit cards or debt a favorable payment method.
The changing scenario of the financial services industry is increasing the popularity of BNPL systems. Traditional credit organizations face heavy competition from new-age fintech businesses, which has opened up gates for new afterpay app players to enter the industry, leading to significant growth.
Several legal updates tend to alter the way an industry functions. More than this, it can lead to an industry's growth or downfall. Luckily, the latter did not happen to the BNPL. Regulatory and compliance changes have led to BNPL's positive growth.
The Consumer Financial Protection Bureau (CFPB) has played a crucial role in regulating the BNPL industry. These protection measures facilitate Afterpay app like Afterpay, increasing credibility. As a result, consumers trust on afterpay processes as a favorable payment option.
Several consumers need help understanding the terms and conditions of installment plans, which increases debt and hampers their financial management. Such events are hampering the industry's growth.
To tackle this, BNPL companies like Afterpay are focusing on consumer education and financial transparency. Consumers are getting clear and precise information on payment terms, late fees, or penalties
The more features are included in the Afterpay-like app development, the more likely the app will stand out. There must be tons of useful features for each user category.
Users can shop for a variety of goods using a single tap. The Afterpay clone app lets users shop online for top fashion, beauty, tech, and more brands! It provides real-time product availability and pricing updates for an easy shopping experience.
A digital Afterpay card enriches the shopping experience and offers benefits like discounts and specialized sales. Users can integrate the card with Google or Apple Wallet for contactless and secure payments.
It lets users manage personal and payment information, check spending limits, track payment dates, and manage orders. Setting up a user authentication system using Node.js increases app trust and user base.
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Users split purchase costs into no-interest payments and manage different installment plans and schedules. Payment gateway integration, PCI compliance, and installment scheduling are essentials.
Create a product wishlist for future purchases and visit the wishlist products whenever ready to purchase. The wishlist functionality increases user engagement and retention.
Set up push notifications as soon as the renowned brands start their sales. Users get price drop notifications on the desired products, payment reminders, special offers, and other updates.
Shoppers earn reward points for timely payments, benefits on payment dates, and exclusive offers. Real-time rewards increase user engagement and brand loyalty.
Plan and budget efficiently with the Afterpay clone app. The app calculates spending limits based on the user activity and payment history.
Ensure financial flexibility with a provision to reschedule payments, with automated notifications for updated reminders. This allows shoppers to shop at their convenience.
Expanding Customer Base: Favors young demographics by providing payment options over upfront costs.
Augmenting Sales Volume: Flexible payment methods and easy installments increase average order value as customers buy in large.
Enhancing Customer Loyalty: BNPL apps like Afterpay increase brand loyalty by providing transparent information, including order history and loyalty programs.
Minimizing Cart Abandonment: The facility to pay in installments reduces cart abandonment, which in turn increases conversions using last-minute discounts.
Competitive Advantage: Offering an easy payment solution allows the business to stand out and gain a larger competitive advantage.
Improved Cash Flow: The Afterpay clone app is a win-win for both merchants and shoppers, as the former receives payment in full and later can pay in installments.
Encouraging Higher Purchase Frequency: Consumers purchase frequently without having to pay the complete amount in one go.
Strengthening Brand Perception: A large customer base, customer loyalty, and competitive advantage improve brand perception.
Nothing goes right without effective market research. The foremost process of Afterpay clone development is to incorporate essential features, starting with detailed market research, including-
Details gathered from planning and conceptualization help in effective planning and conceptualization. These first two steps of the process help lay out the pathways for further steps, including designing and developing the app interface.
The team creates plans for designing UI/UX, developing app interfaces, and arranging resources to conceptualize these plans.
The designers start with creating the design derived from the plan. Including UI/UX design elements play a crucial role in defining the differentiating elements of the Afterpay clone.
Appealing app design and user interface must integrate with work accessibility. Before commencing the Afterpay clone app development, wireframe and prototype the app and check how users interact with it (usability testing).
The developers started working to impart codes in the mobile app. The development starts along with integrating e-commerce platforms, payment gateways and other required systems.
Provide real-time credit assessment with non-rigid repayment options and safe payment processing. A dedicated and easy-to-use dashboard tracks transactions and account management.
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It is the most essential step in the Afterpay like app development process. Testing and QA practices ensure whether there are any potential errors and the scope of improvements. If found, the designers and developers work again to improve the performance.
The testers apply various testing and QA checks such as:
The process is not done yet. Launching an app is equally important as designing and developing it. Developing a marketing plan includes a digital marketing plan on social media platforms.
More than launching the Afterpay clone app, it is important to keep it in the top search results. A team of digital marketers implements app store optimization techniques to increase the app’s popularity on the store.
The cost incurred on Afterpay clone development cost ranges from $15000 to $30000. However, various factors influence the cost to build an app like Afterpay. Let’s shed some light on those factors-
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Hope this guide answers the question - How to develop app like Afterpay? BNPL is thriving and new players are entering the industry every day. Don’t let the opportunity slip away; build apps like Afterpay before the BNPL industry achieves its maximum potential.
Suffescom Solutions is here to deliver promising BNPL App Development solutions. Tap the growth, utilize expert development practices, and maximize returns.
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