Buy Now, Pay Later: Introducing @Pay

medium.com4m ago

Many regard TV infomercials touting payment plans as a relic of the past in a digital world. However, the model of paying in installments continues to remain popular thanks to buy now, pay later (BNPL) services helping consumers break up large purchases. @Pay is the first buy now, pay later (BNPL) platform in the World using blockchain, smart contracts and ability to stake stable coins.

Customer-focused offers to divide purchases into smaller installments have dominated recent marketing trends. June research from Competiscan revealed a 530% increase in BNPL email marketing over the last year.

Companies building within the industry have enjoyed massive growth. London-based BNPL company Zilch announced a $110 million funding round in November — bringing total company value to $2 billion.

The enticing payment model now enters the booming decentralized finance (DeFi) world with @Pay, the first BNPL protocol built on blockchain technology and smart contracts. Founded in 2020 in Sydney Australia, @Pay is a unique first of its kind global decentralized platform creating payment solutions for shoppers, merchants, and marketplaces while empowering responsible spending and financial wellness.

Understanding The First DeFi-based BNPL Platform

@Pay users can BNPL without interest or late fees by splitting repayments into four installments over a three month period for both online and in-store purchases. The only expense is a $6 account administration fee from the @Pay platform until purchase repayment is made in full.

The protocol empowers prudent financial practices by rewarding users who successfully repay purchases with utility-rich @Pay governance tokens. @Pay token holders can leverage their digital assets to buy into higher credit limits, transact with merchants in the @Pay marketplace, and participate in the voting process to shape the future of the entire ecosystem.

Additionally, users can stake approved stablecoins (including Tether, USD Coin, DAI, and Binance USA) to help fund the extension of BNPL funds by forming a lending pool. Stakers collect a variable yield and receive the @Pay governance token for their efforts.

People interested in taking advantage of @Pay’s unique platform and leveraging the benefits of the BNPL model only have to follow a few steps. Prospective users sign up directly through the @Pay app or a valid digital wallet, input an email address, and

submit an application for credit.

Application approval results in up to $250 in credit, allowing the new user to utilize the @Pay service and receive governance tokens upon repayment. Any repurchase amount repaid by the user then becomes available once again for use.

Subject to transaction and repayment history, users can increase their credit limit up to $1,200.

Numerous Benefits For Consumers, Merchants, and Wallets

Connected @Pay merchants benefit as they have a potential customer base who are ready to spend. Merchants also maintain the ability to use @Pay tokens as incentives to drive in customers and can take advantage of the platform’s interface that enables crypto to fiat swaps.

Partner wallets can use allocated @Pay tokens as an incentive to attract new users and potentially earn commission on @Pay user transactions.

The BNPL model provides significant advantages for merchants by mitigating credit risk, opening up access to greater amounts of customers, and increasing the possibilities of larger transaction sizes. Customers benefit by gaining leverage for larger ticket items and potentially paying lower fees than other credit products.

As the BNPL industry continues to grow in scope, the DeFi-based @Pay protocol offers significant cost savings to traditional BNPL products, a robust ecosystem for shoppers and merchants, all within an ecosystem rewarding financial responsibility.

Those interested in learning more about @Pay can visit the project’s website, read the @Pay whitepaper, and follow the company on Twitter and Instagram.