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2021-08-02

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The buy now, pay later wave: Afterpay, Klarna, Affirm and rivals hope to take U.S. by storm<blockquote>先买后付浪潮：Afterpay、Klarna、Affirm和竞争对手希望席卷美国</blockquote>

A new form of online layway purchases has proved popular in Europe and found acceptance in the U.S.

The buy now, pay later wave: Afterpay, Klarna, Affirm and rivals hope to take U.S. by storm<blockquote>先买后付浪潮：Afterpay、Klarna、Affirm和竞争对手希望席卷美国</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":805295546,"tweetId":"805295546","gmtCreate":1627881576885,"gmtModify":1633755628328,"author":{"id":4090936695088830,"idStr":"4090936695088830","authorId":4090936695088830,"authorIdStr":"4090936695088830","name":"jitkun","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>wow</body></html>","htmlText":"<html><head></head><body>wow</body></html>","text":"wow","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/805295546","repostId":2156816448,"repostType":4,"repost":{"id":"2156816448","kind":"highlight","pubTimestamp":1627881172,"share":"https://www.laohu8.com/m/news/2156816448?lang=zh_CN&edition=full","pubTime":"2021-08-02 13:12","market":"us","language":"en","title":"The buy now, pay later wave: Afterpay, Klarna, Affirm and rivals hope to take U.S. by storm<blockquote>先买后付浪潮：Afterpay、Klarna、Affirm和竞争对手希望席卷美国</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2156816448","media":"MarketWatch","summary":"A new form of online layway purchases has proved popular in Europe and found acceptance in the U.S. ","content":"A new form of online layway purchases has proved popular in Europe and found acceptance in the U.S. for products like Peloton equipment, and companies are going public with their eyes on spurring the payment option to faster domestic growth<blockquote>事实证明，一种新的在线layway购买形式在欧洲很受欢迎，并在美国被Peloton设备等产品所接受，公司正在上市，着眼于刺激这种支付方式以加快国内增长</blockquote> <img src=\"https://static.tigerbbs.com/84930a25114bbd7d680d015b31af0be5\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\">MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO<blockquote>MARKETWATCH照片插图/ISTOCKPHOTO</blockquote> A new form of digital layaway has taken Europe by storm and found some acceptance in the U.S., and the growing handful of rivals in the space are looking to spur more online purchases that Americans pay for over time.<blockquote>一种新形式的数字分期付款席卷了欧洲，并在美国获得了一些认可，随着时间的推移，该领域越来越多的竞争对手希望刺激更多美国人付费的在线购物。</blockquote> \"Buy now, pay later\" options -- referred to in the payments industry as BNPL -- offer a twist on the concept of layaway, allowing consumers to split purchases into installments and charging them either simple interest or no interest at all, in a break from the traditional credit model that lets interest compound. Unlike with traditional layaway, consumers receive instant access to their purchase as they pay it off.<blockquote>“先买后付”选项——在支付行业被称为BNPL——对分期付款的概念进行了改变，允许消费者将购买分成分期付款，并向他们收取单利或根本不收取利息，打破了允许复利的传统信贷模式。与传统的分期付款不同，消费者在还清时可以立即获得购买的商品。</blockquote> Furniture companies have long let people pay for big-ticket items in installments while taking the product home right away, but now the concept has made its way online, spreading across industries and into smaller purchase amounts, JMP Securities analyst David Scharf noted. Those looking to build fancy home gyms during the pandemic could split the cost of an $1,800-plus Peloton Interactive Inc. <a href=\"https://laohu8.com/S/PTON\">$(PTON)$</a> bike into 39 interest-free monthly payments of $49 using financing from Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> A host of other players have been rushing to stake their claims elsewhere in the U.S. retail market.<blockquote>JMP证券分析师大卫·沙夫(David Scharf)指出，家具公司长期以来一直允许人们分期付款购买大件商品，同时立即将产品带回家，但现在这一概念已经在网上传播，跨行业传播，购买金额较小。那些希望在疫情期间建造豪华家庭健身房的人可以分摊1,800多美元的Peloton Interactive Inc.的成本。<a href=\"https://laohu8.com/S/PTON\">$（PTON）$</a>使用Affirm Holdings Inc.的融资，每月支付39笔49美元的免息款项。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>许多其他参与者一直在争先恐后地在美国零售市场的其他地方占据一席之地。</blockquote> The services are seeing surging adoption, driven by growing merchant acceptance, booming e-commerce sales, and what many providers say is a skepticism among younger shoppers about traditional credit offerings. Though BNPL services accounted for just 2% of U.S. e-commerce payments last year according to FIS Global, they're rapidly gaining in popularity. The value of purchases made using BNPL offerings rose 132% in the first quarter, per data from Cardify.ai.<blockquote>在商家接受度不断提高、电子商务销售蓬勃发展以及许多提供商所说的年轻购物者对传统信贷产品的怀疑的推动下，这些服务的采用率激增。根据FIS Global的数据，尽管去年BNPL服务仅占美国电子商务支付的2%，但它们正在迅速流行。根据Cardify.ai的数据，第一季度使用BNPL产品进行的购买价值增长了132%。</blockquote> BNPL services are more prevalent overseas, accounting for more than 7% of European e-commerce transactions in 2020 and 10% of Australian ones, according to FIS Global. In Sweden, home to BNPL provider Klarna, installments accounted for 23% of e-commerce transactions last year.<blockquote>根据FIS Global的数据，BNPL服务在海外更为普遍，2020年占欧洲电子商务交易的7%以上，占澳大利亚电子商务交易的10%。在BNPL提供商Klarna的所在地瑞典，去年分期付款占电子商务交易的23%。</blockquote> The installment wave has drawn the interest of established giants like <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V) and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL), as well as a host of newer fintech players that have carved out different paths as they seek to stake their claims in the nascent U.S. market.<blockquote>分期浪潮吸引了老牌巨头的兴趣，如<a href=\"https://laohu8.com/S/V\">签证</a>公司(V)及<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股公司（PYPL）以及许多新兴的金融科技公司在寻求在新兴的美国市场占据一席之地时开辟了不同的道路。</blockquote> The trend is of growing relevance to investors. U.S. startup Affirm recently went public, while Australia's Afterpay Ltd. , which trades in its home country, is contemplating a U.S. listing given the growing importance of the U.S. market to its business. Sweden's Klarna is considering an IPO in the U.K ., according to Bloomberg, though its chief executive has expressed some concerns about potential regulations.<blockquote>这一趋势与投资者的相关性越来越大。美国初创公司Affirm最近上市，而在本国开展业务的澳大利亚Afterpay Ltd.鉴于美国市场对其业务的重要性日益增加，正在考虑在美国上市。据彭博报道，瑞典Klarna正在考虑在英国首次公开募股，尽管其首席执行官对潜在的监管表示了一些担忧。</blockquote> In the credit-card model, merchants pay transaction fees when they accept card payments and consumers pay accrued interest if they carry a balance. BNPL services, which can sometimes be interest-free to the consumer, charge a steeper fee to merchants, who've been increasingly willing to pay up for the services so that consumers will be more inclined to go through with an online purchase.<blockquote>在信用卡模式中，商家在接受信用卡支付时支付交易费用，消费者如果有余额则支付应计利息。BNPL服务有时对消费者来说是免息的，但向商家收取更高的费用，而商家越来越愿意为服务付费，因此消费者将更倾向于进行在线购买。</blockquote> BNPL sits amid a number of attractive industry trends, according to Jefferies analyst John Hecht, who sees a $600 billion total transaction opportunity for the industry in the U.S., based on the value of e-commerce purchases made outside of Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> He expects that the services could take a bite out of what he views as an $840 billion dollar total addressable market for fintech-enabled credit products.<blockquote>Jefferies分析师John Hecht表示，BNPL正处于许多有吸引力的行业趋势之中，根据亚马逊公司以外的电子商务采购价值，他认为美国该行业的交易机会总额为6000亿美元。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>他预计，这些服务可能会蚕食他认为金融科技支持的信贷产品总潜在市场8400亿美元。</blockquote> While BNPL offerings are structured differently than traditional credit, they aren't without risk. The various BNPL companies have different policies about missed payments, but some will charge late fees or report to the credit bureaus about failures to make good on payment commitments. The industry is largely unregulated and there are concerns that consumers could end up taking on more installment commitments than they can afford to pay back in the allotted timeframes, especially in a credit crunch.<blockquote>虽然BNPL产品的结构与传统信贷不同，但它们并非没有风险。不同的BNPL公司对逾期付款有不同的政策，但有些公司会收取滞纳金或向信用机构报告未能履行付款承诺的情况。该行业在很大程度上不受监管，人们担心消费者最终可能会承担比他们在规定时间内偿还的更多分期付款承诺，尤其是在信贷紧缩的情况下。</blockquote> The companies have different approaches to the U.S. as they try to build or expand their BNPL businesses. MarketWatch spoke to executives at some of the leading offerings to find out their strategies for the market.<blockquote>这些公司在试图建立或扩大其BNPL业务时对美国采取了不同的做法。MarketWatch采访了一些领先产品的高管，了解他们的市场策略。</blockquote> Affirm<blockquote>申明</blockquote> While Peloton is Affirm's largest customer, the BNPL company has been expanding its merchant mix, which doubled from a year earlier in the latest quarter to reach almost 12,000 retailers.<blockquote>虽然Peloton是Affirm最大的客户，但这家BNPL公司一直在扩大其商户组合，最近一个季度的商户组合比去年同期增加了一倍，达到近12,000家零售商。</blockquote> One move to diversify the company's merchant base is a recent arrangement with <a href=\"https://laohu8.com/S/SHOP\">Shopify Inc</a>. (SHOP.T) that makes it easy for the e-commerce company's merchants to enable Affirm's installment offerings. In exchange, Shopify got equity interest in Affirm.<blockquote>公司商户基础多元化的一项举措是最近与<a href=\"https://laohu8.com/S/SHOP\">Shopify公司</a>.(SHOP.T)这使得该电子商务公司的商家可以轻松启用Affirm的分期付款产品。作为交换，Shopify获得了Affirm的股权。</blockquote> \"Because of the nature of the relationship, they have every incentive in the world to make sure it's successful,\" Chief Financial Officer Michael Linford said. He expects that the deal \"will add substantially more value to us than we had to give up\" since Shopify's vast merchant base is \"really difficult if not impossible to build.\"<blockquote>首席财务官迈克尔·林福德(Michael Linford)表示：“由于这种关系的性质，他们有世界上所有的动力来确保其成功。”他预计这笔交易“将为我们增加比我们不得不放弃的更多的价值”，因为Shopify庞大的商家基础“即使不是不可能建立，也确实很困难”。</blockquote> Affirm offers a mix of simple-interest and interest-free installment options, and Linford said that the company is particularly differentiated in its work with high-value purchases as its tech and risk-management capabilities enable it to \"create a lot of value for merchants.\" Affirm's underwriting determines which customers would be capable of making their installment payments on big-ticket items.<blockquote>Affirm提供单息和免息分期付款选项，林福德表示，该公司在高价值采购方面尤其与众不同，因为其技术和风险管理能力使其能够“为商家创造大量价值”。”Affirm的承保决定了哪些客户有能力对大件商品进行分期付款。</blockquote> At the same time, Affirm sees value in helping to facilitate ordinary spending as well, and it recently announced a debit card that will let people buy things and split them after the fact using their cards.<blockquote>与此同时，Affirm也看到了帮助促进普通支出的价值，它最近宣布了一种借记卡，可以让人们购买东西，并在事后使用他们的卡进行分割。</blockquote> The company doesn't charge late fees for customers who miss payments, according to Linford. For customers who ultimately fail to make good on smaller-value payments, the company may lock down access to the Affirm network going forward. Those who don't pay up for bigger-ticket items could be reported to a credit bureau.<blockquote>林福德表示，该公司不会对错过付款的客户收取滞纳金。对于最终无法兑现小额付款的客户，该公司可能会锁定对Affirm网络的访问。那些不支付大件商品费用的人可能会被举报给信用局。</blockquote> About 30% of Affirm transactions originate from within the company's \"properties\"--mainly its mobile app--rather than from merchants' own sites. The app is \"really, really powerful for re-engagement\" of users, Linford said, and merchants can pay to show new products or offers on the platform.<blockquote>大约30%的Affirm交易来自该公司的“资产”内部——主要是其移动应用程序——而不是来自商家自己的网站。林福德表示，该应用程序对于用户的重新参与“非常非常强大”，商家可以付费在平台上展示新产品或优惠。</blockquote> As e-commerce booms, there's a \"quite aggressive fight to get any sort of mindshare,\" Linford said, and he argued that the platform holds appeal with brands looking to reach younger-generation consumers who have \"high intent and capacity to purchase.\"<blockquote>林福德表示，随着电子商务的蓬勃发展，“为了获得任何形式的关注度而进行了相当激烈的斗争”，他认为该平台对那些希望吸引“有很高购买意愿和能力”的年轻一代消费者的品牌具有吸引力。”</blockquote> Because the company enables shopping from within its app, its customers can split purchases even from merchants that don't list Affirm as payment options on their own websites. There's no Affirm button on Amazon's traditional website, for instance, but the e-commerce giant is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the largest merchants within the Affirm app, Linford said. Affirm uses virtual cards to split customers' Amazon purchases on the back end.<blockquote>由于该公司支持在其应用程序内购物，因此其客户甚至可以从没有在自己的网站上将Affirm列为支付选项的商家那里分割购买。例如，亚马逊的传统网站上没有确认按钮，但这家电子商务巨头却有<a href=\"https://laohu8.com/S/AONE.U\">一</a>林福德说，Affirm应用程序中最大的商家。Affirm使用虚拟卡在后端分割客户的亚马逊购买。</blockquote> Afterpay<blockquote>Afterpay</blockquote> After helping to kick off the BNPL trend in Australia, Afterpay came to the U.S. market less than three years ago with a focus on interest-free offerings.<blockquote>在帮助澳大利亚掀起BNPL趋势后，Afterpay不到三年前进入美国市场，专注于免息产品。</blockquote> Afterpay is \"not trying to upsell someone credit,\" Co-Chief Executive Nick Molnar told MarketWatch, and the company has been \"purposefully focused on the couple-hundred-dollar purchase\" thus far.<blockquote>Afterpay联席首席执行官尼克·莫尔纳尔(Nick Molnar)告诉MarketWatch，“并不试图向某人追加销售信用”，到目前为止，该公司一直“有目的地专注于数百美元的购买”。</blockquote> The company charges a late fee after an initial grace period for consumers who fall behind on payments, and it cuts customers off from making future purchases until they pay back what they owe.<blockquote>该公司在最初的宽限期后对拖欠付款的消费者收取滞纳金，并切断客户未来的购买权，直到他们偿还所欠款项。</blockquote> \"Unlike a finance company that wants you to be late...with Afterpay you can't keep shopping\" after missing a payment, Molnar said. That dynamic fosters a better relationship with customers, in his view.<blockquote>莫尔纳尔说，“与希望你迟到的金融公司不同……有了Afterpay，你在错过付款后就无法继续购物”。在他看来，这种动态培养了与客户更好的关系。</blockquote> Afterpay's North America merchant base grew more than 150% in the latest quarter relative to a year earlier. In the U.S., underlying sales, or the value of items purchased through its service, increased 211%.<blockquote>Afterpay的北美商户群在最近一个季度同比增长了150%以上。在美国，基础销售额或通过其服务购买的商品价值增长了211%。</blockquote> The company now works with 23,000 retail brands in the U.S. including Bed Bath &amp; Beyond Inc. <a href=\"https://laohu8.com/S/BBBY\">$(BBBY)$</a> and Lululemon Athletica Inc. <a href=\"https://laohu8.com/S/LULU\">$(LULU)$</a>. A recent partnership with Stripe made it easy for that company's merchants to easily activate Afterpay as a checkout option.<blockquote>该公司目前与美国23,000个零售品牌合作，其中包括Bed Bath&amp;Beyond Inc.。<a href=\"https://laohu8.com/S/BBBY\">$(BBBY)$</a>和Lululemon Athletica Inc.<a href=\"https://laohu8.com/S/LULU\">$（露露）$</a>.最近与Stripe的合作使该公司的商家可以轻松激活Afterpay作为结账选项。</blockquote> The company may process 10% to 30% of transactions for its retail partners once enabled as a payment option, Molnar said.<blockquote>Molnar表示，一旦启用支付选项，该公司可能会为其零售合作伙伴处理10%至30%的交易。</blockquote> Afterpay is building a presence beyond the checkout button, with 17% of purchases globally during the month of February originating from Shop Directory, meaning that these customers are locating merchants through Afterpay's app or site.<blockquote>Afterpay正在建立结账按钮之外的业务，2月份全球17%的购买来自商店目录，这意味着这些客户正在通过Afterpay的应用程序或网站找到商家。</blockquote> While Afterpay is relatively new in the U.S., its success in Australia \"puts into perspective where Afterpay can expand as a business,\" Molnar said. In Australia, 25% of volume comes from in-store purchases, and consumers can pay for things like dentist visits using the service.<blockquote>莫尔纳尔说，虽然Afterpay在美国相对较新，但它在澳大利亚的成功“让我们看到了Afterpay作为一项业务可以扩展的地方”。在澳大利亚，25%的销量来自店内购买，消费者可以使用该服务支付看牙医等费用。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The buy now, pay later wave: Afterpay, Klarna, Affirm and rivals hope to take U.S. by storm<blockquote>先买后付浪潮：Afterpay、Klarna、Affirm和竞争对手希望席卷美国</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe buy now, pay later wave: Afterpay, Klarna, Affirm and rivals hope to take U.S. by storm<blockquote>先买后付浪潮：Afterpay、Klarna、Affirm和竞争对手希望席卷美国</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-02 13:12\n\n</h4>\n</header>\n<article>\nA new form of online layway purchases has proved popular in Europe and found acceptance in the U.S. for products like Peloton equipment, and companies are going public with their eyes on spurring the payment option to faster domestic growth<blockquote>事实证明，一种新的在线layway购买形式在欧洲很受欢迎，并在美国被Peloton设备等产品所接受，公司正在上市，着眼于刺激这种支付方式以加快国内增长</blockquote> <img src=\"https://static.tigerbbs.com/84930a25114bbd7d680d015b31af0be5\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\">MARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO<blockquote>MARKETWATCH照片插图/ISTOCKPHOTO</blockquote> A new form of digital layaway has taken Europe by storm and found some acceptance in the U.S., and the growing handful of rivals in the space are looking to spur more online purchases that Americans pay for over time.<blockquote>一种新形式的数字分期付款席卷了欧洲，并在美国获得了一些认可，随着时间的推移，该领域越来越多的竞争对手希望刺激更多美国人付费的在线购物。</blockquote> \"Buy now, pay later\" options -- referred to in the payments industry as BNPL -- offer a twist on the concept of layaway, allowing consumers to split purchases into installments and charging them either simple interest or no interest at all, in a break from the traditional credit model that lets interest compound. Unlike with traditional layaway, consumers receive instant access to their purchase as they pay it off.<blockquote>“先买后付”选项——在支付行业被称为BNPL——对分期付款的概念进行了改变，允许消费者将购买分成分期付款，并向他们收取单利或根本不收取利息，打破了允许复利的传统信贷模式。与传统的分期付款不同，消费者在还清时可以立即获得购买的商品。</blockquote> Furniture companies have long let people pay for big-ticket items in installments while taking the product home right away, but now the concept has made its way online, spreading across industries and into smaller purchase amounts, JMP Securities analyst David Scharf noted. Those looking to build fancy home gyms during the pandemic could split the cost of an $1,800-plus Peloton Interactive Inc. <a href=\"https://laohu8.com/S/PTON\">$(PTON)$</a> bike into 39 interest-free monthly payments of $49 using financing from Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> A host of other players have been rushing to stake their claims elsewhere in the U.S. retail market.<blockquote>JMP证券分析师大卫·沙夫(David Scharf)指出，家具公司长期以来一直允许人们分期付款购买大件商品，同时立即将产品带回家，但现在这一概念已经在网上传播，跨行业传播，购买金额较小。那些希望在疫情期间建造豪华家庭健身房的人可以分摊1,800多美元的Peloton Interactive Inc.的成本。<a href=\"https://laohu8.com/S/PTON\">$（PTON）$</a>使用Affirm Holdings Inc.的融资，每月支付39笔49美元的免息款项。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>许多其他参与者一直在争先恐后地在美国零售市场的其他地方占据一席之地。</blockquote> The services are seeing surging adoption, driven by growing merchant acceptance, booming e-commerce sales, and what many providers say is a skepticism among younger shoppers about traditional credit offerings. Though BNPL services accounted for just 2% of U.S. e-commerce payments last year according to FIS Global, they're rapidly gaining in popularity. The value of purchases made using BNPL offerings rose 132% in the first quarter, per data from Cardify.ai.<blockquote>在商家接受度不断提高、电子商务销售蓬勃发展以及许多提供商所说的年轻购物者对传统信贷产品的怀疑的推动下，这些服务的采用率激增。根据FIS Global的数据，尽管去年BNPL服务仅占美国电子商务支付的2%，但它们正在迅速流行。根据Cardify.ai的数据，第一季度使用BNPL产品进行的购买价值增长了132%。</blockquote> BNPL services are more prevalent overseas, accounting for more than 7% of European e-commerce transactions in 2020 and 10% of Australian ones, according to FIS Global. In Sweden, home to BNPL provider Klarna, installments accounted for 23% of e-commerce transactions last year.<blockquote>根据FIS Global的数据，BNPL服务在海外更为普遍，2020年占欧洲电子商务交易的7%以上，占澳大利亚电子商务交易的10%。在BNPL提供商Klarna的所在地瑞典，去年分期付款占电子商务交易的23%。</blockquote> The installment wave has drawn the interest of established giants like <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V) and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL), as well as a host of newer fintech players that have carved out different paths as they seek to stake their claims in the nascent U.S. market.<blockquote>分期浪潮吸引了老牌巨头的兴趣，如<a href=\"https://laohu8.com/S/V\">签证</a>公司(V)及<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>控股公司（PYPL）以及许多新兴的金融科技公司在寻求在新兴的美国市场占据一席之地时开辟了不同的道路。</blockquote> The trend is of growing relevance to investors. U.S. startup Affirm recently went public, while Australia's Afterpay Ltd. , which trades in its home country, is contemplating a U.S. listing given the growing importance of the U.S. market to its business. Sweden's Klarna is considering an IPO in the U.K ., according to Bloomberg, though its chief executive has expressed some concerns about potential regulations.<blockquote>这一趋势与投资者的相关性越来越大。美国初创公司Affirm最近上市，而在本国开展业务的澳大利亚Afterpay Ltd.鉴于美国市场对其业务的重要性日益增加，正在考虑在美国上市。据彭博报道，瑞典Klarna正在考虑在英国首次公开募股，尽管其首席执行官对潜在的监管表示了一些担忧。</blockquote> In the credit-card model, merchants pay transaction fees when they accept card payments and consumers pay accrued interest if they carry a balance. BNPL services, which can sometimes be interest-free to the consumer, charge a steeper fee to merchants, who've been increasingly willing to pay up for the services so that consumers will be more inclined to go through with an online purchase.<blockquote>在信用卡模式中，商家在接受信用卡支付时支付交易费用，消费者如果有余额则支付应计利息。BNPL服务有时对消费者来说是免息的，但向商家收取更高的费用，而商家越来越愿意为服务付费，因此消费者将更倾向于进行在线购买。</blockquote> BNPL sits amid a number of attractive industry trends, according to Jefferies analyst John Hecht, who sees a $600 billion total transaction opportunity for the industry in the U.S., based on the value of e-commerce purchases made outside of Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> He expects that the services could take a bite out of what he views as an $840 billion dollar total addressable market for fintech-enabled credit products.<blockquote>Jefferies分析师John Hecht表示，BNPL正处于许多有吸引力的行业趋势之中，根据亚马逊公司以外的电子商务采购价值，他认为美国该行业的交易机会总额为6000亿美元。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>他预计，这些服务可能会蚕食他认为金融科技支持的信贷产品总潜在市场8400亿美元。</blockquote> While BNPL offerings are structured differently than traditional credit, they aren't without risk. The various BNPL companies have different policies about missed payments, but some will charge late fees or report to the credit bureaus about failures to make good on payment commitments. The industry is largely unregulated and there are concerns that consumers could end up taking on more installment commitments than they can afford to pay back in the allotted timeframes, especially in a credit crunch.<blockquote>虽然BNPL产品的结构与传统信贷不同，但它们并非没有风险。不同的BNPL公司对逾期付款有不同的政策，但有些公司会收取滞纳金或向信用机构报告未能履行付款承诺的情况。该行业在很大程度上不受监管，人们担心消费者最终可能会承担比他们在规定时间内偿还的更多分期付款承诺，尤其是在信贷紧缩的情况下。</blockquote> The companies have different approaches to the U.S. as they try to build or expand their BNPL businesses. MarketWatch spoke to executives at some of the leading offerings to find out their strategies for the market.<blockquote>这些公司在试图建立或扩大其BNPL业务时对美国采取了不同的做法。MarketWatch采访了一些领先产品的高管，了解他们的市场策略。</blockquote> Affirm<blockquote>申明</blockquote> While Peloton is Affirm's largest customer, the BNPL company has been expanding its merchant mix, which doubled from a year earlier in the latest quarter to reach almost 12,000 retailers.<blockquote>虽然Peloton是Affirm最大的客户，但这家BNPL公司一直在扩大其商户组合，最近一个季度的商户组合比去年同期增加了一倍，达到近12,000家零售商。</blockquote> One move to diversify the company's merchant base is a recent arrangement with <a href=\"https://laohu8.com/S/SHOP\">Shopify Inc</a>. (SHOP.T) that makes it easy for the e-commerce company's merchants to enable Affirm's installment offerings. In exchange, Shopify got equity interest in Affirm.<blockquote>公司商户基础多元化的一项举措是最近与<a href=\"https://laohu8.com/S/SHOP\">Shopify公司</a>.(SHOP.T)这使得该电子商务公司的商家可以轻松启用Affirm的分期付款产品。作为交换，Shopify获得了Affirm的股权。</blockquote> \"Because of the nature of the relationship, they have every incentive in the world to make sure it's successful,\" Chief Financial Officer Michael Linford said. He expects that the deal \"will add substantially more value to us than we had to give up\" since Shopify's vast merchant base is \"really difficult if not impossible to build.\"<blockquote>首席财务官迈克尔·林福德(Michael Linford)表示：“由于这种关系的性质，他们有世界上所有的动力来确保其成功。”他预计这笔交易“将为我们增加比我们不得不放弃的更多的价值”，因为Shopify庞大的商家基础“即使不是不可能建立，也确实很困难”。</blockquote> Affirm offers a mix of simple-interest and interest-free installment options, and Linford said that the company is particularly differentiated in its work with high-value purchases as its tech and risk-management capabilities enable it to \"create a lot of value for merchants.\" Affirm's underwriting determines which customers would be capable of making their installment payments on big-ticket items.<blockquote>Affirm提供单息和免息分期付款选项，林福德表示，该公司在高价值采购方面尤其与众不同，因为其技术和风险管理能力使其能够“为商家创造大量价值”。”Affirm的承保决定了哪些客户有能力对大件商品进行分期付款。</blockquote> At the same time, Affirm sees value in helping to facilitate ordinary spending as well, and it recently announced a debit card that will let people buy things and split them after the fact using their cards.<blockquote>与此同时，Affirm也看到了帮助促进普通支出的价值，它最近宣布了一种借记卡，可以让人们购买东西，并在事后使用他们的卡进行分割。</blockquote> The company doesn't charge late fees for customers who miss payments, according to Linford. For customers who ultimately fail to make good on smaller-value payments, the company may lock down access to the Affirm network going forward. Those who don't pay up for bigger-ticket items could be reported to a credit bureau.<blockquote>林福德表示，该公司不会对错过付款的客户收取滞纳金。对于最终无法兑现小额付款的客户，该公司可能会锁定对Affirm网络的访问。那些不支付大件商品费用的人可能会被举报给信用局。</blockquote> About 30% of Affirm transactions originate from within the company's \"properties\"--mainly its mobile app--rather than from merchants' own sites. The app is \"really, really powerful for re-engagement\" of users, Linford said, and merchants can pay to show new products or offers on the platform.<blockquote>大约30%的Affirm交易来自该公司的“资产”内部——主要是其移动应用程序——而不是来自商家自己的网站。林福德表示，该应用程序对于用户的重新参与“非常非常强大”，商家可以付费在平台上展示新产品或优惠。</blockquote> As e-commerce booms, there's a \"quite aggressive fight to get any sort of mindshare,\" Linford said, and he argued that the platform holds appeal with brands looking to reach younger-generation consumers who have \"high intent and capacity to purchase.\"<blockquote>林福德表示，随着电子商务的蓬勃发展，“为了获得任何形式的关注度而进行了相当激烈的斗争”，他认为该平台对那些希望吸引“有很高购买意愿和能力”的年轻一代消费者的品牌具有吸引力。”</blockquote> Because the company enables shopping from within its app, its customers can split purchases even from merchants that don't list Affirm as payment options on their own websites. There's no Affirm button on Amazon's traditional website, for instance, but the e-commerce giant is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the largest merchants within the Affirm app, Linford said. Affirm uses virtual cards to split customers' Amazon purchases on the back end.<blockquote>由于该公司支持在其应用程序内购物，因此其客户甚至可以从没有在自己的网站上将Affirm列为支付选项的商家那里分割购买。例如，亚马逊的传统网站上没有确认按钮，但这家电子商务巨头却有<a href=\"https://laohu8.com/S/AONE.U\">一</a>林福德说，Affirm应用程序中最大的商家。Affirm使用虚拟卡在后端分割客户的亚马逊购买。</blockquote> Afterpay<blockquote>Afterpay</blockquote> After helping to kick off the BNPL trend in Australia, Afterpay came to the U.S. market less than three years ago with a focus on interest-free offerings.<blockquote>在帮助澳大利亚掀起BNPL趋势后，Afterpay不到三年前进入美国市场，专注于免息产品。</blockquote> Afterpay is \"not trying to upsell someone credit,\" Co-Chief Executive Nick Molnar told MarketWatch, and the company has been \"purposefully focused on the couple-hundred-dollar purchase\" thus far.<blockquote>Afterpay联席首席执行官尼克·莫尔纳尔(Nick Molnar)告诉MarketWatch，“并不试图向某人追加销售信用”，到目前为止，该公司一直“有目的地专注于数百美元的购买”。</blockquote> The company charges a late fee after an initial grace period for consumers who fall behind on payments, and it cuts customers off from making future purchases until they pay back what they owe.<blockquote>该公司在最初的宽限期后对拖欠付款的消费者收取滞纳金，并切断客户未来的购买权，直到他们偿还所欠款项。</blockquote> \"Unlike a finance company that wants you to be late...with Afterpay you can't keep shopping\" after missing a payment, Molnar said. That dynamic fosters a better relationship with customers, in his view.<blockquote>莫尔纳尔说，“与希望你迟到的金融公司不同……有了Afterpay，你在错过付款后就无法继续购物”。在他看来，这种动态培养了与客户更好的关系。</blockquote> Afterpay's North America merchant base grew more than 150% in the latest quarter relative to a year earlier. In the U.S., underlying sales, or the value of items purchased through its service, increased 211%.<blockquote>Afterpay的北美商户群在最近一个季度同比增长了150%以上。在美国，基础销售额或通过其服务购买的商品价值增长了211%。</blockquote> The company now works with 23,000 retail brands in the U.S. including Bed Bath &amp; Beyond Inc. <a href=\"https://laohu8.com/S/BBBY\">$(BBBY)$</a> and Lululemon Athletica Inc. <a href=\"https://laohu8.com/S/LULU\">$(LULU)$</a>. A recent partnership with Stripe made it easy for that company's merchants to easily activate Afterpay as a checkout option.<blockquote>该公司目前与美国23,000个零售品牌合作，其中包括Bed Bath&amp;Beyond Inc.。<a href=\"https://laohu8.com/S/BBBY\">$(BBBY)$</a>和Lululemon Athletica Inc.<a href=\"https://laohu8.com/S/LULU\">$（露露）$</a>.最近与Stripe的合作使该公司的商家可以轻松激活Afterpay作为结账选项。</blockquote> The company may process 10% to 30% of transactions for its retail partners once enabled as a payment option, Molnar said.<blockquote>Molnar表示，一旦启用支付选项，该公司可能会为其零售合作伙伴处理10%至30%的交易。</blockquote> Afterpay is building a presence beyond the checkout button, with 17% of purchases globally during the month of February originating from Shop Directory, meaning that these customers are locating merchants through Afterpay's app or site.<blockquote>Afterpay正在建立结账按钮之外的业务，2月份全球17%的购买来自商店目录，这意味着这些客户正在通过Afterpay的应用程序或网站找到商家。</blockquote> While Afterpay is relatively new in the U.S., its success in Australia \"puts into perspective where Afterpay can expand as a business,\" Molnar said. In Australia, 25% of volume comes from in-store purchases, and consumers can pay for things like dentist visits using the service.<blockquote>莫尔纳尔说，虽然Afterpay在美国相对较新，但它在澳大利亚的成功“让我们看到了Afterpay作为一项业务可以扩展的地方”。在澳大利亚，25%的销量来自店内购买，消费者可以使用该服务支付看牙医等费用。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/the-buy-now-pay-later-wave-klarna-affirm-and-rivals-hope-to-take-u-s-by-storm-11622225931?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa","PYPL":"PayPal","LULU":"lululemon athletica","TERN":"Terns Pharmaceuticals, Inc.","APT.AU":"Afterpay Touch","CRCT":"Cricut, Inc.","AFRM":"Affirm Holdings, Inc."},"source_url":"https://www.marketwatch.com/story/the-buy-now-pay-later-wave-klarna-affirm-and-rivals-hope-to-take-u-s-by-storm-11622225931?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156816448","content_text":"A new form of online layway purchases has proved popular in Europe and found acceptance in the U.S. for products like Peloton equipment, and companies are going public with their eyes on spurring the payment option to faster domestic growth\nMARKETWATCH PHOTO ILLUSTRATION/ISTOCKPHOTO\nA new form of digital layaway has taken Europe by storm and found some acceptance in the U.S., and the growing handful of rivals in the space are looking to spur more online purchases that Americans pay for over time.\n\"Buy now, pay later\" options -- referred to in the payments industry as BNPL -- offer a twist on the concept of layaway, allowing consumers to split purchases into installments and charging them either simple interest or no interest at all, in a break from the traditional credit model that lets interest compound. Unlike with traditional layaway, consumers receive instant access to their purchase as they pay it off.\nFurniture companies have long let people pay for big-ticket items in installments while taking the product home right away, but now the concept has made its way online, spreading across industries and into smaller purchase amounts, JMP Securities analyst David Scharf noted. Those looking to build fancy home gyms during the pandemic could split the cost of an $1,800-plus Peloton Interactive Inc. $(PTON)$ bike into 39 interest-free monthly payments of $49 using financing from Affirm Holdings Inc. $(AFRM)$ A host of other players have been rushing to stake their claims elsewhere in the U.S. retail market.\nThe services are seeing surging adoption, driven by growing merchant acceptance, booming e-commerce sales, and what many providers say is a skepticism among younger shoppers about traditional credit offerings. Though BNPL services accounted for just 2% of U.S. e-commerce payments last year according to FIS Global, they're rapidly gaining in popularity. The value of purchases made using BNPL offerings rose 132% in the first quarter, per data from Cardify.ai.\nBNPL services are more prevalent overseas, accounting for more than 7% of European e-commerce transactions in 2020 and 10% of Australian ones, according to FIS Global. In Sweden, home to BNPL provider Klarna, installments accounted for 23% of e-commerce transactions last year.\nThe installment wave has drawn the interest of established giants like Visa Inc. (V) and PayPal Holdings Inc. (PYPL), as well as a host of newer fintech players that have carved out different paths as they seek to stake their claims in the nascent U.S. market.\nThe trend is of growing relevance to investors. U.S. startup Affirm recently went public, while Australia's Afterpay Ltd. , which trades in its home country, is contemplating a U.S. listing given the growing importance of the U.S. market to its business. Sweden's Klarna is considering an IPO in the U.K ., according to Bloomberg, though its chief executive has expressed some concerns about potential regulations.\nIn the credit-card model, merchants pay transaction fees when they accept card payments and consumers pay accrued interest if they carry a balance. BNPL services, which can sometimes be interest-free to the consumer, charge a steeper fee to merchants, who've been increasingly willing to pay up for the services so that consumers will be more inclined to go through with an online purchase.\nBNPL sits amid a number of attractive industry trends, according to Jefferies analyst John Hecht, who sees a $600 billion total transaction opportunity for the industry in the U.S., based on the value of e-commerce purchases made outside of Amazon.com Inc. $(AMZN)$ He expects that the services could take a bite out of what he views as an $840 billion dollar total addressable market for fintech-enabled credit products.\nWhile BNPL offerings are structured differently than traditional credit, they aren't without risk. The various BNPL companies have different policies about missed payments, but some will charge late fees or report to the credit bureaus about failures to make good on payment commitments. The industry is largely unregulated and there are concerns that consumers could end up taking on more installment commitments than they can afford to pay back in the allotted timeframes, especially in a credit crunch.\nThe companies have different approaches to the U.S. as they try to build or expand their BNPL businesses. MarketWatch spoke to executives at some of the leading offerings to find out their strategies for the market.\nAffirm\nWhile Peloton is Affirm's largest customer, the BNPL company has been expanding its merchant mix, which doubled from a year earlier in the latest quarter to reach almost 12,000 retailers.\nOne move to diversify the company's merchant base is a recent arrangement with Shopify Inc. (SHOP.T) that makes it easy for the e-commerce company's merchants to enable Affirm's installment offerings. In exchange, Shopify got equity interest in Affirm.\n\"Because of the nature of the relationship, they have every incentive in the world to make sure it's successful,\" Chief Financial Officer Michael Linford said. He expects that the deal \"will add substantially more value to us than we had to give up\" since Shopify's vast merchant base is \"really difficult if not impossible to build.\"\nAffirm offers a mix of simple-interest and interest-free installment options, and Linford said that the company is particularly differentiated in its work with high-value purchases as its tech and risk-management capabilities enable it to \"create a lot of value for merchants.\" Affirm's underwriting determines which customers would be capable of making their installment payments on big-ticket items.\nAt the same time, Affirm sees value in helping to facilitate ordinary spending as well, and it recently announced a debit card that will let people buy things and split them after the fact using their cards.\nThe company doesn't charge late fees for customers who miss payments, according to Linford. For customers who ultimately fail to make good on smaller-value payments, the company may lock down access to the Affirm network going forward. Those who don't pay up for bigger-ticket items could be reported to a credit bureau.\nAbout 30% of Affirm transactions originate from within the company's \"properties\"--mainly its mobile app--rather than from merchants' own sites. The app is \"really, really powerful for re-engagement\" of users, Linford said, and merchants can pay to show new products or offers on the platform.\nAs e-commerce booms, there's a \"quite aggressive fight to get any sort of mindshare,\" Linford said, and he argued that the platform holds appeal with brands looking to reach younger-generation consumers who have \"high intent and capacity to purchase.\"\nBecause the company enables shopping from within its app, its customers can split purchases even from merchants that don't list Affirm as payment options on their own websites. There's no Affirm button on Amazon's traditional website, for instance, but the e-commerce giant is one of the largest merchants within the Affirm app, Linford said. Affirm uses virtual cards to split customers' Amazon purchases on the back end.\nAfterpay\nAfter helping to kick off the BNPL trend in Australia, Afterpay came to the U.S. market less than three years ago with a focus on interest-free offerings.\nAfterpay is \"not trying to upsell someone credit,\" Co-Chief Executive Nick Molnar told MarketWatch, and the company has been \"purposefully focused on the couple-hundred-dollar purchase\" thus far.\nThe company charges a late fee after an initial grace period for consumers who fall behind on payments, and it cuts customers off from making future purchases until they pay back what they owe.\n\"Unlike a finance company that wants you to be late...with Afterpay you can't keep shopping\" after missing a payment, Molnar said. That dynamic fosters a better relationship with customers, in his view.\nAfterpay's North America merchant base grew more than 150% in the latest quarter relative to a year earlier. In the U.S., underlying sales, or the value of items purchased through its service, increased 211%.\nThe company now works with 23,000 retail brands in the U.S. including Bed Bath & Beyond Inc. $(BBBY)$ and Lululemon Athletica Inc. $(LULU)$. A recent partnership with Stripe made it easy for that company's merchants to easily activate Afterpay as a checkout option.\nThe company may process 10% to 30% of transactions for its retail partners once enabled as a payment option, Molnar said.\nAfterpay is building a presence beyond the checkout button, with 17% of purchases globally during the month of February originating from Shop Directory, meaning that these customers are locating merchants through Afterpay's app or site.\nWhile Afterpay is relatively new in the U.S., its success in Australia \"puts into perspective where Afterpay can expand as a business,\" Molnar said. In Australia, 25% of volume comes from in-store purchases, and consumers can pay for things like dentist visits using the service.","news_type":1,"symbols_score_info":{"PYPL":0.9,"AFRM":0.9,"TERN":0.9,"V":0.9,"CRCT":0.9,"APT.AU":0.9,"LULU":0.9}},"isVote":1,"tweetType":1,"viewCount":2760,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}