Consumers tired of maintaining multiple accounts, downloading multiple apps and receiving multiple bills will soon have access to new Buy-Now-Pay-Later platform bundll which is a world-first BNPL product which can be used anywhere that accepts Mastercard.
Touted as the a ‘Buy EVERYWHERE, Pay Later’ product, bundll was created via a strategic partnership between FlexiGroup (ASX: FXL), Raiz Invest (ASX: RZI) and Mastercard, enabling users to purchase everyday items interest-free.
The partnership brings together FlexiGroup’s extensive technology in the BNPL space where the Company provided financing facilities long before AfterPay’s establishment, Raiz’s distribution network and the Mastercard network.
“We know that our millennial customers prefer debit to credit, like to budget and don’t want to pay interest. While under-35s represent only 23% of credit cardholders, they speak for over 48% of Buy Now Pay Later users,” said flexigroup CEO, Rebecca James.
“flexigroup is proud to be launching bundll in Australia as a world first. It’s Buy Now Pay Later in your pocket and it gives you complete control over where you shop, when you pay and how you budget – all from the convenience of your mobile phone.”
With Raiz being Australia’s largest mobile first consumer focused financial services platform, Raiz account holders will be able to access bundll which will facilitate multiple payments up to $1,000 at any merchant that accepts Mastercard as a payment method.
Key to the opportunity that bundll presents, use of the platform does not require any point-of-sale terminals which are required in-store to use various other BNPL services.
Using bundll, users can bundle all their BNPL purchases in one app, receive notifications for when payments are due and accumulate ‘snooze’ credits to delay scheduled payments.
Flexigroup will provide investors with more details regarding bundll at their half yearly results presentation on 25 February.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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