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"People don't want more apps on their phones," said As Ernest Hemingway once wrote,
Kevin Feagan, chief revenue officer at payments company change happens two ways, gradually
Everyware, during a recent interview on the Merchant
Sales Podcast. But they are tuned in to the beep from and then suddenly. That's how the
their smartphones indicating they have a text message, he migration to contactless payments
added.
has been occurring.
OpenMarket, an enterprise mobile message platform,
estimated that 90 percent of text messages get read within
three minutes of receipt. The Consumer Financial Protection Bureau reported
that between 2019 and 2021, the number of BNPL loans
Feagan said that Everyware has seen substantial interest originated by the top five BNPL lenders in the United
in its text to pay solution, especially in verticals with States grew by 970 percent. The dollars involved grew
high tickets, like automotive and healthcare. Recently, the from $2 billion to $24.2 billion, the CFPB said.
company added buy now, pay later (BNPL) to its pay-by-
text solution in partnership with the POS lending firm Some folks have told me they don't see the appeal of
Sunbit. BNPL. I do, especially interest-free offers. Recently, I paid
for extensive auto repairs this way. There was no interest
Seamlessly hosted within Everyware's pay-by-text format, assessed as long as I paid off the loan in six months. I
BNPL applications take about 30 seconds to complete via appreciated the breathing space. But I don't kid myself. I
the secure checkout, Feagan said. Repayment schedules understand that these companies make money (in addition
run from three to 24 months, according to a company to the fees assessed merchants) on the interest folks pay
press release. when they don't pay off the loan in the allotted time.
Patti Murphy, self-described payments maven of the fourth estate,
BNPL is a relatively new entrant to the payments space is senior editor at the Green Sheet. She co-hosts the Merchant Sales
and has attracted a lot of consumer and business interest.
Podcast, and is president of ProScribes Inc. (www.proscribes.net)

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