Laybuy launches digital BNPL card

  • November 05, 2020 02:04 PM AEDT
  • Team Kalkine
Laybuy launches digital BNPL card


  • Laybuy has launched innovative products including a new digital Mastercard® to ease the payment process for the users. 
  • The digital card will allow the users to bypass the standard steps required while making purchases using BNPL services.
  • Unlike the other existing cards available in the market, Laybuy's Mastercard® has removed the obstacles for its users such as fees, interest or other similar fees.
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New Zealand-based buy now, pay later (BNPL) fintech company Laybuy has announced the launch of its new product on Tuesday, November 3. The company launched a globally unique and innovative digital BNPL Mastercard® card for the Australia region.

The card will allow Laybuy users purchase goods and services in-store using Laybuy digitally with just a click on their smartphone. After the announcement of the “Tap To Pay” product launch, Laybuy Holdings Ltd (ASX:LBY) share price rose slightly. 

Laybuy, the newest addition on Australian Securities Exchange (ASX), is already giving tough competition to its industry rivals such as  Afterpay (ASX:APT), Zip (ASX:Z1P), Sezzle(ASX:SZL) Splitit (ASX:SPT) and Openpay (ASX:OPY).

Gary Rohloff Managing Director of Laybuy commented on the announcement that the digital Mastercard® provides access to the consumers to enjoy all benefits of Laybuy's services. The users can effectively harness its simple and secure contactless payment technology. 

Rohloff continued saying that unlike other existing cards available in the market, Laybuy's Mastercard® has removed the obstacles for its users such as fees, interest or other similar charges. These extra charges add on to customer’s burden which the Laybuy have done away with. 

Also Read: New Kid in the Block! Laybuy Continues to Buzz Post Stellar IPO

How to use digital Mastercard®? 

Customers will have to install the card details into their smartphone's wallet. The process is straightforward. In order to make the payment towards purchased goods and services, customers can use Laybuy digital services, similar to the process of using a physical card.

Rohloff emphasised on the aspect that the customers can spread their payments in instalments over the next six weeks from the purchase without paying any interest. The Laybuy card intends on providing a win-win situation for customers and retailers. The Tap To Pay process will bring in unparalleled ease for both. 

Latest Update: Laybuy Fares Positively In July And August

Offering benefits to customers and merchants alike

Image Source: © Kalkine Group 2020

Despite the competition from the already established players, Laybuy is growing strong in buy now, pay later (BNPL) segment. It has a market leadership position in New Zealand with budding footprints in the United Kingdom and Australia. 

The digital card allows users to bypass the standard steps required while making purchases using BNPL services. It also cuts back the time needed at the merchant's end to process the BNPL payments. With the Laybuy Mastercard®, retailers can proceed the transactions without focusing on administration and giving priority to customers. 

In a media release, Laybuy emphasized that the easy process will help the businesses to increase sales and increase average basket size. The company strongly expects the card to deliver amplified benefits to the merchants. 

Innovation in Fintech technology

The Mastercard® idea was envisioned through Mastercard's Fintech Express process. It is a fact-tracked accelerator program that allows users an access to crucial fintech technologies. These resources and digital capabilities can assist the businesses to climb the ladder of success not just locally but also worldwide.

Fintech, Mastercard Australasia's Vice President Kallan Hogan said that the technology such as Fintech Express is propelling innovative product delivering companies like Laybuy to fastest-grow further.  

Interesting Watch: What is Fintech and how is the global Fintech market performing?

Recent IPO debut

Laybuy, which got listed in September 2020 on ASX, had an initial public offering (IPO) offer price of AU$1.41 per share. The company is set out to present itself as the premier BNPL provider in the New Zealand market. However, the company preferred being listed on ASX as the Australian buy-now-pay-later market is one of the most sophisticated in the world.

Laybuy recently reported a positive second quarter FY21 ended 30 September 2020 which emphasised the business' continued journey. Its gross merchandise value (GMV) was said to be NZ$127.1 million, up 162 per cent on the same period last year. 

Notably, its active merchant base rose substantially by 48 per cent to 6,323. The active customers' number also increased to 568,000, a 125 per cent hike on Q2 FY20 (PcP). From a profitability perspective, Laybuy’s net transactions margin is improving continually.

Good Read: BNPL Company Laybuy Commences Trading on ASX

Buy now, pay later players on the rise 

Globally, the buy now, pay later (BNPL) industry is growing exponentially with new players joining the domestic and international market. Global payments giant PayPal, one of the oldest companies, has also entered the BNPL space and has a strong presence worldwide.  

PayPal recently revealed that the company is soon processing US$1 trillion in annualised transaction value, as the restrictions due to coronavirus pandemic were positively impacting the e-commerce services. 

Bottom Line

The fintech industry in Australia has showcased greater demand for BNPL services. Consumers are finding the fintech market more and more attractive. An important factor driving the growth for fintech companies is the new way of working and living because of the coronavirus pandemic. The use of digital payments and transactions has increased significantly during this time. However, future growth depends upon many factors such as unemployment scenario, consumer confidence, and economic recovery rate.

Also Read: Which are the top Fintech companies in Australia?



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