Buy Now Pay Later (BNPL)
BNPL or Buy Now Pay Later is a payment feature integrated on the bePAY platform. With BNPL, customers can instantly buy NFT products and pay later in 4 installments.
NFT sellers (KOLs) need to undertake these basic actions in order to sell NFTs on bePAY:
- Step 1: Log in using your Web3 wallet and start listing your NFTs.
- Step 2: List the price in USD. After being automatically detected NFTs information (address + tokenId tokenURI), images will be uploaded to bePAY Storage.
- Step 3: From the NFT tokenURI data, the attributes of the NFT will be extracted and placed in the bePAY Database.
Sell NFT on bePAY NFT Marketplace
When KOLs sell their own items, bePAY only takes a 2.5 percent transaction fee (customer pays directly); 7.5 percent of transaction fee will be charged when the buyer pays indirectly (customer uses the Buy First Pay Post service)
The 2.5% charge will be refunded to the following pools if you pay in full:
- 1.Pool of Insurance: 1%
- 2.Staking pool: 1% is utilized to reimburse beCOIN staking participants.
- 3.Buy back pool: 0.5% is used to buy and burn beCOIN in order to increase the demand and stabilize the supply/ demand.
The 7.5% fee will be retained in the Final Return Pool when users using the BNPL service:
- 1.Lender Return Pool: 40% of the commission fee
- 2.Other pools: 60% commission allocated to 3 pools as below
- Insurance Pool: 48% of the commission is used to control BECOIN inflation as well as to serve short or miss payment events; BECOIN supply and demand balance; and healthy system maintenance.
- Staking pool: 6% of commission fee
- Buy back pool: 6% of commission fee
Royalty fees can also be determined by KOLs: 1.99% (up to 50%) on each transaction (every time the owner buys and resells the product)
When KOLs collaborate with bePAY (Co-Create), the following results are obtained: bePAY helps with consultation, photography, video recording, product creation, and sales. KOLs earn 40% of the transaction value in addition to paying direct fees, paying BNPL fees, and receiving Royalty payment.
To use the BNPL service on bePAY, firstly, users need to register as a user of bePAY. The platform will perform the KYC process to verify the user and assign an initial amount of credit (up to 250 USD) to the buyer.
The KYC process is very simple, users only need to connect the wallet address, enter the necessary information to update the profile. bePAY Support team will check to verify the account.
Going through the KYC process, users will need to agree to and share their credit history with the bePAY platform, which is tracked and usable by third parties.
After successfully registering an account, users can use the BNPL service to buy NFT on bePAY.
- When purchasing NFT and using BNPL, the buyer will need to pay in 4 installments. Specifically, immediately pay 25% of the total amount at the time of NFT purchase, then pay 25% of the total amount every two weeks. In case of low credit score, buyers can make installment payments at the rate of 50% (first time), subsequent payments at the rate of 15% - 15% - 20%.
- If the payment is late, the buyer will be charged a late payment fee of 0.2 - 0.5%/week (of the unpaid installment amount). This is an on-chain parameter and can be adjusted later. This fee will only be charged to the 2nd installment, the 3rd installment, after the 4th NFT can be liquidated.
Buy NFT with two payment methods
- After the buyer completes the purchase, the platform will ask the buyer to approve the transaction (via Web3) as the moderator of their purchased item.
- If the buyer is unable to pay it after 6 weeks, the platform will take back the purchased NFT to the liquidation pool (if possible, e.g. the platform still has the right to transfer the NFT). Items in this group will be offered for sale as sale/liquidation items (sale price = 80% of initial sale price) on the platform.
- Financial freedom: Get the products they want without the lengthy process of getting a Credit Card.
- Shop anywhere (domestic, global) with the same Wallet app.
- The registration process is simple and fast. Registration standards are not too strict
- Payments are divided into shorter periods, corresponding to a smaller amount to be paid, reducing financial pressure on users
- No interest is charged if payment is made on time. The cost if incurred is also very small.
Benefits for customers
- Increase purchase conversion rates because customers are under less financial pressure.
- Faster sales, more revenue
- Increase customer trust, increase purchasing power
- Attract more potential customers
- Create a difference, a competitive advantage compared to competitors
- Reinvest into bePAY to increase return.
Benefits for sellers
Point-of-Sale financing is growing faster than other unsecured lendings. This will be a trend that will likely continue to grow strongly in the future.
Especially, with the form of BNPL, this market size globally is valued at USD 4.07 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.4%. from 2021 to 2028.
With the form of Buy First, Pay Later (BNPL), awareness of installment payment methods is expected to promote the development of the market in the coming time.
Will the BNPL trend be swiftly conducted in Vietnam and Asian countries? | Global AMA bePAY 2021
Global, low-cost, sustainable BNPL solution
What problem do we really solve? The stable coin in the market is rapidly growing, then the crypto investor looking for safety and high yield than the current DEFI.