The company generated R747 million of GMV in 2022 while recording ‘exponential growth’ in its customer base. After starting the year with around 200 000 customers, it had 649 000 customers by the end of 2022, and CEO Craig Newborn expects this growth trend to continue through 2023.
BNPL lets shoppers spread the cost of their purchases across three months interest and fee-free while receiving the goods immediately.
The growing popularity of BNPL is driving a fast-growing merchant base. By the end of June 2022, PayJustNow had more than 1540 merchants on its books, with 3650 active online and in-store points of presence. That had grown to 2350 merchants, with 4310 points of presence, by the end of the year – a 101% growth in merchant numbers for 2022.
For Newborn, the key number is not just that the company is attracting new customers, but that nearly 60% of them return after making their first purchase.
“We’re seeing repeat customer spend accelerating, which shows us that customers love the product and continue to come back. Our strategy is to drive consumer behaviour to repeat business, which is delivering significant benefits for the business, consumers and merchants alike,”
PayJustNow’s merchants enjoyed up to 273% higher average spend per customer, during 2022. During this time, the company delivered a market-leading 76% approval rate, albeit with a conservative lending approach, with an average basket size of R1374. And where BNPL started largely as an online payment tool, it is now establishing itself as an in-store payment method as well, with a 729% increase in in-store activity last year.
“BNPL offers the new generation of consumers exactly what they want, which is choice, ease of use and trust. But it’s also good news for merchants, as it drives greater sales, bigger basket sizes, and increases their customer bases,”
Newborn is particularly excited by offerings like its newly-launched Deals Page, which allows customers to browse merchant offers and promotions straight from a website or app. The functionality also benefits merchants by allowing them to specifically target consumer segments with relevant deals. PayJustNow is also seeing strong traction for its short-term loan offering and an interest-bearing retail credit product that allows consumers to pay off goods over a longer period.
“BNPL actually rewards good financial behavior, because users must pay off one product before they can purchase another – and with each purchase, they build a better credit profile without the use of revolving credit,”
Launched in August 2019, PayJustNow is a fintech company in the booming Buy Now, Pay Later (BNPL) space and is already the largest business of its kind in Southern Africa, with 649 000+ customers signed up and over 2350 merchants at over 4300 points of presence using its product. PayJustNow’s solution is a responsible alternative to credit, with no interest or fees charged unless payments are missed. The PayJustNow system determines shopper affordability, schedules automated deductions, and sends reminders to make sure shoppers don’t miss a payment. It gives shoppers access to items and services they want or need without constraining their available resources