“Buy Now, Pay Later” (BNPL) trends in market financing are gaining global momentum, challenging traditional credit card payments, with these trends now also making significant strides in the Greek retail sector.
Focusing on millennials and Gen-Zers, who make at least half of their purchases from online stores, Greek retailers aim to provide them with additional incentives for “real-time” purchases with interest-free installments, without the stress of additional charges associated with credit cards.
Major marketplaces, such as Shopflix, technology chains, electrical goods stores, insurance companies, and various retailers, including those in fashion, sports, furniture, automotive, cosmetics, and short-term accommodation (Airbnb), have incorporated the Buy Now, Pay Later method to varying degrees, both online and in some cases, offline.
The BNPL method is already experiencing significant penetration, as reported by Elias Pitsavos, Klarna’s Country Manager in Greece. He notes that the company is already collaborating with 2,500 businesses and plans to expand into the supermarket sector. This expansion has already been launched in other countries where Klarna is present.
Consumers can use BNPL to pay for purchases in installments, up to 1,000 euros. In 2023, Greece’s e-commerce turnover is estimated to surpass 17 billion euros, a 9% increase from 2022. This reflects a continuous upward trend, given that digital purchases were only 6 billion euros in 2018.
