In the ever-evolving world of #fintech, new trends occasionally surface and take the industry by storm.
Introducing Save Now Buy Later (#snbl), a concept that's gaining traction as a potential successor to Buy Now Pay Later (#bnpl). Though not entirely new, its increasing discussion within financial circles marks its emerging significance. But is it truly a groundbreaking shift? I have my reservations.
Nonetheless, SNBL is undeniably a trend worth noting, especially for those interested in innovative financial solutions (FinTech Idea #11).
The principle behind SNBL is straightforward: if you want something but can't afford it immediately, instead of resorting to loans or credit mechanisms, you simply save up for it. Essentially, SNBL enhances the process of saving for specific goals without incurring debt or interest.
Historically, this was akin to saving money in a piggy bank. Today, it has evolved into a technology-based approach. Companies offering SNBL services provide users with a bank-like account where they can allocate funds for specific purchases, such as vacations or electronics, often with sub-accounts tailored for precise goals.
Moreover, SNBL providers often partner with various merchants who support savers' goals through additional discounts or allow purchases once a certain percentage of the target amount is saved.
A key feature of SNBL is its automation, aiding savers by automating deposits and sometimes even scraping a percentage from transactions to boost savings.
Observations reveal three primary models in #snbl operations:
1️⃣ Digital wallet combined with a marketplace platform.
2️⃣ Digital wallet with a linked debit or prepaid Visa or Mastercard card.
3️⃣ Payment method service offered directly to merchants.
#qikqikbanking #qikqik
Source: Karol Zielinski’s LinkedIn Post
