Transcript
A (0:00)
Primark has introduced Buy Now, Pay later options with Klarna and Clearpay. According to the industry fashion Primark has been historically absent from this type of payment model and now the high street retailer is offering customers the ability to split payments. Reflecting the growing popularity of BNPL services in the UK to use Klarna in store, reports suggest consumers need to download the app, register for the service, search, search for Primark and create a one time card that can be added to Apple Pay or other digital wallets. Shoppers can then top up the card to their chosen amount and use it to pay for items in store, spreading the cost over time. Chris, is Primark's Buy Now, Pay later announcement this week a sign that we have officially crossed the chasm on BNPL.
B (0:45)
Oh, 100%. Indeed it is. And indeed it is. I mean, if you're keeping score at home. The first time we heard about BNPO, I'll never forget it, we were in LA@shop.org it was 2018, September or October. Give you the precise month, one of those two months. And now we're seven years from that. So that's how long this takes. You know, the adoption curve. That's the adoption curve we're talking about here. 7 years from BNPL to go from idea to pretty much mass adoption now. Because at this point now I think it's going to spread like wildfires in the US like you talked about it at what you learned about it at grocery shop. But I mean now you have Primark basically allowing you to buy $4 shirts on installments. I mean, we just need to stop and think about that. I'm buying $4 shirts on installments. So there's no stopping it. And given the economy, again, I have to think the growth in BNPL this year, this is really interesting, me. The growth in BNPL this year could even surpass last year in terms of holiday spending, which is kind of crazy when you think about it because usually you start to see those growth rates decline. I'm actually wondering if it'll be higher this year.
A (1:48)
Yeah, I was just researching last night and I found a lending tree survey that was done just this summer in 2025 that in America, 25% of us are using BNPL for groceries, which is up from 14% the year before. And that's, that's just this summer. So I think, you know, if they're doing that with food, it should come as no surprise to us that people are using that for seasonal clothing purchases, holidays from places that already have low prices like Primark or like Walmart, it seems like this is a necessity for all retailers to truly think about having as an option one, because it comes as little to no risk to them. And it could end up, based on the data that we're seeing and what Primark just reported in the uk, that it could be the difference between someone shopping there or not. So I think this is definitely something that even retailers who are adding this late to the game, like Primark, need to be, need to be considering and need to have on the table. Dollar stores, like all these things.