Experian, the world's largest credit data provider, said on Friday that it expects to witness a surge in the demand for its services related to the buy-now-pay-later (BPNL) sector and was focused on adding more clients to the segment.
According to Chief Communication Officer Nadia Ridout-Jamieson, BNPL is becoming more mainstream, and Experian's clients are requesting the company's services to determine whether an applicant is genuine or fake and whether it would be safe to provide the service to a customer.
"The interesting thing about buy now pay later, is that more people want to know what it means for the total indebtedness of the consumer, or how is the consumer handling debts," Jamieson said.
Over the past year, a large number of clients have been added by the company in its new BNPL segment, Jamieson said.
In recent years, particularly during the pandemic, the buy-now-pay-later services have boomed in popularity. The volume of transactions jumped by five folds on its BNPL platform on Black Friday 2021 compared to the volume in 2020 for PayPal Inc.
A 14 per cent surge in its third-quarter revenue was reported by Experian on Friday because of robust demand for the services it offers to its customers and for its business in North America. In Experian's main markets, the demand from its clients for credit reports and scores has been on the rise since the easing down of the pandemic related restrictions as well as flexible lending criteria and low rates of interest that has played a vital role in revamping lending and marketing activities by clients.
The company which is headquartered in Ireland leveraged from consumers in the United States exhibiting strong demand for credit last year while there was a rebound in applications for overall credit to levels of 2019, according to a survey released by the New York Federal Reserve November.
Growth in its annual revenues of between 16 per cent and 17 per cent is expected by it, Experian said which was higher than its previous forecast of a growth of between 15 per cent and 17 per cent.
However, the company also reduced its forecast for organic revenue for the year as the company which is listed in London noted that its organic revenue was hit by weakness in demand in its Europe, Middle East, and Africa markets.
The stocks of the company dropped by 1.7 per cent after the results.
The company predicted robust growth in the fourth quarter, with weakness in Europe, the Middle East, and Africa subsiding.
(Source:www.usnews.com)
According to Chief Communication Officer Nadia Ridout-Jamieson, BNPL is becoming more mainstream, and Experian's clients are requesting the company's services to determine whether an applicant is genuine or fake and whether it would be safe to provide the service to a customer.
"The interesting thing about buy now pay later, is that more people want to know what it means for the total indebtedness of the consumer, or how is the consumer handling debts," Jamieson said.
Over the past year, a large number of clients have been added by the company in its new BNPL segment, Jamieson said.
In recent years, particularly during the pandemic, the buy-now-pay-later services have boomed in popularity. The volume of transactions jumped by five folds on its BNPL platform on Black Friday 2021 compared to the volume in 2020 for PayPal Inc.
A 14 per cent surge in its third-quarter revenue was reported by Experian on Friday because of robust demand for the services it offers to its customers and for its business in North America. In Experian's main markets, the demand from its clients for credit reports and scores has been on the rise since the easing down of the pandemic related restrictions as well as flexible lending criteria and low rates of interest that has played a vital role in revamping lending and marketing activities by clients.
The company which is headquartered in Ireland leveraged from consumers in the United States exhibiting strong demand for credit last year while there was a rebound in applications for overall credit to levels of 2019, according to a survey released by the New York Federal Reserve November.
Growth in its annual revenues of between 16 per cent and 17 per cent is expected by it, Experian said which was higher than its previous forecast of a growth of between 15 per cent and 17 per cent.
However, the company also reduced its forecast for organic revenue for the year as the company which is listed in London noted that its organic revenue was hit by weakness in demand in its Europe, Middle East, and Africa markets.
The stocks of the company dropped by 1.7 per cent after the results.
The company predicted robust growth in the fourth quarter, with weakness in Europe, the Middle East, and Africa subsiding.
(Source:www.usnews.com)
