Would BNLP be the Golden Hind for the offshore software development industry?

Last year we tried to figure out the modern trends for offshore programming. One of the industries wichs will rocket higher and require much more offshore software development in 2021 is undoubtedly Banking and Fintech. The pandemic and other reality of 2020 brought to life the Buy Now, Pay Later (BNPL) trend. More and more banks and financial institutions will need dedicated software.

It is the old good installment plan offered to a customer during checkout. Its advantage is that it works as well as other types of payment tenders. Merchants can be paid upfront, but the customers can spread the cost over weeks or months. It rases your obligatory monthly payment, but often you are not charged by interest, for some period at least. So you are not using the credit or debit card funds at once. It's a transparent alternative for all these credit-debit cards. You think you will control your paying down balances with low to no fees, and it works very like a subscription payment. That's why customers think it's a great idea. Merchants think it's a good alternative for a few key reasons why:

• It's an excellent stimulus for spontaneous shopping. The University of Otago, New Zealand’s research results indicate that BNPL users reported higher levels of online impulsivity and increased likelihood of future purchases if BNPL platforms were available to them.
• It's an effective customer acquisition tool. The fintech such as Affirm and Klarna already prove it, Chase and City bank involving several large financial institutions, jump into sharing the pie.
• It's good enough integrated into the shopping and checkout processes, leading to the incremental bump of 20% to 30% in sales. Add to this increases of the conversion rates by an additional 2x to 3x, and you'll see a very attractive picture.

That's why your future offshore software development customers think it's a great idea. But there is "a story about bad" in this BNPL situation for today. The point is that if the banks are charged with a social responsibility to only offer what a borrower can repay, the BNPL platforms do not care about this "annoying inconvenience." You may jump into the swamp without even noticing it that as many people do, and that's the key difference. Never the less the U.S market with BNPL merchants percentage is still low - less than 5%, but it is still growing. The global volume could grow to be $650 billion to $1 trillion by 2025, roughly 10 to 15 times the current market, claimed Bank of America analyst in November 2020. And yes, dear developers, the lion's share of this money can be yours. 2021 will bring the opportunity not only to the giants of the industry but for the small businesses too. Those entrepreneurs who are still alive despite efforts of WHO and COVID 19 are running online, growing themselves the army of potential customers. Even this year the many more merchants will offer more than one BNPL option to customers at checkout. So it seems to be reasonable to prepare cheap, reliable, based on the newest technologies, ready-to-cook software solutions from the wheels.