Oney, PrestaShop and PayPlug have announced an alliance to promote installment payment in the electronic commerce in Europe and “giving birth to the European locomotive of the ‘Buy Now, Pay Later’ (BNPL) solution”.
Through the agreement, a plugin will be integrated into the PrestaShop platform that will allow customers to choose the payment method, in three or four installments of 60 or 90 days, based on your preferences, while the seller will receive the full amount of the purchase in your account. This plugin will have access to 136,000 e-commerce websites in Spain, France and Italy that manage their e-commerce with PrestaShop.
In this way, the three companies have committed to “promote electronic commerce for SMEs and companies of all sizes by offering them the best services”. The product will be available in France e Italy at the end of April, while it will arrive in Spain before summer. In addition, entry into other European markets such as Poland is expected to be announced soon.
The president and CEO of PayPlug, Antoine Grimaud, has highlighted that the company’s mission is to eliminate payment limitations for SMEs and offer them effective and easy-to-use solutions. “We firmly believe that installment payment is a powerful lever for the e-commerce industry and payment agents, especially in Europe. With this alliance and the 15,000 customers who already use PayPlug services in France and Italy, where both Oney As PrestaShop, we intend to strengthen our presence in Europe,” he said.
The person in charge of PrestaShop Spain, Jorge González Marcos, has pointed out that, with the split payment complement, merchants who manage their business with PrestaShop “they will be able to boost their sales, save time and also improve the security of their transactions“We are delighted to partner with other European leaders and experts such as Oney and PayPlug to demonstrate European excellence in banking and e-commerce solutions, empowering our merchants,” he said.
For his part, the CEO of Oney Spain, Salvador Loscertales, has highlighted that Oney has “the best acceptance rate in the market”, between 92% and 98% depending on the sector, for which he trusts in the capacity of their co-built solution to offer PrestaShop merchants and their customers “a unique installment payment experience that will significantly contribute to impose installment payments as one of the main means of payment and Europe “.
Oney and PayPlug are part of BPCE Digital & Payments, the new division of Groupe BPCE that brings together the competencies in payments, digital and data. The partnership with PrestaShop “highlights Groupe BPCE’s ability to offer an end-to-end experience across the payment value chain,” they said.
BNPL, alza
PrestaShop, Oney and PayPlug assure that, thanks to the ‘boom’ experienced by electronic commerce after the start of the pandemic, the figures of the BNPL market in Spain have quadrupled between 2018 and 2020, reaching 80,000 million dollars ( close to 73,000 million euros).
What’s more, 60% of Europeans say they have already used it and a quarter of Europeans choose an e-commerce website based on the possibility of paying in installments.
Globally, the volume of transactions is expected to reach 680,000 million dollars (about 620,000 million euros) by 2025, an increase of 92% compared to 2019 figures.