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Primark Joins the Buy Now Pay Later Revolution | Fast Five Shorts · Omni Talk Retail

• 0:00
  Primark
• 0:00
  has
• 0:00
  introduced
• 0:01
  Buy
• 0:01
  Now,
• 0:01
  Pay
• 0:01
  later
• 0:02
  options
• 0:02
  with
• 0:02
  Klarna
• 0:03
  and
• 0:03
  Clearpay.
• 0:04
  According
• 0:04
  to
• 0:05
  the
• 0:05
  industry
• 0:05
  fashion
• 0:06
  Primark
• 0:07
  has
• 0:07
  been
• 0:08
  historically
• 0:08
  absent
• 0:09
  from
• 0:09
  this
• 0:09
  type
• 0:09
  of
• 0:09
  payment
• 0:10
  model
• 0:10
  and
• 0:10
  now
• 0:10
  the
• 0:10
  high
• 0:11
  street
• 0:11
  retailer
• 0:11
  is
• 0:12
  offering
• 0:12
  customers
• 0:12
  the
• 0:13
  ability
• 0:13
  to
• 0:13
  split
• 0:14
  payments.
• 0:14
  Reflecting
• 0:15
  the
• 0:15
  growing
• 0:16
  popularity
• 0:16
  of
• 0:16
  BNPL
• 0:17
  services
• 0:18
  in
• 0:18
  the
• 0:18
  UK
• 0:19
  to
• 0:19
  use
• 0:19
  Klarna
• 0:20
  in
• 0:20
  store,
• 0:21
  reports
• 0:21
  suggest
• 0:22
  consumers
• 0:22
  need
• 0:22
  to
• 0:23
  download
• 0:23
  the
• 0:23
  app,
• 0:23
  register
• 0:24
  for
• 0:24
  the
• 0:24
  service,
• 0:25
  search,
• 0:25
  search
• 0:25
  for
• 0:26
  Primark
• 0:26
  and
• 0:26
  create
• 0:27
  a
• 0:27
  one
• 0:27
  time
• 0:27
  card
• 0:28
  that
• 0:28
  can
• 0:28
  be
• 0:28
  added
• 0:28
  to
• 0:28
  Apple
• 0:29
  Pay
• 0:29
  or
• 0:29
  other
• 0:29
  digital
• 0:30
  wallets.
• 0:31
  Shoppers
• 0:31
  can
• 0:31
  then
• 0:31
  top
• 0:32
  up
• 0:32
  the
• 0:32
  card
• 0:32
  to
• 0:32
  their
• 0:33
  chosen
• 0:33
  amount
• 0:33
  and
• 0:34
  use
• 0:34
  it
• 0:34
  to
• 0:34
  pay
• 0:34
  for
• 0:34
  items
• 0:35
  in
• 0:35
  store,
• 0:36
  spreading
• 0:36
  the
• 0:36
  cost
• 0:37
  over
• 0:37
  time.
• 0:38
  Chris,
• 0:38
  is
• 0:39
  Primark's
• 0:39
  Buy
• 0:39
  Now,
• 0:40
  Pay
• 0:40
  later
• 0:40
  announcement
• 0:40
  this
• 0:41
  week
• 0:41
  a
• 0:41
  sign
• 0:41
  that
• 0:41
  we
• 0:42
  have
• 0:42
  officially
• 0:42
  crossed
• 0:43
  the
• 0:43
  chasm
• 0:43
  on
• 0:43
  BNPL.
• 0:45
  Oh,
• 0:45
  100%.
• 0:46
  Indeed
• 0:46
  it
• 0:47
  is.
• 0:47
  And
• 0:47
  indeed
• 0:47
  it
• 0:48
  is.
• 0:48
  I
• 0:48
  mean,
• 0:48
  if
• 0:48
  you're
• 0:48
  keeping
• 0:49
  score
• 0:49
  at
• 0:49
  home.
• 0:50
  The
• 0:50
  first
• 0:51
  time
• 0:51
  we
• 0:51
  heard
• 0:51
  about
• 0:51
  BNPO,
• 0:52
  I'll
• 0:52
  never
• 0:52
  forget
• 0:53
  it,
• 0:53
  we
• 0:53
  were
• 0:53
  in
• 0:53
  LA@shop.org
• 0:55
  it
• 0:55
  was
• 0:55
  2018,
• 0:57
  September
• 0:57
  or
• 0:57
  October.
• 0:58
  Give
• 0:58
  you
• 0:58
  the
• 0:59
  precise
• 0:59
  month,
• 0:59
  one
• 1:00
  of
• 1:00
  those
• 1:00
  two
• 1:00
  months.
• 1:01
  And
• 1:01
  now
• 1:01
  we're
• 1:02
  seven
• 1:02
  years
• 1:02
  from
• 1:02
  that.
• 1:03
  So
• 1:03
  that's
• 1:03
  how
• 1:03
  long
• 1:04
  this
• 1:04
  takes.
• 1:04
  You
• 1:04
  know,
• 1:05
  the
• 1:05
  adoption
• 1:05
  curve.
• 1:06
  That's
• 1:06
  the
• 1:06
  adoption
• 1:06
  curve
• 1:07
  we're
• 1:07
  talking
• 1:07
  about
• 1:07
  here.
• 1:07
  7
• 1:08
  years
• 1:08
  from
• 1:08
  BNPL
• 1:09
  to
• 1:09
  go
• 1:09
  from
• 1:09
  idea
• 1:10
  to
• 1:10
  pretty
• 1:10
  much
• 1:10
  mass
• 1:11
  adoption
• 1:11
  now.
• 1:11
  Because
• 1:12
  at
• 1:12
  this
• 1:12
  point
• 1:12
  now
• 1:13
  I
• 1:13
  think
• 1:13
  it's
• 1:13
  going
• 1:13
  to
• 1:13
  spread
• 1:13
  like
• 1:14
  wildfires
• 1:14
  in
• 1:14
  the
• 1:15
  US
• 1:15
  like
• 1:15
  you
• 1:16
  talked
• 1:16
  about
• 1:16
  it
• 1:16
  at
• 1:16
  what
• 1:16
  you
• 1:17
  learned
• 1:17
  about
• 1:17
  it
• 1:17
  at
• 1:17
  grocery
• 1:18
  shop.
• 1:18
  But
• 1:19
  I
• 1:19
  mean
• 1:19
  now
• 1:19
  you
• 1:19
  have
• 1:20
  Primark
• 1:21
  basically
• 1:22
  allowing
• 1:22
  you
• 1:22
  to
• 1:22
  buy
• 1:23
  $4
• 1:23
  shirts
• 1:24
  on
• 1:25
  installments.
• 1:25
  I
• 1:25
  mean,
• 1:25
  we
• 1:25
  just
• 1:26
  need
• 1:26
  to
• 1:26
  stop
• 1:26
  and
• 1:26
  think
• 1:26
  about
• 1:26
  that.
• 1:27
  I'm
• 1:27
  buying
• 1:27
  $4
• 1:28
  shirts
• 1:28
  on
• 1:28
  installments.
• 1:29
  So
• 1:29
  there's
• 1:30
  no
• 1:30
  stopping
• 1:30
  it.
• 1:31
  And
• 1:31
  given
• 1:31
  the
• 1:31
  economy,
• 1:32
  again,
• 1:32
  I
• 1:32
  have
• 1:33
  to
• 1:33
  think
• 1:33
  the
• 1:33
  growth
• 1:33
  in
• 1:33
  BNPL
• 1:34
  this
• 1:34
  year,
• 1:35
  this
• 1:35
  is
• 1:35
  really
• 1:35
  interesting,
• 1:36
  me.
• 1:36
  The
• 1:36
  growth
• 1:36
  in
• 1:36
  BNPL
• 1:37
  this
• 1:37
  year
• 1:37
  could
• 1:38
  even
• 1:38
  surpass
• 1:39
  last
• 1:39
  year
• 1:39
  in
• 1:40
  terms
• 1:40
  of
• 1:40
  holiday
• 1:40
  spending,
• 1:41
  which
• 1:41
  is
• 1:41
  kind
• 1:42
  of
• 1:42
  crazy
• 1:42
  when
• 1:42
  you
• 1:42
  think
• 1:43
  about
• 1:43
  it
• 1:43
  because
• 1:43
  usually
• 1:43
  you
• 1:43
  start
• 1:43
  to
• 1:44
  see
• 1:44
  those
• 1:44
  growth
• 1:44
  rates
• 1:44
  decline.
• 1:45
  I'm
• 1:45
  actually
• 1:45
  wondering
• 1:46
  if
• 1:46
  it'll
• 1:46
  be
• 1:46
  higher
• 1:46
  this
• 1:47
  year.
• 1:48
  Yeah,
• 1:49
  I
• 1:49
  was
• 1:49
  just
• 1:50
  researching
• 1:51
  last
• 1:51
  night
• 1:51
  and
• 1:52
  I
• 1:52
  found
• 1:52
  a
• 1:52
  lending
• 1:53
  tree
• 1:53
  survey
• 1:53
  that
• 1:54
  was
• 1:54
  done
• 1:54
  just
• 1:54
  this
• 1:54
  summer
• 1:55
  in
• 1:55
  2025
• 1:56
  that
• 1:56
  in
• 1:57
  America,
• 1:58
  25%
• 1:59
  of
• 1:59
  us
• 1:59
  are
• 1:59
  using
• 2:00
  BNPL
• 2:00
  for
• 2:01
  groceries,
• 2:01
  which
• 2:02
  is
• 2:02
  up
• 2:02
  from
• 2:03
  14%
• 2:04
  the
• 2:04
  year
• 2:04
  before.
• 2:04
  And
• 2:05
  that's,
• 2:05
  that's
• 2:05
  just
• 2:05
  this
• 2:06
  summer.
• 2:06
  So
• 2:06
  I
• 2:06
  think,
• 2:07
  you
• 2:07
  know,
• 2:07
  if
• 2:07
  they're
• 2:07
  doing
• 2:08
  that
• 2:08
  with
• 2:08
  food,
• 2:09
  it
• 2:09
  should
• 2:09
  come
• 2:10
  as
• 2:10
  no
• 2:10
  surprise
• 2:11
  to
• 2:11
  us
• 2:11
  that
• 2:11
  people
• 2:11
  are
• 2:12
  using
• 2:12
  that
• 2:12
  for
• 2:13
  seasonal
• 2:13
  clothing
• 2:14
  purchases,
• 2:14
  holidays
• 2:15
  from
• 2:16
  places
• 2:16
  that
• 2:16
  already
• 2:17
  have
• 2:17
  low
• 2:17
  prices
• 2:18
  like
• 2:18
  Primark
• 2:18
  or
• 2:19
  like
• 2:19
  Walmart,
• 2:19
  it
• 2:20
  seems
• 2:20
  like
• 2:21
  this
• 2:21
  is
• 2:21
  a
• 2:21
  necessity
• 2:21
  for
• 2:22
  all
• 2:22
  retailers
• 2:23
  to
• 2:23
  truly
• 2:24
  think
• 2:24
  about
• 2:24
  having
• 2:24
  as
• 2:25
  an
• 2:25
  option
• 2:26
  one,
• 2:26
  because
• 2:26
  it
• 2:27
  comes
• 2:27
  as
• 2:27
  little
• 2:27
  to
• 2:27
  no
• 2:28
  risk
• 2:28
  to
• 2:28
  them.
• 2:29
  And
• 2:29
  it
• 2:29
  could
• 2:30
  end
• 2:30
  up,
• 2:30
  based
• 2:31
  on
• 2:31
  the
• 2:31
  data
• 2:31
  that
• 2:31
  we're
• 2:31
  seeing
• 2:32
  and
• 2:32
  what
• 2:32
  Primark
• 2:32
  just
• 2:33
  reported
• 2:33
  in
• 2:33
  the
• 2:33
  uk,
• 2:33
  that
• 2:34
  it
• 2:34
  could
• 2:34
  be
• 2:34
  the
• 2:35
  difference
• 2:35
  between
• 2:35
  someone
• 2:35
  shopping
• 2:36
  there
• 2:36
  or
• 2:36
  not.
• 2:36
  So
• 2:37
  I
• 2:37
  think
• 2:37
  this
• 2:37
  is
• 2:38
  definitely
• 2:38
  something
• 2:39
  that
• 2:40
  even
• 2:40
  retailers
• 2:41
  who
• 2:41
  are
• 2:41
  adding
• 2:41
  this
• 2:42
  late
• 2:42
  to
• 2:42
  the
• 2:42
  game,
• 2:42
  like
• 2:42
  Primark,
• 2:43
  need
• 2:43
  to
• 2:43
  be,
• 2:44
  need
• 2:44
  to
• 2:44
  be
• 2:44
  considering
• 2:45
  and
• 2:45
  need
• 2:45
  to
• 2:46
  have
• 2:46
  on
• 2:46
  the
• 2:46
  table.
• 2:47
  Dollar
• 2:48
  stores,
• 2:48
  like
• 2:49
  all
• 2:49
  these
• 2:49
  things.
• 2:50
  Yeah.
• 2:50
  Right.
• 2:50
  When
• 2:51
  does
• 2:51
  it
• 2:51
  start
• 2:51
  to
• 2:51
  come
• 2:51
  up?
• 2:51
  Stores?
• 2:52
  Yeah,
• 2:53
  great
• 2:53
  question.