The Rise of Buy Now Pay Later (BNPL)
Consumers turn to payment options like BNPL for flexibility and convenience, to receive products upfront while paying for them in smaller installments over time. I believe the future of retail will be led by point-of-sale (POS) installment financing that is embedded into the customer journey, not just an add-on at checkout. While BNPL can be used for smaller purchases, POS financing is ideal for larger purchases, such as electronics, furniture, or jewelry. Ultimately, consumers must decide which payment option works best for them based on their spending habits and overall financial health. The future of retail is purchasing power combined with responsible, streamlined lending, and by intrinsically embedding POS financing solutions into the shopping experience, we can provide greater flexibility and transparency for consumers, as well as add value to the retailer through customer loyalty.
EVP & President of Citizens Pay
Shahin Kohan, a seasoned and trusted technologist, businessman and advisor, is on a mission to catalyze the potential of people and organizations through the power of technology. Three decades of experience working across industries has granted him the knowledge, resources and perspective to effectively create solutions to problems of any size, and ultimately help others make their impact on the world. His companies, including AIMS360, the leader of fashion technology, and Kumo Technology, a pioneering workflow innovation and software development company focused on the private lending industry, allow him to achieve that goal. A proud American immigrant raised amidst the struggle of Tehran, Iran in the 70s, his inspiring journey of possibility, persistence and passion fuels his deep appreciation and endeavor to make technology more accessible, human and powerful for all.