Is BNPL losing steam?

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Hi readers,

For someone who writes about tech, I’m very slow to adopt new solutions – my friends would know.

It took me years to update my Mac OS from Snow Leopard, and only because I had to – some apps weren’t working anymore. It was months after GrabPay first launched when I started using it. And it’s been almost a whole year since I’ve written this deep dive into why the time is ripe for buy now, pay later (BNPL) in Asia, but it seems the time still isn’t ripe for me to use the service.

What can I say? I’m a stickler for the tried and tested, and where BNPL is concerned – well, I have my reservations.

But a lot has changed in just nine months. In Singapore, the BNPL scene has exploded from just having four main players to over eight, and counting. Billion-dollar deals involving BNPL firms seem to be hitting the headlines weekly. Even Apple is reportedly working on its own pay-later solution.

Amid all that exuberance, Singapore-based BNPL player Hoolah laid off a significant portion of its workforce last month in a restructuring effort. What’s more, the layoffs happened days after its CEO departed the company for personal reasons.

What does one make of this: Is BNPL losing steam? Let us know what you think.

— Melissa, journalist at Tech in Asia

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