Slower Growth and Intensifying Competition in the BNPL Payments Market
First written in FY2022. 2 of 6 entries say "Worsened", first in FY2025. Latest entry: 2026-08-18.
No other company in this theme has enough history to compare yet.
- 2026-08-18RestatedEarnings presentation
「At the same time, prices have declined to some extent because of the severe competitive environment. GMV is growing, but gross profit margin has declined somewhat.」
The company reaffirmed the relationship between severe competition, lower prices and lower gross profit margin. - FY2026MaterialisedAnnual report
「For NP Postpay, operating revenue declined because of lower GMV and the impact of lower fee rates amid intensifying competition.」
Intensifying competition from similar BNPL providers materialized as lower fee rates and declining operating revenue at NP Atobarai. - FY2025WorsenedAnnual report
「Given the global expansion of BNPL payment services, we recognize that the number of businesses providing services similar to the Group’s BNPL payment methods is currently increasing.」
In addition to competition from existing payment methods, the company explicitly identified an increase in providers of similar services accompanying the global expansion of BNPL and intensifying competition from new entrants. - FY2022First statedAnnual report
「As described above, the services provided by the Group offer value to both purchasers and merchants. Purchasers can pay after receiving and inspecting their products, enabling them to avoid product-related problems, while merchants can expect new and additional orders by meeting purchasers’ needs, contributing to sales growth. We therefore believe these services are sufficiently competitive compared with other payment services that require payment to be completed before delivery. However, if the expansion of other payment methods causes the market targeted by the Group to be captured by those methods, this could affect the Group’s business results and financial position.」
The company identifies the risk that other payment methods, including cash, prepaid payments, cards and QR codes, could expand and capture its target market through competition.