Inyste Weekly: Namibia faces backlash over tourism policies, Apple to Ditch BNPL Solution and more

This was an interesting week in the business world. Here’s a breakdown of some of the week’s top stories.

Fintech

Tyler Pathe reported that Apple is discontinuing its "buy now, pay later" (BNPL) service, Apple Pay Later, in favour of a new instalment loan offering set to launch later this year. Introduced just 15 months ago in the US, Apple Pay Later allowed users to borrow between $50 and $1,000 and repay over four instalments across six weeks. However, Apple is now shifting its focus to a broader instalment loan service through global partnerships with financial institutions like ANZ in Australia, CaixaBank in Spain, HSBC and Monzo in the UK, and Citi, Synchrony, Affirm, and Fiserv in the US. Additionally, Apple has partnered with Santander’s digital finance platform Zinia in Germany to provide split and deferred payment options. Apple emphasizes that this new direction aims to offer flexible, secure, and private payment options to more users worldwide through collaborations with Apple Pay-enabled banks and lenders.

Tourism

As reported by Steven Ganot, Tunisia's tourism industry has welcomed 3.37 million tourists by June 10, 2024, marking a 5.3% increase compared to the same period last year, according to Mosaique FM. Aymen Rahmani from the Tunisian National Tourist Office expressed optimism, predicting that the total number of tourists could reach 10 million by the end of the year. From January 1 to May 31, tourists spent 5.87 million nights in Tunisian hotels, a 6.4% rise from the previous year. Tourism, contributing 9% to Tunisia's GDP and providing nearly 400,000 jobs, has faced significant challenges, including the Arab Spring in 2011 and terrorist attacks in 2015. Despite these setbacks, recent figures indicate a strong recovery and renewed confidence among international visitors.

As cited in Bizcommunity, The Southern African Development Community (SADC) Business Council Tourism Alliance has criticized Namibia's new restrictive visa policies, warning they could severely damage the country's tourism sector and overall economic growth. Namibia's recent removal of visa-free entry for citizens of 31 countries has sparked concerns among tourism and economic groups. The SADC Tourism Alliance argues that the policy contradicts Namibia Airports Company's "Air Connect Namibia" strategy aimed at boosting international flights and connectivity. They highlight that restrictive visa regimes can negatively impact tourism and related industries, whereas visa liberalization has proven beneficial in other African countries like Rwanda and Zambia.

Retail

According to new research by Retail Systems Research (RSR), retail stores are increasingly at risk of failing to meet tech-savvy shopper expectations. As highlighted by Businesswire, the report reveals that 36% of fashion and speciality retailers find their existing technology inadequate. Surveying over 100 U.S. retailers and 1,100 shoppers, the research highlights significant changes in consumer behaviour, with 87% of shoppers wanting in-store access to the same product information they find online. Moreover, 70% appreciate the seamless blend of online and in-store experiences. The rise of Buy-Online-Pickup-Instore (BOPIS) demands operational efficiency, yet half of retailers struggle with these new tasks.

According to Jonny Evans, Apple’s technology is increasingly integrated into various industries, including grocery stores. Major US retailers like Albertsons, Safeway, and Shaw’s use Afresh’s AI-augmented ordering systems on iPads to reduce food waste, particularly in meat and seafood departments. UK retailer John Lewis uses iPhones for inventory management and customer service, while independent grocers use FoodStorm’s iOS-compatible system for produce management. Apple’s secure ecosystem and versatile devices have driven this adoption, with enterprises like Walmart and Nike investing in Apple Vision Pro for innovative spatial computing.

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