The Maze: Loyalty programmes used to sit beside checkout. BNPL is pulling them into it. Euromonitor's global research shows discounts remain the entry ticket everywhere, but the benefit that keeps people engaged changes by region. That makes the wallet more than a payment container: it can decide when value appears, which partners participate and whether a reward feels useful now or theoretical later.
Discounts are the common language. Offers rank first in every region, from 49% of respondents in Asia Pacific to 56% in Middle East and Africa. Latin America reaches 51%, while Western Europe and North America both sit at 50%. The narrow seven-point range matters: every regional loyalty design needs a visible price benefit before it earns permission to become more ambitious.
The second benefit is where markets separate. Middle East and Africa leads on free products at 45% and cross-brand redemption at 42%. North America puts free products at 41%; Latin America reaches 40%. Asia Pacific is different: members-only benefits rise to 40%, ahead of free products at 34% and cross-brand rewards at 31%. One global points catalogue will not feel equally valuable everywhere.
Service can be a loyalty product, not just overhead. Better customer service attracts 33% in Asia Pacific, nearly double Western Europe's 16% and well above North America's 20%. That 17-point spread is the largest visible regional split. In markets where convenience and super-app journeys shape expectations, faster resolution and smoother payment management can carry as much strategic weight as another coupon.
BNPL turns reward timing into product design. Euromonitor's thesis is that instalments and rewards become stronger when they arrive together. The shopper gets cash-flow flexibility without stepping outside the loyalty journey; the merchant or payment platform gets another moment to reinforce value. PayPal launched this logic in the UK: PayPal+ members can earn points on BNPL and stack them with merchant rewards.
The battle is moving from points to ecosystems. Klarna's memberships bundle cashback, travel benefits and subscriptions around a payments relationship. That gives BNPL providers a path into engagement traditionally owned by card issuers and retailers. It also raises the bar: the financing must remain transparent, the reward must be easy to value and the programme must fit the local hierarchy of benefits.
Why it matters: Loyalty is becoming part of payment orchestration. The winner will not be the programme with the longest benefit list. It will be the one that makes value visible at the decision point, then adapts the next layer by market: free products and partner redemption in some regions, service and members-only access in others. The survey shows preference, not causation, but it gives operators a clear test plan for the checkout.
Sources: Euromonitor | PayPal | Klarna
