Infographic: Are you ready to buy now, pay later?
Infographic: Does daylight saving time save on energy costs?
Pandemic increased consumer adoptionAs of March 2021, 56% of Americans have used a buy now, pay later (BNPL) service - up from 38% in July 2020Growth in BNPL use between July 2020 and March 2021:
- 18-24 years: 62%
- 25-34 years: 28%
- 35-44 years: 21%
- 45-54 years: 26%
- Over 54 years: 98%
- 61% of users prefer to finance purchases through a retailer rather than through a third party;
- 53% of Americans who haven't used BNPL said they'd likely give it a try in the next year;
- $291 U.S. POS finance market.
Potential consumer benefits
- Buy big-ticket items immediately
- No fees or interest as long as payments (usually total of four) are made on time
- No/low paperwork required
- Merchant conducts only a "soft credit" check that doesn't affect credit scores
- Arrangements aren't required to credit bureaus
Potential retailer benefits
- Increased sales
- Greater consumer loyalty and repeat business
- Wide variety of in-house and third-party financial technology options
- Seamless integration with current payment system