Breaking Stories

29M US Consumers Used BNPL in the Past 12 Months

To get a sense of just how pervasive buy now, pay later (BNPL) has become in the fabric of U.S. commerce and embraced by consumers across the country, consider this: 29 million consumers have used the payment option to make a purchase in the past year.

And the desire to use BNPL is certainly there: In the “Next BNPL Horizon: Expanding Access to High Value Services,” done in a joint effort between PYMNTS and AWS Financial Services, we found that 111 million U.S. consumers want to use BNPL to purchase high-value services.

And 59 percent of U.S. consumers are willing to use BNPL services offered by third-party providers.

The ability to pay for retail purchases in installments over a fixed term lends some predictability to cash flow, to payments and helps consumers juggle the minutiae of financial life a bit more securely.

As for where BNPL is being used: 44 percent state they are using BNPL to buy clothing and accessories; almost 42 percent are using BNPL for electronics and appliances.

Source: PYMNTS.com

When asked what categories of spending would be the most attractive for leveraging BNPL, nearly 28 percent cited travel and vacation services; more than 27 percent said out-of-pocket medical expenses.

Source: PYMNTS.com

What is your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *