Buy now, pay later (BNPL) services are gaining the interest of consumers — but more importantly, the payment option is finding widespread use.
In a recent report done in conjunction between PYMNTS and Amazon Web Services (AWS), surveys of more than 2,200 consumers showed that not only are consumers finding the convenience of BNPL a selling point — along with the ability to spread out predictable/affordable payments — but they also want to use BNPL for bigger-ticket purchases.
See also: The Next BNPL Horizon Will Expand Access to 83% Who Want to Make Big-Ticket Purchases
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The data shows that 29 million U.S. consumers have used BNPL to make purchases in the past year, and 59% of U.S. consumers would be willing to use those services if offered to them by third-party providers.
Sixty-one percent of consumers who use BNPL payment options do so because it provides a better way to manage their spending on purchases.
Drilling down a bit, the attractiveness of the model translates across consumers’ economic standing. A majority of the paycheck-to-paycheck cohort would use BNPL for travel and vacation services, at a cumulative 46%, to name just one example.
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Roughly 43% of the total consumer base would use BNPL to make high-value service purchases, which translates to 111 million consumers. As many as 41% of consumers believe that BNPL options are better than personal loans.
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