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
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