Buy now, pay later (BNPL) plans seem to be everywhere, but the greenfield opportunity remains relatively untapped. In “Banking on Buy Now, Pay Later: Installment Payments and FIs’ Untapped Opportunity,” a PYMNTS and Amount collaboration, we found that 50 million consumers used BNPL through 2022....
Struggling consumers are relying on payment plans for daily purchases as wages fall behind rising prices. Nearly three-quarters of millennials are living paycheck to paycheck as seemingly ceaseless price increases force consumers to stretch their budgets further to keep up with the cost of living....
The concept of wealth is constantly evolving — and in the Instagram age, social media makes it all too easy to keep score in the bid to keep up with the Joneses. A study conducted by Charles Schwab found that Americans believe having a net worth of $2.2 million...
Retailers that offer a variety of credit options draw in consumers battling the constraints of higher prices and stagnant wages to help them smooth things over. Prior PYMNTS’ research established improved spend management as a top reason for younger consumers to use credit products. Our...
Buy now, pay later (BNPL) isn’t just for school kids. While the payment solution has thrived among a cohort of consumers who don’t have credit (for example, school kids), the payment method has also gained steam across various demographics, including older folks. Furthermore, its growing...
Payments network Klarna has debuted new products geared toward environmentally-conscious shoppers. The company launched its top-up donations feature and an upgraded carbon footprint tracking tool, according to a Wednesday (June 14) press release, at a time when retailers are debating the effectiveness and cost of...
Amazon has added Affirm’s pay-over-time option to Amazon Pay. With this addition, eligible United States merchants using Amazon Pay can allow their customers to choose the pay-over-time option at checkout, the companies said in a Wednesday (June 7) press release. “We know customers want convenient and flexible payment options —...
From Australia, the land that invented buy now, pay later (BNPL) as we now know it, comes news this week that laws are changing to treat the installment payment product as credit. The move may well make its way around the world in much the...
Buoyed by changing consumer habits in the wake of the pandemic, the buy now, pay later (BNPL) financing model has exploded in recent years, with more and more consumers and businesses embracing interest-free installment payments on purchases to avoid credit card debt. This surge in...
