Consumer spending has sharply declined since the COVID-19 pandemic led to worldwide economic closures. The U.S. Department of Commerce recently reported that spending in the country fell 7.5 percent from March to April, representing an approximately $1.1 trillion drop in companies’ revenues and one of the...
Since launching in the U.S. two years ago, the Australia-based buy now, pay later (BNPL) startup Afterpay has attracted more than nine million people, with over five million currently active and one million new users joining during the 10-week pandemic lockdown. “At a time in...
Consumers have largely turned to eCommerce since efforts to slow the spread of COVID-19 shuttered brick-and-mortar stores. Online purchases increased 30 percent between March and mid-April compared to the same period last year. This figure may lead some to assume those affected simply switched to...
Many consumers in Australia, the United Kingdom, the United States and other markets are experiencing financial distress as a result of the COVID-19 pandemic, and spending behaviors are shifting to reflect this. More consumers are spending online rather than making potentially risky trips to brick-and-mortar...
Klarna, Sweden’s FinTech startup, has partnered with beauty retailer Sephora, according to a press release. Customers shopping for the makeup, fragrances and skin care products on Sephora’s website are now able to take advantage of Klarna’s installment option. It allows shoppers to pay in four...
Stripe will partner with QuadPay for the payment installment platform’s new buy now, pay later option that lets customers access up to $500 to shop at a large variety of businesses, Stripe announced Thursday (May 7). The QuadPay app gives consumers a balance of up...
“Buy now, pay later” (BNPL) options are very popular — when people know they exist, that is. In the April-May 2020 edition of the Buy Now, Pay Later Tracker®, done in collaboration with Afterpay, we discover that the draw of instant credit has greater potential...
Millennial and Gen Z stereotypes often revolve around being tied to smartphones or computer screens, but these consumers love the outdoors just as much as their parents’ and grandparents’ generations. One study found that individuals between the ages of 18 and 30 performed more than...
Durable workwear is essential for EMTs, firefighters and many other frontline professionals, but the COVID-19 pandemic and the ensuing economic downturn means many of these workers are unable to afford it when it’s needed most. For this month’s Buy Now Pay Later Tracker, PYMNTS spoke...
