Buy Now, Pay Later (BNPL) services are attracting consumer interest, but more importantly, the payment option is increasingly used.
In a recent joint report between PYMNTS and Amazon Web Services (AWS), surveys of over 2,200 consumers showed that not only do consumers find the convenience of BNPL a selling point – as well as the ability to flaunt predictable / affordable payments – but they also want to use BNPL for larger purchases.
See also: The Next BNPL Horizon will expand access to 83% of those who want to make large purchases
Data shows that 29 million US consumers have used BNPL to make purchases in the past year, and 59% of US consumers would be willing to use these services if offered to them by third-party providers.
Sixty-one percent of consumers who use BNPL’s payment options do so because it allows them to better manage their shopping expenses.
By going a little deeper, the attractiveness of the model is reflected in the economic situation of consumers. A majority of the paycheck-to-paycheck-to-paycheck cohort would use BNPL for travel and vacation services, at a cumulative rate of 46%, to name just one example.
About 43% of the total consumer base would use BNPL to purchase high-value services, which translates to 111 million consumers. Up to 41% of consumers believe BNPL options are better than personal loans.
——————————
NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK
On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.
