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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: 2021 North American PaymentsInsights – Buy Now Pay Later
Buy Now Pay Later Is More Popular Among Higher Income and Online Shoppers:
- A possible explanation is that affluent consumers are more likely to make aspirational purchases that tend to offer short-term payment options.
- Lower-income consumers may have fewer opportunities for short-term financing due to compromised credit history or insufficient credit to qualify for a loan.
- BNPL financing is most popular among consumers with an income of $100K – $149K, with 27% having used it.
- Short term financing is more common for in-person purchases, while Buy Now Pay Later is more likely used online.
- BNPL loans are more readily available for online purchases, but uncommon for in-store purchases.
- Shopping online can be advantageous for consumers looking for an interest-free loan.
About Report
Mercator Advisory Group has released a new primary research report titled 2021 North American PaymentsInsights – Buy Now Pay Later, summarizing the findings from the BNPL and short-term financing sections of the semi-annual North American PaymentsInsights survey of 3,001 U.S-based adults. The report aims to highlight and analyze consumer behaviors, preferences, and motivations as they relate to the rapidly expanding range of point-of-sale financing products. Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable recommendations for industry players.
“The rise of buy now, pay later financing and short-term loans has implications for the consumer credit space as a whole, particularly credit card networks and issuers that have long dominated the industry. With interest rates at record lows, accelerated adoption of online shopping over the past 12 months, and high consumer satisfaction – the conditions have never been better for the reimagining of consumer credit,” stated Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.
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May 04, 2021 at 03:57AM
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Buy Now Pay Later Is More Popular Among Higher Income and Online Shoppers: | PaymentsJournal - PaymentsJournal
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