Saturday, January 22nd, 2022
The Buy Now, Pay Later landscape continues to evolve rapidly. BNPL represents a wider business model and is gaining more traction among people and businesses worldwide. Let’s discuss the topic in detail and find out a reliable payment comparison specialist in the U.S.
Buy Now, Pay Later Is Booming
Buy Now Pay Later (BNPL) payment and credit system doesn’t have a long history. Though this system is relatively new, it’s already created a vivid disruption in the lending and payments sectors. Regulators worldwide are keeping the BNPL development in the center of attention. Also, they are focused on how this payment system is influencing consumers and the ecosystem as a whole.
The BNPL industry now accounts for $100 billion, and COVID-19 has added to this growth immensely. After all, the move to the online space has accelerated as never before, thus leading to a significant rise in online shopping.
Gen-X is the main audience for this payment model. The number of Gen Z in the U.S. leveraging BNPL has risen by six times, thus reaching 36% in 2021. This number was 6% in 2019. The majority of the BNPL users are married: the number is about 63%. Those aged 35 – 50 are more likely to choose the BNPL payment.
What customers love most about the BNPL model is the convenience it offers. Overall, it’s critical to provide the right payment options for your customers so to be able to keep your head above water in these challenging times.
To find the most suitable payment services for your eCommerce business, turn to a true payment specialist in your field. A true payment expert like Best Payment Providers U.S. can help you with not only Buy Now, Pay Later, but with any other merchant processing service so you can move forward successfully. BestPaymentyProviders.com pays exceptional attention to terms, complaints, and integration.
BNPL Is a Growing Factor in the Fintech Puzzle
The BNPL model represents just one part of a wider strategy. The number of companies offering the BNPL model is increasing. For instance, Affirm offers payment plans with more extended terms through lending partners. Moreover, the company is quickly expanding its financial services.
In addition, Equifax is working on recording payments on more BNPL plans. The expansion of this practice could cause diverse effects on the space.
What’s more, PayPal has launched its own version of the BNPL service, called Pay in 4. Additionally, Twitter CEO Jack Dorsey’s payments giant Square has recently announced its plans concerning the acquisition of Australia’s Afterpay for $29 billion. Besides, MasterCard has also stepped into the space to offer an installments program for banks and financial technology companies.
Buy Now, Pay Later in the Fintech Space
The BNPL payment model is becoming more popular and affecting the fintech space. However, it’s just part of the fintech puzzle. To allow your customers to use the payment method they want, work with a reputable payment comparison specialist to find the best deal.