Amid the COVID pandemic, many people shifted to online shopping and looked for interest-free credit options. Due to this, fintech firms that allow customers to ‘Buy Now & Pay Later’ gained popularity in the past few months. But is it a good option for you? Let’s find out.

#BuyNowPayLater #OnlineShopping #BNPL

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In this video, GlobalData discusses the rise of the buy now pay later market, who is using these services, and the main corporate players involved in offering these services.

The full report is available at,
https://store.globaldata.com/report/buy-now-pay-later-theme-analysis/

For more information, please visit
GlobalData.com

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The Buy Now Pay Later market grew rapidly at a CAGR of 89% between 2019 and 2021, reaching $120 billion in 2021.

Millennials and Gen Z are the main demographics using these services.

57% of millennials and 54% of Gen Z reported using Buy Now Pay Later loans in 2021.

Credit cards, however, have the lowest penetration among millennials and Gen Z.

Mergers and acquisitions have been key for companies like Klarna and Zip to increase their market share and entering new territories.

However, Key players such as Klarna, Affirm and Afterpay are reporting significant losses.

Incumbent companies like Visa and Mastercard are entering the sector by launching their own buy now pay later services.

The space, however, is getting crowded with new players like Apple, Goldman Sachs and Block, also entering the market.

In addition, the popularity of the sector is gaining attention of regulatory bodies who are looking to impose restrictions in the coming years.

Certegy’s Buy Now, Pay Later ACH solution is a safe and easy way to accept multiple payments for a single service or product. Merchants love our solution because it can be white-labeled, allowing the merchant to own the customer experience and avoid sending customers to a third-party shopping site. In addition, because it is ACH-based, merchants can save money over expensive credit card interchange fees.

Customers appreciate the solution as they can split the cost of a purchase into several interest-free installments over 45 days easily using their bank account, avoiding costly interest from credit cards.