The Rise of Buy Now-Pay Later Payment Options for Consumers and Businesses

Up to 2 in 3 Americans have more interest in buying now pay later (BNPL) in 2022 compared to before the pandemic.

Increasing Buy Now-Pay Later payment options for consumers and businesses

BNPL’s growing demand is highlighted in an infographic by Opy, a payment fintech.

The infographic shares the results of a survey that surveyed the trends and opinions of 1,000 American consumers.

Consumers want flexible payment options

It shows that consumers are asking for flexible payment options, with 43% of dental patients wanting BNPL and the same number of pet owners reporting this preference.

Most respondents said that having flexibility in payments is the most desired feature of BNPL.

Consumer anxiety about payments

The infographic shows that almost 75% of consumers between the ages of 43 and 57 are concerned about healthcare costs. 66% of pet owners are concerned about paying for future veterinary costs. With concerns about regular payments, 2 in 3 Americans are familiar with BNPL as an alternative to credit, debit, or cash, according to the survey.

BNPL benefits

The study looked at what consumers consider the benefits of BNPL. 43% of pet parents cited payment flexibility as the biggest advantage. 30% of respondents like to use BNPL to avoid credit card fees and interest, and 22% of consumers like the fair and fixed rates offered by BNPL.

Who cares about BNPL?

Opy’s study explored the relationship of different demographics with this type of payment solution.

If it is found that consumers on the east coast are more likely to use BNPL than on the west coast, 55% of East Coast respondents say they are interested in BNPL compared to 42% on the west coast.

The research also revealed that millennials ’interest in BNPL has increased more than any other age group during the pandemic.

Opy’s survey could focus on veterinary and dental payments, but stresses the importance of offering BNPL consumers and flexible payment solutions, regardless of the items a company sells.

Image: Opy

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