As shoppers look for financial tools to help them manage their budgets, those who are struggling to make ends meet are more likely to adopt buy now, pay later (BNPL) options than their financially stable counterparts. By the Numbers The PYMNTS Intelligence report “Redefining Retail: Consumer Finance Trends Driving the Evolution of Pay Later Plans” […]
As shoppers look for financial tools to help them manage their budgets, those who are struggling to make ends meet are more likely to adopt buy now, pay later (BNPL) options than their financially stable counterparts.
When it comes to BNPL, the study noted higher adoption among those facing economic challenges than those with a financial safety net. Specifically, 26% of those who live paycheck to paycheck with difficulties paying their bills said they were very or extremely likely to use BNPL in the next 12 months. A slightly lower 21% of those who live paycheck to paycheck without difficulties paying their bills said the same.
For consumers not counting on their next paycheck to get by, that share dropped. Only 10% of those who do not live paycheck to paycheck reported that they expected to use BNPL in the next year.
The Data in Context
BNPL payments are becoming more common, but the regulatory environment is in flux. Last month, Adobe Commerce announced the ability for merchants to offer their customers Klarna’s BNPL services. Since the start of the year, Klarna has also rolled out partnerships with Uber, Expediaand travel retail brand Away, among others.
As BNPL services gain traction among consumers, particularly those facing financial hardships, the evolving regulatory landscape will play a role in shaping the future of these payment options.
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