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The Growing Allure of Buy Now, Pay Later

Even before the pandemic, a transition to digital payments had long been underway, though the trigger has drastically accelerated consumer preference for using flexible payment methods that provide seamless checkouts — both online and in-store. In fact, as these consumer behaviors solidified a study conducted by PYMNTS and PayPal during the 2020 holiday season found that 57 percent of consumers’ willingness to shop with merchants was impacted my digital payment offerings with a third of consumers reporting they would not even consider making purchases in-store if the retailer did not offer digital payments. Notably, within the rise of digital payments, young consumers have also escalated the use of buy now, pay later options finding it key to fueling online shopping — even using it to spend more per purchase. According to a study by Cardify.ai, the consumer spending data firm, more than 49 percent of people are spending more when using a BNPL service than they would spend on a credit card. Still, various installment plans, like layaway options, have been around for years so why is BNPL gaining so much popularity? According to Dr. Carolyn Mair, behavioral psychologist, business consultant, and author of “The Psychology of Fashion,” the option offers consumers

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