The Rising Popularity Of Buy Now, Pay Later (BNPL)

Buy now, pay later (BNPL) products, which let consumers avoid paying at the point of purchase and instead allow them to pay in increments, are more popular than ever before. In fact, it’s the fastest-growing online payment method in the U.S. and around the world, as well as other countries, and is even starting to replace traditional credit among younger consumers. The services benefit companies, with one provider finding that receipt sales rose for the retailers that offered BNPL. All this, Today in Data.

Data:

51.6%: Approximate share of Americans who exercise for 30 minutes at least three days per week.

39%: Annual growth of the BNPL market in the U.K.

30%: Share of BNPL users who would not have made purchases without financing options.

28%: Projected annual CAGR of the global BNPL solutions market by 2023.

5.8M: Number of consumers in Australia who use BNPL on a regular basis.