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BNPL Surge: 39% of U.S. Adults Embrace Flexible Payments

BNPL Surge: 39% of U.S. Adults Embrace Flexible Payments

The Bankrate and YouGov survey reveals that 39% of U.S. adults have utilized buy now, pay later (BNPL) services, with the adoption rate higher among millennials and Gen Z. Consumers are primarily using BNPL to manage cash flow and take advantage of low or no interest rates, rather than for retailer promotions. However, more than half of BNPL users have encountered issues such as overspending, missed payments, and difficulties with returns or refunds. Income levels play a role in BNPL usage, with the highest adoption among those earning between $80,000 and $99,999 annually. Financially fragile individuals are more likely to use BNPL for smaller purchases, while financially stable ones use it for larger amounts. The report also identifies PayPal's Pay in 4/Pay Later as the most popular BNPL service among respondents.

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