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Buy Now, Pay Later: The Future of Consumer and B2B Payments

Buy Now, Pay Later: The Future of Consumer and B2B Payments

The buy now, pay later (BNPL) payment model has surged in the U.S., especially during the pandemic, attracting lower-income consumers who use it for everyday expenses amid rising inflation. This trend has sparked regulatory interest, with the Consumer Financial Protection Bureau planning to treat BNPL like credit cards. Tom Priore predicts that while BNPL will continue to grow, it will shift towards financing larger purchases, leaving smaller transactions to credit and debit cards due to their simplicity and risk management. As Gen Z enters the workforce, accustomed to seamless digital transactions, they are expected to bring these expectations to business-to-business (B2B) payments, pushing for digital transformation and automation. Priore's company, Priority Payments, offers various services including point-of-sale systems and business banking, and he sees the future of BNPL tied to the economics of financing larger ticket items rather than smaller, everyday purchases.

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