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Interest Over Instalments: BNPL's Main Appeal

Interest Over Instalments: BNPL's Main Appeal

BNPL, or Buy Now, Pay Later, is increasingly popular among consumers for its flexible payment options and potential to aid with cash flow management. A 2023 PYMNTS Intelligence report, based on a survey of over 3,100 individuals, investigated why consumers opt for BNPL and how it might improve their credit profiles. The study found that 28% applied for BNPL due to low or no interest rates, with 11% marking it as their top reason. This indicates a significant concern for interest rates among BNPL users. The report also highlights the diverse reasons consumers turn to BNPL, from credit score concerns to managing financial emergencies. Industry experts agree that the success and longevity of BNPL are anchored in its ability to cater to various consumer needs, whether for necessary expenditures or budgeting purposes.

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