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Retailers Embrace BNPL Plans as Consumer Demand Soars

Retailers Embrace BNPL Plans as Consumer Demand Soars

Retailers are increasingly championing buy now, pay later (BNPL) plans, making them more available across various merchant sectors. A recent PYMNTS Intelligence report, developed in collaboration with Splitit, surveyed 100 merchants in roles such as accounts receivable, consumer billing and collections, and finance. It found that 85% of these merchants noticed a rise in BNPL usage during online checkouts over the past year. Despite this, only 25% of merchants expressed a strong preference for customers using BNPL. Instead, 38% preferred installment plans linked to general-purpose credit cards, and 34% favored customers arranging payment plans with their banks post-purchase. Retailers are more open to BNPL than merchants in industries like healthcare and restaurants, who rarely prefer this payment method. Consumer interest in BNPL is high, especially among Generation Z and millennials, with half of them using BNPL at least once in the past year and 79% reporting high satisfaction. Convenience, financial security, and expanded purchasing capabilities are the primary motivations for BNPL usage according to related reports.

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