The popularity of split-payment options like buy now, pay later (BNPL) is on the rise, with 60% of consumers having used them in the past year. This trend is particularly strong among millennials, high-income earners, and bridge millennials, with over 70% in each group opting for installment plans. While general-purpose card installment plans are the most popular, BNPL and merchant card plans each attracted 37% of consumers. Merchants and acquirers are noticing this shift, with a significant percentage planning to enhance their installment plan offerings. The preference for these plans varies with generations and income levels, suggesting that different consumer segments are attracted to the unique features offered by each type of payment plan.
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