PYMNTS Intelligence’s latest research finds that the U.S. market for buy now, pay later (BNPL) credit totals $175 billion. While that’s a small slice of total consumer spending, it represents an 88-fold spike in BNPL in just six years.
Growing consumer demand for fixed installment plans when they make a purchase is fueling hot competition among FinTechs and traditional banks, not just for consumer wallets but also for ties with merchants. The pay later ecosystem is rapidly evolving to change how Americans shop and merchants sell goods and services.
In “Pay Later Revolution: Redefining the Credit Economy,” a PYMNTS Intelligence special report, we survey the evolution of credit and unpack the business and revenue models driving the highly competitive and rapidly evolving consumer credit landscape. One key insight: Higher-income consumers increasingly use BNPL not out of necessity but out of the convenience it affords in managing personal cash flows.
Inside “Pay Later Revolution: Redefining the Credit Economy”:Download the report to learn more about the Pay Later industry.
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