fbpx
PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Characteristics of Buy Now Pay Later Consumers:

PaymentsJournal by PaymentsJournal
April 27, 2021
in Lending, Truth In Data
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: 2021 North American PaymentsInsights – Buy Now Pay Later

Characteristics of Buy Now Pay Later Consumers:

  • BNPL is more popular than short-term loans. Usage skews toward younger, middle income consumers and those without sufficient credit.
  • Typical consumer profile for BNPL short-term loans: 18-24 and tech savvy.
  • Typical BNPL consumers will also have an annual income around $75-149K and will be equally distributed nationally.  
  • Buy Now Pay Later loans are procured online and in-person an equal amount. A BNPL loan is likely to be a last-minute decision at checkout.
  • Zero interest loans are more widely available for online purchases, while in-store purchases are 
  • more likely to involve interest.
  • More BNPL loans are issued by the retailer, while short-term financing was more likely to be provided by a third-party lender.

About Report

Mercator Advisory Group has released a new primary research report titled 2021 North American PaymentsInsights – Buy Now Pay Later, summarizing the findings from the BNPL and short-term financing sections of the semi-annual North American PaymentsInsights survey of 3,001 U.S-based adults. The report aims to highlight and analyze consumer behaviors, preferences, and motivations as they relate to the rapidly expanding range of point-of-sale financing products. Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable recommendations for industry players.

“The rise of buy now, pay later financing and short-term loans has implications for the consumer credit space as a whole, particularly credit card networks and issuers that have long dominated the industry. With interest rates at record lows, accelerated adoption of online shopping over the past 12 months, and high consumer satisfaction – the conditions have never been better for the reimagining of consumer credit,” stated Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.

Tags: BNPLbuy now pay laterConsumer LendingLendingRetailRetailersTruth In Data
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Digital Enablement Capabilities Enhance the Online Customer Journey

    Digital Enablement Capabilities Enhance the Online Customer Journey

    June 24, 2022
    FICO Scores: From Industry Invention to Future-Proof Independent Metric

    FICO Scores: From Industry Invention to Future-Proof Independent Metric

    June 23, 2022
    Faster, Easier, & More Control: Where Payments Are Headed in the Future

    Faster, Easier, & More Control: Where Payments Are Headed in the Future

    June 22, 2022
    Ensuring Payments Are Collected on Time, Every Time

    Ensuring Payments Are Collected on Time, Every Time

    June 21, 2022
    How Merchants Can Use Mobile to Stay Vital to the Customer Relationship

    How Merchants Can Use Mobile to Stay Vital to the Customer Relationship

    June 20, 2022
    Digital Issuance for a Digital World 

    Digital Issuance for a Digital World 

    June 17, 2022
    Check Deposit Risk Mitigation for Financial Institutions 

    Check Deposit Risk Mitigation for Financial Institutions 

    June 16, 2022
    How Digital Innovation Makes Bill Collections Kinder (and More Effective) 

    How Digital Innovation Makes Bill Collections Kinder (& More Effective) 

    June 15, 2022

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result