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Buy now, pay later soars in popularity: Do you have an issuer solution ready?
Editor's Note: The following is a brief summary of an article originally published by our TSYS issuer solutions entitled, Adopt Now, Not Later: Accelerate Issuer Growth with Buy Now, Pay Later Strategies, published December 10, 2021.
Buy now, pay later (BNPL) payments have soared in popularity over the past two years, as transaction volume is set to reach $114 billion by 2024. For financial institutions that don't yet offer a BNPL solution, it's time to act.
An alternative way to pay for goods and services, BNPL provides payment predictability and is used by many as a budgeting tool. While once reserved for big ticket items, consumers can now select this payment option to pay for items large and small.
Demographically, installment loans like BNPL are popular among Gen Z and millennials who tend to be less trusting of credit card companies than previous generations. However, Gen X and boomers have taken notice and are adopting this alternative payment option as well, based on insights reported by our TSYS issuer solutions.
As an alternative payment option, BNPL is poised for continued growth. Read the full article now, Adopt Now, Not Later: Accelerate Issuer Growth with Buy Now, Pay Later Strategies.
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