According to a recent PYMNTS study, 86% of US consumers are interested in new commerce experiences that can save them money and offer flexibility or convenience.
Indeed, it comes as no surprise that many retailers are now exploring flexible payment options which can allow customers to defer or spread the cost of payment. This is commonly known as ’buy now, pay later’ (BNPL).
Klarna, a prominent BNPL provider, was available via 190,000 merchants as of November 2019 and used by 16 million consumers globally, growing at a rate of 6 million a year in the US.
In this article, we'll look at some of the reasons for the BNPL boom.