| After picking up steam amid the pandemic, Buy Now, Pay Later (BNPL) solutions continue to grow in popularity as consumers leverage these interest-free installments as a flexible and affordable way to pay for purchases over time.
"The number of US BNPL users will soar from 1.6 million in 2018 to 59.3 million in 2022," said David Morris, analyst at Insider Intelligence, in our Spotlight: US Buy Now, Pay Later Regulation report.
As the BNPL market continues to gain popularity among customers, financial services companies will have to adopt new products and solutions to compete for a share of this growing market. For example, retroactive providers like American Express and Chase offer consumers flexible payment options after purchases have already been made. | |
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