The Lafferty Executive Report titled Why Consumers Love BNPL: Who does what in the BNPL ecosystem delivers insights into why online buyers – and investors – have embraced buy now pay later in the last 18 months. And BNPL is not just for people seeking better value than purchasing goods or services by credit card: it appeals also to affluent buyers.
The major players in BNPL are fintechs born in the internet age that have deep expertise in credit risk analysis and fraud management. But banks are now embracing BNPL through partnerships. There's no doubt that BNPL is a threat to the tremendous profits generated by the credit card industry, as Gen X and Gen Z both shun credit cards and embrace online buying. BNPL is not going away anytime soon.
The report covers:
Buy Now Pay Later is finding favour as consumers and businesses alike turn to instalment buying as an alternative to credit cards for online purchases. It's the result of several trends meeting because of the shock to the global system from the Covid-19 pandemic.
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