Most US adults have still not used buy now, pay later (BNPL) services, but it is a growing trend among younger consumers.
According to a report by Insider Intelligence/eMarketer, 26% of US adults aged 34 and less regularly use BNPL financing solutions. This number drops to just 8% for those 55 and older.
Overall, 63% of US adults have not used BNPL, and 40% have no interest in doing so.
Examples of companies that offer these services are Afterpay, Klarna, and Affirm.
BNPL finances online orders and often allows customers to pay upfront and later make interest-free installments. It is typically easier to get approved for BNPL than regular credit cards.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon