NEW YORK—The soaring rate of food inflation is forcing more Americans to use buy now, pay later apps when shopping for groceries, including shoppers who are earning six figures, a new study has revealed.
An analysis by PYMNTS Intelligence found that 15 million people, or 6.5% of the U.S. population, reported using buy now, pay later apps to pay for groceries during 2023, the New York Post reported.
Of those using the apps, around 5.4% were low-income Americans, according to the study. The rest were those whose yearly incomes were at least $100,000.
“Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year,” the Post added.
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