NEW YORK—A new study predicts fintechs may not always dominate the buy now, pay later space.
A report from Pymnts.com and Amount found that 50 million consumers used BNPL through 2022.
“And the appeal of paying by installments, as relayed to us by more than 2,200 consumers, cuts across demographics and income levels. The impetus is there, then, for traditional financial institutions to make inroads into the space,” Pymnts.com said.
‘Significant Percentage’
Research showed that a significant percentage of consumers want access to BNPL plans offered by banks rather than fintechs, at 70% of all respondents.
Thirty-six percent of respondents who were not currently BNPL users said they would opt for one offered by a bank over a fintech, Pymnts.com said.
In addition, as CUToday.info reported separately, Apple’s Apple Pay Later solution has also grabbed significant marketshare that is expected to only grow.
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