NEW YORK—More and more consumers are choosing split-payment or installment plans—such as buy now, pay later—that enable them to spread out the costs of purchases, a new study shows.
“Consumers appear to prefer these options. PYMNTS Intelligence data revealed that in the 12 months before being surveyed, about three in five shoppers opted for installment plans when shopping,” PYMNTS reported.
Not surprisingly, as CUToday.info has reported and as PYMNTS.com noted, the growing popularity has captured the attention of merchants.
Seventy-eight percent of them told PYMNTS Intelligence they plan to enhance their use of installment plans, while 39% of acquirers, the entities that enable merchants to offer these plans, said they plan to do the same, PYMNTS said.
Additional Findings
The report further notes:
- 60% of shoppers overall opted for split payment options in the last year.
- General-purpose card installment plans were the most popular, with 45% of consumers going that route.
- Merchant card installment plans and BNPL plans both appealed to 37% of consumers
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