NEW YORK—Just who is using the increasingly popular and often embedded buy now, pay later (BNPL) financing?
Another study is offering new insights.
“We find that about 64% of respondents in the June 2023 survey have ever been offered a BNPL payment option, while 19% (29% of offerees) have used it as payment method in the past year,” Liberty Street Economics, citing a Federal Reserve Bank of New York report.
Among users, 77% made installment repayments using a debit card, bank account, or bank check; 10% used a credit card; 6% used a prepaid card; and 8% used a payment service such as Venmo, stated the news outlet for the New York Fed. ‘
“We also find from other survey answers that the vast majority of BNPL loan users tend to be banked and usually have a credit score,” the publication stated.
Other Recent BNPL Reporting
CUToday.info has recently had reporting on several BNPL-related issues, including:
- BNPL: Burger Now, Pay Later: App Developer Uncovers a Troubling Trend
- BNPL Products Have Outpaced Oversight & Will Lead to Harm, CUNA Tells House Subcommittee
- Report Finds ‘Substantial Misunderstandings’ Among BNPL Users, 2 Consumer Groups Say
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