NEW YORK—A new study offers some additional insights into the appeal to consumers of buy now, pay later (BNPL) solutions.
According to a survey conducted by PYMNTS, across generations nearly 60% of consumers say they prefer buy now, pay later over credit cards due to the ease of set payments, the simple approval process and lack of interest charges, CNBC reported.
One reason young people in particular are drawn to buy now, pay later payment plans is because many watched their parents struggle with credit card debt amid the 2008 economic recession, said Christine Roberts, head of Citizens Pay, a buy now, pay later option offered by Citizens Bank.
Transparency related to how long it will take to pay off a big-ticket purchase is also key for Gen Z and Millennial consumers, Roberts said in the CNBC report.
When it comes to expensive purchases, “this generation very much wants to understand the time frame of payments,” Roberts told the news outlet. “The pay-over-time option allows it to fit into their budget and to know when the payments are going to end.”
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