NEW YORK—A new study reveals consumers place a high value on BNPL as a payment method, so much that nearly half of BNPL users would delay or cancel a purchase if a retailer or merchant did not provide it as a payment method.
The study, “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants” from Pymnts.com and Sezzle, is based on responses from more than 3,100 consumers and further found that sentiment (28%) is high among younger users.
Similarly, nearly 26% of Baby Boomers and seniors also said they would cancel their purchase if BNPL was not available, the study shows.
Driving Decision-Making
“The availability of BNPL not only influences the decision to complete a purchase but also affects the choice of products. The PYMNTS Intelligence study found that if BNPL was not offered at checkout, 28% of bridge Millennials would opt for a cheaper alternative. This suggests that offering BNPL can increase the likelihood of securing the sale of higher-value products, as consumers are less likely to compromise on their desired purchase when this payment option is available,” Pynts.com said.
Furthermore, the absence of BNPL as a payment method can impact consumer behavior beyond a single purchase, with some consumers saying they may choose to limit themselves to one purchase or delay other payments if BNPL is not an option, Pymnts.com said.
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