Younger consumers opt to ‘buy now, pay later’ | WARC | The Feed
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Younger consumers opt to ‘buy now, pay later’
Money & finance Driving innovation Subscription models
‘Buy now, pay later’ (BNPL) options are enjoying rapid growth thanks to a younger audience which has different attitudes towards credit.
- The likes of Klarna, Affirm and Afterpay are valued in the billions of dollars and, in the US alone, BNPL is expected to fuel more than $20 billion worth of purchases in 2020.
- Klarna claims it will grow its US customer base by 50% in Q4 2020 to reach 15 million – as an existing trend is accelerated by the pandemic.
- The majority of these customers are aged under 36 and 80% use a debit card when using Klarna’s solutions.
“We want to sit at the intersection of shopping, banking and payments and really make all of those activities smoother for a customer” – David Sykes, head of Klarna US.
Sourced from WARC
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