Young shoppers choosing to “buy now, pay later” are moving away from credit. As BNPL payment options continue to take off, it’s a sign that consumers want to “shift away from credit to debit.” Young shoppers are “fundamentally and permanently” changing the way they pay in the wake of the pandemic, looking for more “flexibility and transparency,” and opting to use their own money to pay over time. Meanwhile, The NY Fed recorded “the steepest decline in card balances” they’ve ever seen in 2020. YPulse found that 22% of 13-39-year-olds say they have used a BNPL or payment installment service, while 29% say they haven’t but are interested in using them. (Yahoo! Finance)
