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Buy now, pay later services are fitting young consumers’ unique financial needs. 

Mar 19 2021

Buy now, pay later services are fitting young consumers’ unique financial needs. BNPL payment methods have been picking up in the last year, and Kaledio Intelligence reported that the industry is expected to facilitate $680 billion worth of transactions worldwide by 2025. According to a PYMNTS survey, 15% of Millennials and 6% OF Gen Z used BNPL in-store compared to only 3% of older generations. Meanwhile, more than 26% of Millennials and nearly 11% of Gen Z used BNPL for online purchases compared to only nearly 8% of generations. Having less money  in the bank and less secure employment makes BNPL particularly suited to these generations’ “current needs.” Similarly, YPulse’s research found that 22% of 13-39-year-olds have used BNPL payment installment services already, and 29% are interested in using them. (PYMNTS)