More young shoppers are embracing Buy Now, Play Later (BNPL) services and mobile wallets. YPulse’s shopping and retail report found that nearly a third of young consumers have used a Buy Now, Pay Later (BNPL) service to buy something. And according to PYMNTS research, young consumers were “early adopters” of BNPL, with India and the U.S. leading the trend. Nearly three-quarters of Millennials and 73% of Gen Z in India say they have paid for a product via BNPL, while Millennials in the U.S. are following closely behind those in India, with 61% using BNPL services. Meanwhile, a separate PYMNTs study found that 38% of Millennials are using mobile wallets to pay for their purchases compared to 22% of Baby Boomers. The research also found that 63% of Millennials use debit cards more often than credit cards, suggesting that they are “looking for swift, digitally connected but also budget-friendly methods of payment.” (PYMNTS)
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