Quebec Standard

Tuesday, June 28, 2022

Young customers are opting to purchase now and pay later

Key takeaways: 

  • Apple revealed on Monday it would offer BNPL financing through Apple Pay.
  • Purchase now, pay later (BNPL) providers, like PayBright, offer clients the opportunity to buy an item instantly but pay for it through periodic installments over a few weeks or months. 

When Jameil Joseph reviews his online shopping cart, he’ll often click on the option to purchase now and pay later.

Most of his friends do it, too, he stated.

“I use them whenever they’re available,” stated Joseph. “It’s always better to have extra cash.”

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When Jameil Joseph reviews his online shopping cart, he’ll often click on the option to purchase now and pay later

Online retailers are increasingly partnering with financial service providers to let consumers make purchases — while only paying a fraction of the cost upfront. 

According to an analysis led by SIA Partners, the buy now, pay later (BNPL) share of retail e-commerce was less than two percent in 2021 but is anticipated to double to four percent by 2025.

Apple is the latest firm to join the market, announcing that it will offer financing possibilities for purchases made via Apple Pay. The new service, Apple Pay Later, will be available in the U.S. in the fall. (Apple has not revealed when the service can be expected to be available in Canada.)

Source – cbc.ca

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