Buy Now and Pay Later has become a trend during 2020 and looks like, given the appeal it has for Millennials and Gen Z's it will be part of the payments industry in the future. Chaim Lever, co-founder of Four, a split-payment platform, shares his thoughts on why especially these two groups prefer to buy now and pay later.
Buy now, pay later. Sounds simple, doesn't it? The possibility to split your purchase into multiple interest-free installments has been making noise making noise in the e-commerce world, perhaps more than any other trend. And the tech-savvy generations of millennials and Gen Zs are definitely here for it.
In fact, Gen Zs' spending through Buy Now, Pay Later has increased by 201% since last year, and that of millennials' has grown by 86%. So, as industry experts envision a bright future for online sales, retailers have been right to scramble to offer more flexible payment options.
While BNPL potential is yet to be fully explored, why are younger generations likely to crown it one of the favored digital payment options out there?