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March 1, 2022
US Buy Now, Pay Later (BNPL)*, Cryptocurrency**, and Neobank*** Users, 2019-2023 (% of population)
Note
Buy now, pay later (BNPL) services are defined as interest-free solutions provided by third-party payment platforms that allow consumers to purchase and finance a product/service, and pay in scheduled installments; also known as digital installments, installment lending, and point-of-sale financing. ... Users are typically allowed to pay off balances in weekly, bi-weekly, or monthly installments. Failing to adhere to a predetermined payment plan will usually lead to late fees and interest charges. Consumers access these solutions at the point-of-sale (online or in-person), usually via a merchant’s website or app, via the third-party provider’s app or via proximity mobile payment apps like Google Pay and Apple Pay. Examples include Affirm, Afterpay, Klarna, Sezzle, and PayPal’s BNPL service. Excludes services that provide a revolving line of credit, and retailer- and bank-branded financing options. Cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. A neobank is a digital-only bank is a retail financial services company/brand that primarily offers banking products, serves customers online and/or via a smartphone app, and effectively or completely lacks branded physical locations.Methodology
Estimates are based on the analysis of survey and traffic data from research firms, historical consumer adoption and buying trends, payment adoption trends, retail spending trends, reported company data, interviews, demographic and socioeconomic factors, and macro-economic conditions.Featured In
The Era of UncertaintySources
Chart Title
US Buy Now, Pay Later (BNPL)*, Cryptocurrency**, and Neobank*** Users, 2019-2023 (% of population)Publication Date
March 1, 2022