Buy Now, Pay Later: Socioeconomic and Demographic Factors Impacting the U.S. Consumer Experience

The impact of BNPL on consumers’ payment behavior varies significantly across generations, ethnicities, genders, and socioeconomic levels.  

February 15, 2022 –BNPL solutions are dramatically changing the way consumers interact with merchants online and in-person, providing an attractive alternative for paying for goods and services. The past two years have seen double-digit growth in BNPL transaction volume; consumer and merchant adoption skyrocketed leading up to and during the COVID-19 pandemic.

This Impact Report captures the key trends and experiences of American consumers as they adopt BNPL options at checkout, analyzing data points that capture how BNPL is impacting various socioeconomic and demographic groups in the U.S. Aite-Novarica Group conducted a U.S. online survey of 2,046 users of prepaid cards or BNPL solutions in June 2021, corresponding to consumer activity between July 2020 and June 2021.

This 29-page Impact Report contains 13 figures and two tables. Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

This report mentions Affirm, Amazon, Mastercard, and Visa.

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