Buy now pay later (BNPL) companies like Affirm, Afterpay, and Klarna have been quietly building a loyal customer base for the last few years. Today, 56 percent of U.S. consumers say they have used BNPL providers for retail purchases — up nearly 50 percent from July 2020.
Thanks to budget concerns, credit card mistrust, and a COVID-19-fueled increase in online shopping, this e-commerce trend is driving forward. In fact, a report from Bank of America said it expected BNPL services to multiply 10-15 times by 2025. Amazon’s recent partnership with Affirm is also a prime indicator of the growth to come in this sector. This industry is on an upward spike with no peak in sight.
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