
“Buy Now, Pay Later” is Used Mostly by Gen Z
By Aarti Dhapte , 12 April, 2023
With the advancement in technology day by day, people are adapting new schemes and techniques to cope with the current on-going scenario. E-shopping or buying products online provides customers with a wide range of variety of things to choose from. Like products, the modes of payment have also been easier these days with different portals. And different portals also offering different schemes as well.
According to the reports, the millennials of the United States emerge out as the “BUY NOW,PAY LATER” group. The people born between 1980 and 1994, 56 percent among them say they use online schemes which allows to pay later several instalments with interest free goods and services.
The survey data also says, PayPal is mostly used to provide the service of “buy now, pay later” among the young generation. Along with other services like After pay, Affirm and Klarna. On comparison of the data, it come out as 36 percent of those born in between 1965 and 1979 (Gen X) and 49 percent of those born after 1995 (Gen Z). These two groups said they use such services. The participation of those born between 1946 and 1964 is just 26 percent.
It is predicted that by 2023, the BUY NOW,PAY LATER (BNPL) market will be worth an impressive $3.27 trillion. And by 2025, it supposed to reach USD 531.53 billion.
Some payment plans with timelines are mostly free of interest while using BUY NOW, PAY LATER scheme and postponing payments could incur extra penny. Reports have proven that 14 percent of millennials taking part in the survey said, they started using this since past 12 months. When this number is compared 11 percent of Gen Z and 8 percent of Gen X.
Almost Half of Gen Z are Expected to Use BNPL by 2025

Latest News

Geomagnetic storms in 2024 will affect America's power supply in the coming years. North America experiences geomagnetic storms, one after the other, within two months. The risk of geomagnetic storms is growing significantly due to increasing…

The United Kingdom is increasing its clean energy goals in 2024. The nation strives to meet its clean energy ambitions in the next five years. Hence, it shows that the UK needs to implement specific rules and policies to increase the pace of clean…

Copper is an essential element in the energy sector. Its demand is growing significantly due to the clean energy transition in 2024. A survey conducted in 2024 shows that net-zero targets are driving the copper demand in the energy sector. Copper is…

Grids are an essential part of the renewable production process in the energy sector. It helps to transfer power to industries and homes. Grid-enhancing technologies (GETs) are an important solution to improve the transmission process. If renewable…

The automotive industry faces changing dynamics at the industrial level. This is due to the fluctuating prices of vehicles, which will be accompanied by new incentives in 2024. A further study in 2024 shows that new car incentives struggle with…

Team Lead - Research
Latest News




