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Shopper after having a very successful shopping day. Paying for goods using BNPL payment methods.
Buy Now, Pay Later: Changing the Way Shoppers Buy

Make Shopping More Accessible

Editorial Board

Buy Now, Pay Later (BNPL) has become a payment tender staple at the point of sale, continuing to gain popularity across all generational cohorts. Although this concept is not new, some argue that Buy Now, Pay Later is the modern-day layaway. 

The most notable difference is the consumer’s ability to immediately take hold of goods or have the services rendered prior to completing payments in full. Shoppers yearn for the flexibility to pay the way they want to. Most of the BNPL providers offer split payment plans interest-free or without fees, as long as the customer meets the laid out scheduled payment plans. 

According to a survey from LendingTree, “nearly 70% of buy now, pay later users admit to spending more than they would if they had to pay for everything upfront.” BNPL can help attract a new customer base and create a stronger relationship with your brand(s) by making your offerings more accessible to existing and prospective customers. Consumers are leaning towards making purchases using BNPL solutions, making it necessary for merchants to support this payment method across their in-store and online properties.

Shopper paying at the checkout debating whether to pay with Affirm, Klarna, Alipay, PayPal, Venmo, Crypto or WeChat
78 %
of consumers admit being afraid to assume debt
Alliance Data Systems Corporation

Gen Z have also become debt-wary, with over 78% admitting they are afraid of assuming debt, according to a study conducted by the Alliance Data Systems Corporation. BNPL is a great alternative to credit cards, which is why over 55% of consumers in the U.S. have used a BNPL service as of January 2021. We believe this number is much greater now.

Klarna and Affirm have a combined total user base of 37.7 million users in North America alone. Leveraging the ecosystem created by these BNPL schemes, enabled merchants can attract new customers to shop through geolocation within the BNPL scheme apps for in-store purchases, or shoppers will be rerouted to the merchant’s website directly from the app.

Benefits for Consumers:

  • Purchase upfront and pay installments
  • Helps consumer stay within budget
  • Payments usually have no interest or fees
  • Quick approval process
  • Simple ease of use


Benefits for Merchants:

  • Increased order value with use of BNPL
  • Enhance conversion rates and repeat purchases
  • Strengthen brand affinity and loyalty
  • New customer acquisitions
  • Sizeable growth opportunities

With Verifone’s Advanced Payment platform, you can integrate once and enable as many or as few certified Verifone APM partners as your business demands change. Save time and effort and go to market quicker with a seamless customer experience. If by now your website (and brick-and-mortar stores) is not accepting BNPL, talk to us to begin your transformation. Put your business on the map and watch your bottom-line grow.

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