BNPL has displayed strong growth with the Bank of America estimating that this alternative model grow 10 to 15 times its current volume and reach as much as US$1 trillion in gross merchandise volume by 2025.
The report found that the primary draw factor of using BNPL services is maximising rewards or cashback (67%) followed by promotions (62%).
Interestingly, when asked how BNPL users would have paid for the product/service if the BNPL service wasn’t available, only 5% stated that they “would not have made the purchase”
Source: Fintech News Singapore
Study shows BNPL in the spotlight amidst other consumer payment trends
BNPL has displayed strong growth with the Bank of America estimating that this alternative model grow 10 to 15 times its current volume and reach as much as US$1 trillion in gross merchandise volume by 2025.
The report found that the primary draw factor of using BNPL services is maximising rewards or cashback (67%) followed by promotions (62%).
Interestingly, when asked how BNPL users would have paid for the product/service if the BNPL service wasn’t available, only 5% stated that they “would not have made the purchase”
Source: Fintech News Singapore
