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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
