Buy Now Pay Later (BNPL) has revolutionized the way consumers approach shopping, offering a modern and enticing alternative to traditional payment methods. As the digital era continues to redefine consumer habits, BNPL services have swiftly emerged as a prominent force in the retail landscape, capturing the attention of millions worldwide. With its promise of flexibility, convenience, and affordability, BNPL has not only transformed the shopping experience but also challenged the established norms of personal finance. Embraced by both shoppers and merchants, this innovative payment model is reshaping the future of commerce, providing a glimpse into a world where financial freedom and seamless transactions converge harmoniously. We will look at BNPL usage.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report:Private-Label Credit Cards: Still Relevant but Losing Luster
BNPL Usage by Generation
- 36% of Gen Z have used BNPL
- 43% of Millenials have used BNPL
- 32% of Gen X have used BNPL
- 12% of Baby Boomers have used BNPL
About Report
Private-label credit cards, often known as “store cards” or “white-label credit cards,” are products that can be used only at that specific merchant’s location. Private labels often offer promotional financing, such as deferred interest, allowing retailers to drive customers toward products and services. Private-label cards are an important part of the overall credit card landscape and are widely deployed, but they are a product facing several threats.
This report provides an overview of the private-label card market in the United States. It examines usage and ownership trends, significant retailers’ offerings, and risks for consumers. The report also looks at competitive threats such as instant financing and buy now, pay later (BNPL) loans and usage. It explores how these products are changing the market for private-label cards.