Installment Plans Becoming a Key Part of Shopper’s Toolkit
Last updated: 29 September 2023
Splitit and PYMNTS have unveiled intriguing consumer insights that challenge prevailing assumptions about Buy Now, Pay Later (BNPL) shoppers. Based on responses from over 2.5K shoppers in the US, this survey highlights critical considerations for merchants in shaping their payment strategies.
Some key highlights:
- A remarkable 60% of respondents have embraced installment plans within the past year, with bridge millennials and millennials leading this trend.
- General-purpose credit card installment plans are the preferred choice among shoppers.
- Nearly one-in-three shoppers would consider purchasing a higher priced item if they could pay for it in interest-free installments linked to their own existing credit card.
