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Total Retail

What the Buy Now Pay Later Trend Means for Retail and Returns

What the Buy Now Pay Later Trend Means for Retail and Returns
Total Retail

Buy now pay later (BNPL) companies like Affirm, Afterpay, and Klarna have been quietly building a loyal customer base for the last few years. Today, 56 percent of U.S. consumers say they have used BNPL providers for retail purchases — up nearly 50 percent from July 2020.

Thanks to budget concerns, credit card mistrust, and a COVID-19-fueled increase in online shopping, this e-commerce trend is driving forward. In fact, a report from Bank of America said it expected BNPL services to multiply 10-15 times by 2025. Amazon’s recent partnership with Affirm is also a prime indicator of the growth to come in this sector. This industry is on an upward spike with no peak in sight.

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