As the landscape of the retail trade and financial transactions continues to change, BNPL (By Now Pay Later) gives consumers the chance to pay for their purchases in instalments. It’s a great way for retailers to democratize access to high-end goods and services, while also boosting their sales.
The success of Buy Now Pay Later
In 2022, nearly 43% of European consumers used BNPL, a rise of 22 percentage points over the 2021 figure. That success is partly due to its ease of use. With just a few clicks, consumers can choose to pay 30, 60 or 90 days after purchase. Depending on the price, their budget, and the options available from the seller, consumers can choose the number of instalments that suit them best.
What’s more, Buy Now Pay Later is an even more attractive solution during periods of higher inflation. With consumer prices rising 5.3% year-on-year (July 2023) in Europe, consumers are particularly budget-conscious and are tending to cut back on their spending. In times like these, BNPL becomes a really effective way of maintaining their purchasing power.
And consumers have certainly been won over: 78% of those who have used BNPL say they would switch retailer for one that offered this option.
 Étude européenne Kantar, « Évolution des usages de paiement en Europe en période d’inflation » – https://www.kantar.com/fr/inspirations/consommateurs-acheteurs-et-distributeurs/2023-evolutions-des-usages-de-paiement-en-europe-en-periode-d-inflation