Buy now, pay later (BNPL) services have emerged in recent years as more retailers, including Walmart and Macy’s, began offering consumers financing options when checking out.
BNPL has been an area of focus for many brands for some time. In a November 2019 survey from accounting firm BDO, more than two-thirds (68%) of US retailers said they offered—or planned to offer—Afterpay, a popular digital service that allows users to pay in installments.
In January 2020, 52% of US retailers said they planned to increase marketing investments in alternative payments, according to research from CommerceNext. Then in June, another 40% of respondents said they were going to increase those investments.