In 2018, 1.6 million U.S. consumers used Buy Now Pay Later (BNPL) financing to make a purchase. This year, that number is projected to hit nearly 60 million.
Clearly, consumers value BNPL.
According to an analysis conducted by Shopify, which introduced BNPL financing as a service that all of its merchants can offer to their customers, adding BNPL as a payment option at checkout can lead to a 50% increase in order value and a 28% decrease in cart abandonment. Clearly, merchants benefit from BNPL. Looking back on the last five years, it’s easy to say that BNPL has created a win-win for consumers and merchants and that its emergence was inevitable.