The use of buy now, pay later financing is surging this holiday season alongside growth in companies offering the increasingly popular payment option.
Buy now, pay later revenue rose 21% year-over-year on Cyber Monday – the busiest online shopping day of the year – and orders ticked 1% higher versus last year, according to Adobe’s Digital Economy Index, which analyzes direct consumer transactions online.
“It is the exception, and the first time this season where usage had not slowed,” Abode stated in a release.
Buy now, pay later is gaining traction amid a rise in the number of apps offering the service, such as Affirm and Klarna. These and other services allow consumers to buy items in weekly or monthly installments, with fees but often without interest.
TheStreet Recommends
“Startups and established players in payments want a bigger piece of the e-commerce boom set off by the pandemic, and some are offering competitive holiday deals to woo consumers to their platform,” the Wall Street Journal reported recently.
Some also offered holiday shopping perks: For instance, Affirm was offering 0% APR over six months for some customers at its partner stores.
A recent LendingTree survey of more than 2,000 adults published in October showed 21% of respondents said they would use a buy now, pay later services to purchase goods this holiday season, the same figure Abode reported for Cyber Monday.
With the biggest online shopping day now over for another year, Adobe doesn’t expect another surge in buy now, pay later usage until closer to Christmas.
"later" - Google News
December 01, 2021 at 03:28AM
https://ift.tt/3G2RmJC
Buy Now, Pay Later Surged on Cyber Monday as Financing Increases - TheStreet
"later" - Google News
https://ift.tt/2KR2wq4
Bagikan Berita Ini
0 Response to "Buy Now, Pay Later Surged on Cyber Monday as Financing Increases - TheStreet"
Post a Comment