Millennials, Gen Z and their use of BNPL
11th Sep 2022
232%! That’s the whopping increase in BNPL transactions in 2021 among Gen-Z, and it’s shaping the industry around us as we see it.
By the year 2025, e-commerce is expected to account for 12 percent of global consumer spending, and e-commerce payment preferences continue to shift away from cash and credit cards towards digital wallets and Buy Now Pay Later BNPL
So why is this massive transformation taking place? Here are 3 clear advantages!
- Convenience and speed: Users get to enjoy faster transaction journeys. The average Gen-Z user surveys over 4 shopping portals before making a purchase, and the transaction journey (speed) plays an important factor.
- Absence of Credit CardsOnly ~5% of Indians have a credit card – What do the others do? Well, they buy now and pay later! (We Just PaywithRing!). PaywithRing not only offers the BNPL & feature but also a credit line for new to credit customers.
- Easy Refunds: In case you cancel the order, your hard-earned money can take a few days to reflect back in your account. With BNPL, the amount is just cancelled, and you don’t have to wait around to get your money back.
As stated by Bernd Richter in an interview – BNPL isn’t just about payments. It’s a way to get into the relationship and create a fantastic customer experience.
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