Who is Using Buy Now, Pay Later — and Why?

Summary: Buy Now, Pay Later (BNPL) is a convenient, frictionless alternative to traditional installment loans or credit cards, and it can also serve as a safety valve for those in more vulnerable economic straits. The two types of Buy Now, Pay Later – point-of-sale and after-purchase – tend to attract different types of consumers. This is where credit unions, as the financial partner and advisor for their members, can step in to offer the best options and keep members informed about responsible use of the service. Knowing your audience also helps market appropriately to consumers to drive adoption and usage.