According to a new report from global payments firm ACI Worldwide, the use of buy-now-pay-later (BNPL) services in the United States increased significantly during Cyber Monday, as more and more shoppers opted for this convenient payment method..
The report revealed that BNPL transactions accounted for 10% of all online sales on Cyber Monday, a notable increase from the 5% share recorded in 2021. This surge in BNPL usage underscores the growing popularity of this payment option among U.S. consumers, particularly during major shopping events like Cyber Monday..
The report attributed the rise in BNPL adoption to several factors, including increased awareness of the service, expanded merchant acceptance, and the growing preference for flexible payment options among consumers. BNPL services allow shoppers to make purchases online or in-store and pay for them in installments, typically over a period of several weeks or months. This flexibility has made BNPL a popular choice for shoppers seeking convenient and budget-friendly ways to manage their purchases..
The report also highlighted the potential risks associated with BNPL usage. While BNPL services can be a convenient way to pay for purchases, it is important for consumers to use them responsibly and avoid taking on more debt than they can afford. The report recommended that consumers carefully consider their financial situation before using BNPL services and to set a budget to ensure they do not overspend..
In addition, the report provided insights into other payment trends observed during Cyber Monday. It revealed that the use of digital wallets, such as Apple Pay and Google Pay, continued to grow, accounting for approximately 30% of all online transactions. Debit and credit cards remained popular payment methods, with debit cards accounting for 35% of transactions and credit cards accounting for 25%..
Overall, the report offers valuable insights into the evolving payment landscape in the United States, highlighting the growing popularity of BNPL services and the continued dominance of digital wallets. It also emphasizes the importance of responsible BNPL usage and provides guidance for consumers to navigate this payment option safely and effectively..
