U.S. shoppers are expected to spend a record $18.5 billion using third-party buy now, pay later services for holiday purchases in the last quarter of the...
NEW YORK - U.S. shoppers are expected to spend a record $18.5 billion using third-party buy now, pay later services for holiday purchases in the last quarter of the year, according to projections by data firm Adobe Analytics released on Wednesday.
That means that firms such as Klarna, Afterpay and Affirm are set to take market share away from debit cards and other forms of payment on purchases of electronics and beauty products for the holidays, a time when many shoppers increase their debt purchasing gifts. Yet some shoppers use credit cards to cover the installment payments due with buy now, pay later services, which consumer watchdogs say could worsen their debt.
Nearly 10% of BNPL purchases are made using credit cards and automated clearing house transactions, according to the Financial Technology Association, which has Zip and Klarna as members. The FTA said that its members report less than 2% delinquency rates for BNPL purchases. “In general, we don't think that a credit repayment for credit is a good thing,” Affirm Chief Operating Officer and Chief Financial Officer Michael Linford said.
American Express lets its users pay BNPL installments with a limited number of BNPL providers, a company spokesperson said. Joseph Nicholls, 43, was separately handed a suspended sentence for sending a threatening email to a company providing cameras for the scheme.Google files complaint to EU over Microsoft cloud practices
Installment Payments Adobe Analytics Holiday Purchases Shoppers
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