BNPL is a solution for point-of-sale financing. In eCommerce, these services are presented as an option in the payment flow along with other payment methods. If customers choose to pay using BNPL, they are redirected to the loan provider’s website to create an account.
After seeing all their terms and conditions, customers can select one of their repayment plans and complete their purchase. Once the purchase is made, eCommerce businesses get the full payment upfront, and the customer pays installments to the BNPL provider.
If you target Generation Z or Millenials with your business offerings, BNPL is a vital eCommerce feature to consider. According to studies, the growth of BNPL among Gen Z has grown 600% since 2019, while it has tripled among Millenials.
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