In USA, online shopping has gained exceptional growth even before the outbreak of coronavirus. The advancement in technology and the use of smartphones can be considered as one of the prime reasons for this. Online shopping has taken a new turn by introducing BNPL which stands for buy now pay later. This option offers the customers to simplify large amount of bills into small EMIs while making the payment on an online shopping platform.
Why BNPL is Given Entire Credit?
Online shopping platforms are aware of the fact that it is important to aim for the digital population business. BNPL service offers the buyers to pay the amount through a credit in periodical installments. In a survey it has been revealed that almost 33% of the buyers prefer to use this mode of payment over other credit options. This option helps the buyers to improve the flow of cash of their own finances without any added cost.
BNPL has become the most used method of making a payment by being the fastest. It has many benefits that include a seamless registration process. This option is available on all online shopping websites. The buyers don't require a credit card to make the payment. It is convenient for those who don't want to get involved in the time consuming details to be filled up when the finance feature is available with a single click.
Post COVID-19 Scenario
Online shopping had gained a momentum even before the outbreak of coronavirus but the ongoing pandemic fastened the online process. Consumers can't go out in this situation due to which they prefer buying products online. The emergence of BNPL helped the customers at the right time.
Now people can buy anything online without a credit card or bank account. The payment eased the burden on household expenses spreading it over a few months. This payment option has helped many retailers to increase the incremental sales among the consumers who wouldn’t make a purchase in such a time due to rigid expenditure.