Buy Now, Pay Later: Who Uses It and Why

Joanna Stavins

No 2024-3, Current Policy Perspectives from Federal Reserve Bank of Boston

Abstract: Buy now, pay later (BNPL), a short-term, interest-free credit option for retail purchases, is becoming increasingly popular. At roughly 9 percent (as of fall 2023), the share of all consumers using BNPL is still relatively low, but it has grown by about 40 percent from two years earlier. This brief shows that BNPL use is significantly higher among financially vulnerable consumers and disproportionately high among women, Black, and Latino consumers.

Keywords: consumer credit; payments; BNPL (search for similar items in EconPapers)
JEL-codes: D14 E42 G21 G51 (search for similar items in EconPapers)
Pages: 8
Date: 2024-05-22
New Economics Papers: this item is included in nep-ban and nep-pay
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Citations: View citations in EconPapers (1)

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