More shoppers are using buy now, pay later, with $993 million in sales using the method expected Cyber Monday.
This year, more shoppers than ever are using buy now, pay later options that let buyers pay for purchases in installments — and more often than not from their cell phones.
And come Cyber Monday, Adobe forecasts a record-breaking single day of buy now, pay later spending — $993 million.
AdvertisementBuy now, pay later is available in many online stores via partnerships with companies like Affirm, Afterpay, and Klarna.
A recent Harvard Business Review report found that buy now, pay later consumers spent an average of 10% more per purchase than they did without the option.
Persons:
Vivek Pandya, BNPL
Organizations:
Adobe, Adobe Digital, Harvard Business