As inflation remains stubbornly persistent, cash-strapped consumers are increasingly opting for "Buy Now, Pay Later" (BNPL) options to handle even everyday expenses like groceries. According to PYMNTS Intelligence, around 15 million consumers, or roughly 6.5% of the U.S. population, used BNPL installment loans for groceries or weekly food bills last year. As consumers seek alternatives to credit cards to avoid debt, BNPL stands out as a convenient option, offering the perks of credit, quick repayment, and a seamless app-based shopping experience.
The total BNPL market size is forecast to increase to $167.58 billion by 2032, growing at a compound annual growth rate of 20.7%. Consumer demand for flexible payment options, especially in e-commerce, where BNPL services offer seamless checkout experiences, is expected to be the primary growth driver.
