Buy Now, Pay Later Set to Double in Size by 2023

Worldpay’s new Global Payments Report says buy now, pay later is set to double in size by 2023; payments and the checkout experience have dramatically shifted in recent years as customers have looked for less friction and more convenience; there are concerns that as this market has grown consumers are just adding more debt; the companies in this space like Klarna, Afterpay and Affirm say they are providing an alternative and the services is not akin to payday lending; EVP, Head of Global eCommerce, Worldpay Merchant Solutions, FIS Shane Happach tells Forbes, “Buy Now, Pay Later delivers a more intuitive level of convenience and access for consumers than traditional credit cards. As digitally savvy Gen Z consumers come of age, this is especially significant as younger consumers are more used to making snap purchases and then deciding later if they want to keep it.” Forbes

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