Banking

Survey: Bank consumers see BNPL as ‘practical’

Roughly 4 in 5 bank consumers state they know buy-now-pay-later service, with a 3rd stating they have actually utilized a BNPL service within the previous 90 days, according to a brand-new study by J.D. Power. The survey discovered that for the 4th successive month, there has actually been no significant modification in bank consumers’ total monetary health, with 34% of participants thought about economically healthy in June while 41% were susceptible. Looking into BNPL routines, the study discovered that consumers who are economically overextended are more than likely to utilize BNPL alternatives (55%), however even 30% of consumers who have healthy monetary circumstances are using the services.

More than half (60%) of bank consumers who know BNPL state the alternative is practical, however the bulk (64%) of those participants don’t think utilizing the alternative enhances their monetary health. At the very same time, just 44% of consumers who utilized BNPL in the previous 90 days stated they “strongly agree” or “somewhat agree” that it assisted their monetary health.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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