Buy now pay later platforms solutions can improve conversion and encourage brand loyalty

Posted by Coherent Market insights on June 15th, 2022

Retailers are now offering buy now, pay later options, allowing customers to acquire everyday necessities by selecting an affordable financing plan and paying in instalments rather than paying the whole price all at once. In addition, the youth are increasingly adopting buy now, pay later payment technology since it provides various benefits, including the ability to purchase high-cost smartphones and laptops, pay tuition fees and stationery products, and pay the cafeteria bill.

Several business owners around the world have been using the buy now pay later platforms to finance significant equipment, purchase raw materials, and pay staff salaries, fueling the global buy now pay later market's expansion.

Over the projection period, the consumer electronics industry is expected to grow at a healthy rate. BNPL payment mechanisms are becoming increasingly popular in the business as a low-friction alternative to credit cards. Customers also prefer BNPL payment alternatives to credit cards because they avoid costly compounding interest and hidden costs. Over the projected period, rising awareness of the flexible buy now pay later payment option among consumer electronic providers is expected to promote demand for BNPL services.

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