According to a survey conducted in January of 2022, Americans prefer buy now, pay later (BNPL) methods of payment over the traditional methods, such as cash, credit, or debit, specifically for dental and veterinary care. BNPL popularity has greatly increased since the start of the pandemic, as many Americans reveal feeling worried about making payments.
Studies show that the majority of people between ages 43 and 57 are worried about their healthcare costs, and those with pets continue to worry about the costs of their animals’ treatments as well. However, many of those people are becoming very familiar with BNPL, as it offers flexibility, even for those who consider themselves to be good at creating and sticking to budgets. Many healthcare and veterinary bills take at least a month to pay off, however, nearly half of surveyed Americans have alleviated the stress that comes with these payments by using BNPL as a payment alternative.
People nationwide are interested in BNPL, and millennials specifically have become the age group with the most rapidly increasing interest in alternative payment methods. The world of personal finances is ever-changing, and the public interest in alternative payment methods is just the start of a revolutionary age in economical technology.