15M Americans — including those making more than $100K — buy groceries with ‘buy now, pay later’ apps as inflation rages
NY Post
The soaring rate of food inflation is forcing more Americans to use “buy now, pay later” apps when shopping for groceries, according to a study — including shoppers who are earning six figures.
An analysis by PYMNTS Intelligence found that 15 million people — or 6.5% of the US population — reported using “buy now, pay later,” or BPNL apps to pay for groceries last year.
Of those using the apps — offered by fintech services such as Affirm, Klarna, Afterpay and PayPal — around 5.4% were low-income Americans, according to the study.
The rest were those whose yearly incomes were at least $100,000.
Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year.
The BNPL loans, also known as point-of-sale installment loans, are short-term loans with fixed payments at little to no interest.
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