From Dow Jones & Company:

Consumers are showing no fear when it comes to buy-now-pay-later purchases, with U.S. shoppers spending a record-breaking $16.6 billion over the holiday season. Adobe Analytics reported a 14% increase in buy-now-pay-later spending during the holidays, and a total of $75 billion spent over the course of 2023. While some worry about the lack of clarity and regulation in the industry, others see this payment method as an opportunity for more inclusive purchasing power. Growth in online spending using buy-now-pay-later outpaced overall online spending growth, and BNPL company shares rallied over 400% in 2023. Regulators and credit reporting companies are closely monitoring the use and reporting of BNPL payments. This article prompts important questions about the potential implications of consumers’ increased appetite for buy-now-pay-later options.



Read more: A payment method that some call ‘phantom debt’ just hit a new record