Meanwhile, half of all of those polled had used BNPL within the last 90 days, and the same share of 18 to 25 year olds had used it in the last 30 days, Marqeta said. About 35% of respondents said they use BNPL services more than credit cards.

Marqeta’s survey also offers insights into the kinds of buy now-pay later transactions consumers are seeking. The report noted that consumers were interested in using BNPL platforms to pay for dentistry (30%), car purchases (29%), home renovation (27%), travel (25%) and pet care (25%).

Besides retail, buy now-pay later services have also found their way into the healthcare industry. Citizens Pay, the BNPL arm of Citizens Bank, announced plans to introduce its installment payment service for healthcare providers last year. Earlier this year, BNPL firm Sezzle said it was partnering with WellNow Urgent Care to offer patients interest-free loans. 

Read More