PYMNTS Intelligence Report finds that more consumers would opt for buy now, pay later (BNPL) services for larger purchases if they received rewards for doing so.
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GLOBy the Numbers
The PYMNTS Intelligence report “Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption” draws on a survey of over 3,100 consumers to examine their usage and experiences with deferred payment plans.
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The findings revealed that consumers tend to prefer credit card instalments for larger purchases because BNPL services lack common features of credit cards, such as reward programs and higher credit limits. Additionally, consumers noted that BNPL options are not as widely available in stores. The study indicated that 38% of consumers wish for BNPL to offer more accessible and higher-quality rewards.
The Data in Context
Some providers are already addressing this issue. In May, Sezzle launched Payment Streaks, a feature allowing users of the company’s BNPL service to progress through loyalty tiers by consistently making on-time payments. Each on-time payment is counted as a “streak,” and users advance to the next loyalty tier after achieving the required streak count within a rolling 90-day period.
However, not all efforts in this area have been successful. In February, Affirm discontinued its rewards program. “We’re constantly testing new features and looking for ways to improve Affirm’s products,” a company spokesperson told PYMNTS. “While Affirm’s Rewards beta program will no longer be available, we are continuing to explore how we can bring a best-in-class rewards experience to our consumers.”
Similarly, in January, Afterpay ended its Pulse Rewards program, which had been in place since 2020. The company hinted at the introduction of a new loyalty program later this year but did not provide further details.
Source: PYMNTS
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