Report: 60% of US Shoppers Used Split-Payment Options

As of the latest reports, split-payment options have seen a significant surge in popularity among US shoppers. According to the PYMNTS Intelligence report, 60% of consumers have utilized these flexible payment methods within the past year, indicating a strong trend toward installment-based purchasing. Split payments, including buy now, pay later (BNPL) plans, allow customers to distribute the cost of their purchases over multiple installments, providing a more manageable financial approach to shopping.

The appeal of split-payment options is evident across various demographics, but it’s particularly noteworthy that high-income consumers are among the most frequent users. Contrary to what one might assume, it isn’t just millennials, Gen Z, or those with lower incomes who are leveraging these plans; rather, individuals with higher incomes are taking advantage of the flexibility and convenience that split payments offer. The study shows 38% of Gen Z consumers who increased their use of any type of…