Consumers are demanding more flexible payment options, and credit card-linked installment plans are stepping up to meet the need! New research shows that nearly 75% of merchants prefer these options over traditional BNPL plans. With 90% of merchants saying these plans boost customer acquisition and retention, it's clear they offer a winning solution for everyone. Key benefits: > Median spend on card-linked installments is over $1,000—double that of BNPL pay-in-4 plans. > 1/3 of merchants now offer these plans, with a 16% growth in six months. > Consumers favor card-linked installments for big purchases, with 60% using them to better manage finances. As higher interest rates and new regulations reshape the ‘pay later’ landscape, credit card-linked installments provide a safer, more sustainable way to spread out payments. Merchants, are you ready to adapt and offer your customers the flexible options they crave? #PaymentOptions #Fintech #ConsumerTrends #CreditCardInstallments #MerchantSolutions
As consumers demand flexible payment options, we’re seeing growth in credit card-linked installment options that do not involve new loan origination at checkout. What does this mean for the future of #BNPL? Nandan Sheth, CEO of Splitit, dives into this trend uncovering the reason for this shift and how merchants should effectively cater to these evolving demands. New research by PYMNTS and Splitit reveals a significant trend: nearly three quarters of merchants now favor credit card-linked installment options. This data shows that nearly 90% of merchants believe general purpose credit card-linked installments boost customer acquisition and retention, compared to just 64% for traditional BNPL installment options. To effectively cater to evolving consumer demands, merchants must grasp the nuances of these payment modes. By tailoring options to specific customer segments, businesses can offer personalized payment experiences that resonate throughout the customer journey. Curious to learn more about how merchants are navigating these shifts? Dive deeper into the insights here: https://lnkd.in/d3YNNaj4 #FintechNews #Fintech #ConsumerPayments #BNPL #Payments #Finance