According to a survey administered at the beginning of 2022, Americans prefer buy now, pay later methods over traditional payment options for dental and veterinary care. Especially during the pandemic, studies showed that many people reported feeling worried about payments. Nearly 75% of those between ages 43 and 57 are worried about healthcare costs, and nearly 70% of Americans fear that they won’t be able to afford their own healthcare costs or their pet’s veterinary costs. Buy now, pay later (BNPL) is an alternative to credit, debit, or cash that offers a lot of flexibility for users. Even those who are successful when budgeting their finances can benefit from this alternative method of payment.

In terms of pets, more than half of pet owners have used BNPL as an alternative to credit, debit, or cash purchases. In addition, pet parents appreciate BNPL benefits, including payment flexibility, avoiding credit card fees and interest, and fair and fixed rates. In regard to healthcare, many of those bills take time to pay off. For example, reports show that 40% of people take at least one month to pay off a single trip to the dentist. Despite this, nearly half of those people have now used BNPL as an alternative to credit, debit, or cash purchases. There is no limit to who is interested in BNPL, and 42% of users are from the west coast, while 55% are on the east coast. Millennial interest in BNPL has increased more than any other age group during the pandemic, and the service continues to grow in popularity as the pandemic rages on and financial stability continues to be a top priority for most Americans.

Buy Now, Pay Later