How Buy now pay later apps are expanding their coverage in us market _ by ram mohan _ May, 2021 _ Medium

1. 5/10/2021 How Buy now pay later apps are expanding their coverage in us market | by ram mohan | May, 2021 | Medium Open in app ram mohan 3 Followers About How Buy now pay later apps are expanding their coverage in us market ram mohan Just now · 2 min read Buy now, pay later products are seeing a massive rise in demand from consumers, fueled by a pandemic that pushed shoppers further toward online shopping. These services which allow the buyer to break up an online purchase into multiple payments that can be made over time are seen as a “budgeting tool” that avoids high https://rammohanreddy695.medium.com/how-buy-now-pay-later-apps-are-expanding-their-coverage-in-us-market-cf48390312c4 1/3

2. 5/10/2021 How Buy now pay later apps are expanding their coverage in us market | by ram mohan | May, 2021 | Medium interest rates that come with traditional credit cards, a recent survey by Bank of America found. BofA expects the market for these apps — like Afterpay, Affirm, Klarna, PayPal, and others — to “grow 10–15x by 2025 to eventually process $650bn-$1tn in transactions.” so many of the business is implementing the business apps for their business. So mobile application development company NYC has a great deal to build mobile applications based on it. Impact of buy now pay later apps in the US Data published on “The Ascent” suggests that 27.42% of users think that the BNPL services can replace their credit cards and it will most probably happen in the future. However, 34.95% of users think it might happen but they prefer keeping their credit cards anyways. Moreover, 37.63% of users are sure about choosing credit cards over BNPL services. Now, the most interesting part is, even with the option of credit cards, 43.73% of users use BNPL services more often. Recommended: How much does it cost to develop a mobile app Top buy now pay later features that are attracting users Interest-free EMIs — Apps such as Sezzle are offering repayment features in the form of multiple EMIs. Users can make the purchase and repay the total amount in four EMIs. Moreover, if EMIs are paid on time, Sezzle does not charge any interest over them either. Rescheduling of payments — Sezzle also let us reschedule payments. If users are unable to make the payment due to any issue, they can always contact customer service and ask for rescheduling. However, there are certain limitations such as customers can only make up to three reschedulings on each order. No or light credit check — This feature offered by almost every pay later app gives security to the credit score of the user. Therefore, almost 24.73% of users consider it one of the crucial factors to avail buy now pay later facility. This data is sourced from “The Ascent”. https://rammohanreddy695.medium.com/how-buy-now-pay-later-apps-are-expanding-their-coverage-in-us-market-cf48390312c4 2/3

3. 5/10/2021 How Buy now pay later apps are expanding their coverage in us market | by ram mohan | May, 2021 | Medium Easier to avail — Pay Later apps usually go through less verification process compared to credit cards. Therefore, availing of the pay later limit seems more convenient. If you are looking for an android application development company in Los Angeles. you can contact FuGenx Technologies which is an award-winning Android app development company Los Angeles providing various mobile solutions for your business. Mobile Development App Development Company Androiddevelopmentcompany Cost To Develop An App Mobiledevelopmentcompany About Help Legal Get the Medium app https://rammohanreddy695.medium.com/how-buy-now-pay-later-apps-are-expanding-their-coverage-in-us-market-cf48390312c4 3/3