Young consumers are opting to buy now and pay later, as more companies enter the financing game

When Jameil Joseph goes to check out his online shopping cart, he’ll often click on the option to buy now and pay later.

Most of his friends do it, too, he said.

“I use them whenever they’re available,” said Joseph. “It’s always better to have extra money.”

Increasingly, online retailers are partnering with financial service providers to allow customers to make purchases — while only paying a fraction of the cost upfront. 

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According to analysis conducted by SIA Partners, the buy now, pay later (BNPL) share of retail e-commerce and point-of-sale transactions in the U.S. was less than two per cent in 2021, but is expected to double to four per cent by 2025.

Apple is the latest company to enter the market, announcing on Monday that it will offer financing…