‘Buy Now, Pay Later’ breaks Cyber Monday record with flexible payments
- Buy Now Pay Later (BNPL) usage reached a record $1.03 billion on Cyber Monday, marking a 4.2% increase year-on-year, according to Adobe online shopping data.
- This surge in BNPL transactions highlights consumers' preference for flexible payment options to manage holiday budgets.
- The vast majority of BNPL transactions on Cyber Monday, 79.4%, were conducted using mobile devices.
- Consumers predominantly use BNPL for purchasing electronics, apparel, toys, and furniture, as indicated by a survey.
- Overall online spending during Cyber Week hit $44.2 billion, up 7.7% year-on-year, with Black Friday growth outpacing Cyber Monday for the second consecutive year.