American Express is diving further into installment lending, launching a new option for credit card customers to pay for flights in monthly chunks through its travel platform.
Customers are now able to use Amex’s “Plan It” feature — which lets customers set up installment plans for card purchases above $100 — for any flights they book on the American Express Travel website. That essentially moves the Plan It feature up directly to the point of sale, rather than requiring customers to log into their Amex accounts and switch a prior card purchase to an installment plan after the fact.
The move is another step forward for the “buy now, pay later” model, which major card players are increasingly adopting as they face competition from upstart installment lenders such as Affirm, Afterpay and Klarna.
New research from The Strawhecker Group analyzes key trends and consumer attitudes.
Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.
To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.
Highlights of this extensive 81-page report include:
- Buy Now, Pay Later Background
- Key Players in the Buy Now, Pay Later Space
- Buy Now, Pay Later Consumer Survey
- Concluding Thoughts: The Future of Buy Now, Pay Later
Download a free infographic covering several findings from the full report.