Though this year’s holiday shopping season has yielded mixed results so far, buy now, pay later platforms have seen a rise in consumer demand. Compared to 2019, installment payment spending increased by 422% and order volume spiked by 438% in November, research from Adobe found.
Afterpay’s uptick follows the platform’s entry into in-store payments. In October 2020, Afterpay enabled shoppers to make installment payment purchases via a contactless, virtual card in their digital wallet. In March, the company hosted its fifth bi-annual Afterpay Day event in which customers could use its service in-stores and online across various brands and retailers.
