Traditional methods of payment are declining in popularity, as newer types of technology are beginning to emerge. Buy now, pay later (BNPL) has been found to be today’s consumer’s preferred method of payment, specifically when visiting the dentist and the veterinarian. Researchers found that in 2022, 2 in 3 Americans are more interested in BNPL than they were prior to the pandemic, as many people claim to be worried about making payments. Studies have shown that nearly 75% of consumers between the ages of 43 and 57 are worried about healthcare costs, which is more than any other age group. In addition, nearly 70% of Americans reveal that they fear they won’t be able to afford their own future healthcare costs, let alone their pet’s health care costs. In fact, nearly about 66% of pet owners share that they worry about affording future veterinary costs for their furry friends.
Despite these worries, 2 in 3 Americans are familiar with Buy Now Pay Later as an alternative to credit, debit, or cash payments, as it offers a large amount of flexibility and financial freedom for the user. Studies show that even those that consider themselves successful at utilizing and sticking to a budget, BNPL can be a helpful option to consider when making payments.
For example, nearly 70% of people are successful when it comes to following a budget, 78% of pet parents are successful at sticking to a budget, and more than half, 56%, of those pet parents have used BNPL as an alternative to traditional payment methods. In fact, pet owners reap the benefits of many aspects of BNPL, with 43% enjoying payment flexibility, 30% appreciating avoiding credit card fees and interest, and 22% benefiting from fair and fixed rates.
Dental and veterinary costs often take a lot of time to pay off, and the numbers prove these grievances for consumers. Studies show that only 30% of Americans plan to pay for their next dental visit with credit or debit methods, 32% immediately pay off the costs in full, and nearly 50% take at least one month to pay off a single trip to the dentist office. In regard to veterinary care, nearly 40% of pet owners pay for their animal care with a credit card, only 18% use pet insurance to cover the costs, and about 50% take at least one month to pay off the visits.
In concert with these statistics, the popularity of BNPL technology is fairly evenly spread across the United States, with those living on the east coast being slightly more likely to use BNPL than their western counterparts. However, Americans of all ages can benefit from BNPL, although millennial interest specifically has increased more than any other age group during the pandemic.
Overall, pet parents, dental patients, and many others can benefit from BNPL, as 71% of Americans who visit the dentist say they would use BNPL over traditional methods, and nearly 90% of pet parents claim to be willing to use BNPL at their next visit. The world of personal finances is ever-changing, and the American people will adapt as traditional methods continue to take the back seat.