Two payment options are vying hard for shoppers’ attention this Black Friday: "buy now, pay later" services and store credit cards.
There’s a reason for the avalanche of offers. Startups and established players in payments want a bigger piece of the e-commerce boom set off by the pandemic, and some are offering competitive Black Friday deals to woo consumers to their platform.
Affirm, Klarna and other ‘buy now, pay later’ apps allow shoppers to pay for purchases in weekly or monthly installments, with fees but often without interest. Their popularity has skyrocketed over the past year.
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Store credit cards, which typically work with one retailer or joint retailers and offer store-specific rewards, are also rising in use compared with early pandemic levels.