Payments company Afterpay, which works in the buy now, pay later (BNPL) space, is rolling out a new feature called Pulse… the new program is meant to incentivize those who make payments on time and “choose to spend responsibly,” praising young people in the millennial and Gen-Z population who have made the choice to use debit cards and pay on time, “yet their responsible decision of spending their own money is not rewarded.”
Thus, Pulse will offer no payment up front on eligible purchases, interest-free installment payments… more flexibility in payments for members, and access to exclusive discounts, promotions and new product launches from Afterpay…
Pulse purports to give new benefits to the younger customers like millennials and Gen-Z, who the release calls “the most valuable.” … the idea was to cater more to those who don’t practice over-spending… [Co-founder:] “Until today, loyalty programs across our industry have encouraged excessive spending, leaving no options for those shoppers who want to spend responsibly and avoid expensive fees and extended debt… We built Pulse to fulfill a need and offer a program in which both consumers and retailers benefit. This approach is fundamental to our mission and values as a company to encourage financial wellness and power an economy where everyone wins.”
… the preference of younger people seemed to be trending toward digital or debit payments, and that the future would be geared towards meeting their needs of flexibility and control in spending.