Sezzle, the installments payments platform, will be working on buy now, pay later (BNPL) services with Target… The collaboration will involve “limited tests with a small portion of Target.com guests in two product categories to evaluate the efficacy of the Sezzle platform for Target’s retail operations.”
Sezzle says it plans to issue an update to the market when the pilot concludes, though when that will happen is still unknown, the release says.
In its September Buy Now, Pay Later Tracker, PYMNTS lists stats that show BNPL plans are gaining traction globally, with 39 percent of U.K. customers in a recent study saying they’d used BNPL to buy things, and 56 percent chose such plans to defer costs without gaining interest if they were using a credit card.
Meanwhile, millennials and Gen-Z spent 44 percent and 72 percent more on orders if BNPL was available as an option, the Tracker says.
The Tracker notes that one in three eCommerce retailers is expected to offer some type of BNPL payment plan by the end of 2021.