The news: Two major buy now, pay later (BNPL) providers signed healthcare-related deals.
Trendspotting: Healthcare could become a hot area for BNPL providers as consumers seek out flexible payments for high-value expenses.
Forty-three percent of US adults said they want to use BNPL for high-value purchases, per a PYMNTS and AWS survey. And of those who are “very” or “extremely” interested in BNPL for high-value purchases, 21.8% said they’d want to use it for medicine and prescription payments.
As consumers become increasingly concerned about health-related costs, Afterpay and Sezzle could provide a viable solution for certain expenses. Both providers already work with medical supply retailers and some cosmetic dentist offices, but they aren’t the only ones that recognize the opportunity: Healthcare fintech PayZen offers “Care Now, Pay Later,” which lets healthcare providers offer patients more affordable payment options.
The opportunity: Afterpay and Sezzle can use their latest tie-ups to diversify and reach a wider customer base before the BNPL space becomes overcrowded.
Related content: Check out the BNPL section of our “Payment Methods and Funding Mechanisms” report to learn more about why BNPL incumbents are moving into niche sectors.