Prime Day & Walmart+ Week: BNPL Usage Soars Among Shoppers

According to recent reports from foreign media, a PYMNTS report indicates a growing number of consumers are using Buy Now, Pay Later (BNPL) services during Amazon Prime Day and Walmart+ Week.

Data shows that this year, 5.2% of Amazon Prime Day shoppers used BNPL, up from 3.3% last year. The proportion is even higher for Walmart+ Week, with 7.2% of shoppers using BNPL, compared to 5% last year. Although BNPL still accounts for a small percentage of overall payment methods, its popularity is steadily increasing, reflecting the appeal of this service for shoppers taking advantage of promotions to purchase essential items.

Overall, consumers used a variety of payment methods during Amazon Prime Day and Walmart+ Week, with debit cards being the most common. 62% of Walmart+ Week participants and 52% of Amazon Prime Day participants opted for debit cards. Credit cards were the next most popular, used by 46% of Prime Day participants and 43% of Walmart+ Week participants. Additionally, 40% of shoppers during Walmart+ Week used digital wallet services like PayPal and Walmart Pay.

The report highlights a significant increase in BNPL usage among paycheck-to-paycheck consumers. This year, 12% of Amazon Prime Day shoppers in financial distress used BNPL, nearly double the 6.4% from last year. During Walmart+ Week, about 14% of paycheck-to-paycheck shoppers used BNPL, a notable rise from 6.2% last year.

In contrast, BNPL usage remains low among non-paycheck-to-paycheck consumers, with only 2% using this payment method during the two promotional events this year. This trend suggests that financially constrained consumers are more inclined to use BNPL during sales events to manage spending, while those with more financial flexibility opt for other payment methods.

While Amazon Prime Day and Walmart+ Week offer valuable deals for existing members, their effectiveness in attracting new customers is limited. As consumers increasingly rely on BNPL, the importance of offering flexible payment options to meet the needs of different consumer groups becomes more apparent.