The ravaging Covid-19 pandemic, which has taken a toll on the global economy has been attributed to the huge download of the BuyNow, PayLater App that have recorded about 8.43 million downloads on a year to date basis.
Analyzing the growth of the BuyNow, PayLater App, Stock Apps indicates that the highest downloads were recorded as of September 20th at 1.4 million. Also, as of January 20th, the BNPL applications had been downloaded 962,000 times.
The application downloads recorded a significant decline across the year between March and April at 767,000 and 734,000, respectively.
The Stock Apps research also overviewed the application downloads on a year over year basis. As of September 2019, the apps had been downloaded 650,000 times. During a similar period this year, the apps had recorded 1.4 million downloads.
The research explained the soaring popularity of BNPL apps registered this year. According to the research report:
“The Buy Now, Pay Later apps enables customers to purchase goods with payment plans segmented into installments. The apps have been on the rise this year as the coronavirus took a toll on the economy. Most people lost their jobs as different states imposed lockdowns to contain the virus. Due to the pandemic, consumer spending dropped. Essentially, as the economic uncertainty grew, many consumers were more comfortable buying a variety of essential items that had the option to make smaller payments over time without adding to their credit card debt.”