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BNPL users tend to have lower incomes: Bank of America

Bank of America’s latest report signals that the growth of buy now, pay later services is continuing to slow down. The bank’s analysis of its internal data found that the proportion of Bank of America customers having made a BNPL payment grew by only half of a percentage point in March 2024, relative to the year-earlier period, down from the one percentage point increase logged in March 2023, and almost 2.5 percentage points in March 2021.

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