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Goodbye BNPL in 2022, Hello BNPN (Buy Now, Pay Now) in 2023!
Written by Sarah James ·
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SUMMARY
- BNPL surged in past years, but consumers in 2023 are getting smarter about the hidden costs of easy spending.
- Many shoppers got hit with high interest on last holiday season's BNPL purchases and are learning from it.
- TomoCredit saw a spike in applications as consumers sought a no-interest, no-fee alternative to BNPL.
Consumers Are Getting Smarter About Easy Spending
BNPL has taken consumers by storm in the last few years. But these apps, like Klarna, Afterpay, etc. should not be expecting the same results from spenders in 2023. Consumers this new year are much more diligent and smart with how they spend their money. With more tools and education on financial literacy and startups, like TomoCredit, placing the importance on smart spending, consumers are all ears (especially in this economy).
Consumers are finally being hit with the high interest they spent on their electronic devices from last holiday. They are learning from their mistakes and to not “bite on an easy hook.”
SF based startup, TomoCredit, announced that they've seen a huge spike in applications in 2022 because of their no interest/0 APR card feature. CEO and founder, Kristy Kim, explains that consumers are feeling the aftermath of easy spending with BNPL options, but don't understand the repercussions until they see interest fees charged to their account.
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The language used on this page is for creative purposes only. TomoCredit (or TomoBoost) does not guarantee an increase in credit score. Individual results vary based on each person's unique credit history and financial circumstances, and subscription payments are non-refundable.