Payments Dive: Thomas Priore on the expected shift in BNPL

Priority CEO Thomas Priore was recently interviewed by Payments Dive on the future of BNPL and Gen Z’s adoption of the technology as they transition into the workforce.

Buy Now, Pay Later (BNPL) services, which surged in popularity during the pandemic, are increasingly being used by consumers to cover everyday expenses amid inflation. This trend has caught the attention of the Consumer Financial Protection Bureau, which plans to regulate BNPL like credit cards.

Tom predicts that as BNPL matures, it will shift towards financing larger purchases, such as healthcare expenses, while credit and debit cards will dominate daily transactions due to their simplicity and risk management advantages. Priore also highlights that Gen Z’s preference for digital payments will likely influence business-to-business payments as they enter the workforce, driving further digital transformation. Priority Payments, based in Alpharetta, Georgia, provides various payment services and sees potential in adapting to these evolving consumer and business payment trends.

Check out the full Payments Dive Q&A here.