Credit-Card Giants Shrug Off Rising Buy-Now, Pay-Later Threat
- Customers flock to the offering as top merchants sign on
- ‘That’s not really a big competitive threat,’ AmEx’s CEO says
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The buy-now, pay-later frenzy is leaving credit-card companies unfazed.
Over the past year, dozens of top merchants -- from PetSmart to Macy’s Inc. -- have added the ability for customers to split up their purchases and pay them off over time. Even Amazon.com Inc. is planning to get in on the action. Consumers have flocked to the services, and spending with buy-now, pay-later providers is expected to soar to $100 billion this year.