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Insight of the Day: Merchants Leverage Split-Pay Plans to Drive Spending With High-Income Shoppers

The article discusses how merchants are leveraging split-pay plans to drive spending with high-income shoppers. According to PYMNTS Intelligence research, installment plans linked to bank-issued credit cards can significantly boost the average ticket of high-income shoppers. The study found that a significant percentage of consumers, especially high-income shoppers making over $100,000 a year, are likely to consider higher-priced items if they can use an installment plan linked to their credit card.

The data also shows that installment plans are becoming increasingly popular among consumers of all age groups and income brackets. More shoppers are using these flexible payment options to make deliberate and calculated purchasing decisions. The growth of credit card payments, as highlighted by companies like Mastercard and JPMorgan Chase, further supports the trend of consumers embracing alternative payment options like installment plans.

Overall, offering split-payment options can help merchants attract high-income shoppers, increase the average order value, and drive sales growth. This strategy enables consumers to manage their spending and credit while making larger purchases more affordable and attractive.

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