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This story was delivered to Insider Intelligence Payments & Commerce Briefing subscribers earlier this morning. The buy now, pay later provider processed over $65 million in merchant sales volume in Q2 2020, skyrocketing 260% year-over-year and 176% compared with the previous quarter, per a press release sent to Insider Intelligence.Its MSV growth is coming from both customer acquisition and increasingly large purchases: The firm's customer base now exceeds 309,000 users — up 85% YoY — and its average order volume grew 21% quarterly.
The coronavirus pandemic is driving new interest in the BNPL space from both consumers and merchants, boosting both Splitit's performance and that of its competitors. The pandemic has caused US to spike and created an uncertain financial future for many consumers, likely increasing demand for the payment flexibility offered by BNPL solutions.
And merchants are flocking to these services to provide customers with the payment options they want so they can drive sales even as consumer spending