Buy now, pay later (BNPL) firm Sezzle has expanded Payments Streaks, a program that rewards users for consistently making timely payments, to Canada, with the exception of Quebec. This move follows the successful launch of the program in the United States in May, the company said in a Thursday (June 27) press release. In the […]
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Buy now, pay later (BNPL) firm Sezzle has expanded Payments Streaks, a program that rewards users for consistently making timely payments, to Canada, with the exception of Quebec.
This move follows the successful launch of the program in the United States in May, the company said in a Thursday (June 27) press release.
In the Payments Streaks program, users who make timely payments can earn benefits like entries into monthly giveaways and bonuses for referring friends, according to the release.
As they make additional on-time payments, they qualify to advance to higher loyalty tiers, per the release.
“Launching Payment Streaks for our Canadian users is a game-changer in promoting financial responsibility and customer satisfaction,” Patrick Chan, general manager of Sezzle Canada, said in the release. “By turning on-time payments into a rewarding journey, we’re empowering users to manage their finances wisely while enjoying exclusive perks.”
When introducing Payments Streaks in the U.S. in May, Sezzle said it aims to encourage responsible payment behaviors by introducing a gamification approach.
With the expansion of the program announced Thursday, shoppers in the U.S. and Canada, with the exception of Quebec, can now access Payment Streaks via the Sezzle mobile app, according to the release.
“By gamifying timely payments, we’re not only encouraging smart spending habits but also creating a more engaged community of shoppers,” Chan said in the release. “For merchants, this means stronger customer loyalty and trust, ultimately driving growth and success.”
PYMNTS Intelligence has found that installment plans such as BNPL have proven to be a big hit with consumers, with three in five of them saying they used some type of split-payment option at least once in the past year.
These plans are especially popular among younger consumers, with 65% of Gen Z consumers saying they used some type of installment plan in the last year, according to “Divided, Not Conquered: Acquirer and Merchant Confusion Clouds Split-Payments Landscape,” a PYMNTS Intelligence and Splitit collaboration.
Rewards could encourage more consumers to use BNPL for larger purchases, according to “Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption,” a PYMNTS Intelligence and AWS collaboration.
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