AfterPay and Klarna Partnering With Student-Athletes Just Makes Sense By: Breana Blackman
I asked a pal last week about "What's an NIL Deal that would shock people?" Upon asking this question, I thought about potential deals like AfterPay. Buy Now Pay Later apps and services are steadily on the rise. Affirm, Klarna, Afterpay, and PayPal's Pay in 4 are some of the most popular services in the game. According to NCR, "Forty-eight percent of Gen Z consumers said they used BNPL for purchases last holiday season. Additionally, 20% said they used a BNPL solution more than three times."
AfterPay offers Interest-Free payment plans in 4 payments. It can be a blessing for some people without credit or who want to purchase without worrying about interest charges. Credit Cards can be scary, and Afterpay allows individuals to use credit by splitting the total into four payments. After your first initial payment, you pay the bill every two weeks interest-free! What college kid is this not attracting?
I decided to try AfterPay at the beginning of the year to see what all the buzz is about. I ended up enjoying the modern-day layaway! I know the younger generation has heard of layaway, but now we get to experience it in a fun and different way. Afterpay partnering with student-athletes can benefit in more ways than meet the eye. An 18-year-old just took out a student loan. Are they thinking about taking out a credit card? AfterPay helps promote a sense of responsibility when making payments. All due dates are laid out and expected to be met on time, as the prices are interest-free. It's perfect for younger folks before getting a credit card as it will hold them accountable for the biweekly payments.
Word of mouth also helps! It's been reported that GenZ has already tapped into the Buy Now Pay Later market. I would like to see AfterPay become a sponsor for college sports! Who doesn't love the promotion of flexible pay options and young adults backing it? College kids can keep up with fashion trends or buy essentials for their dorm rooms in flexible, affordable ways. I didn't enjoy buying a 200-dollar textbook for German class, and I hated calling my parents to ask for help. AfterPay would have worked phenomenally in this situation. When used rationally, Afterpay can help with essential wants and needs. I'm not saying hit up the dining hall and buy Chick-fil-A for the boys on a payment plan now, but in due time, I see AfterPay talking with college students and athletes.