Wednesday, April 17, 2024

Research reveals surge in use of BNPL

New research finds that more than half of those surveyed intend to use buy now pay later (BNPL) schemes during the festive season. 

The poll of 6500 Australians by online credit score provider Credit Savvy reveals that 55% of respondents indicated an intention to use these providers to cover their expenses in the lead-up to Christmas.

The research also shows that 76% of those surveyed had used BNPL in the past 12 months.

“BNPL schemes enable purchasers to immediately receive goods and services while paying off the purchase price in interest-free instalments. Fees apply for late or missed payments,” says Credit Savvy.

“Among the key players in the booming industry are Afterpay, Zip Pay, Klarna, Humm and Bundll.”

Other key findings:

  • 33% of those surveyed have used BNPL more than 10 times in the past 12 months
  • 43% of those surveyed cited BNPL as “a way to budget”
  • The most popular purchase category is clothing and footwear, with 65% of respondents using BNPL providers for these items
  • The second most popular category is personal technology (38% of those surveyed)
  • 58% of BNPL purchases are for $2,500 or less
  • 3% of purchases are for $10,000 or more

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