Gen X and Millennials outspend Gen Z on BNPL

2nd October 2023 Alternative Consumer Lending | #BNPL

Millennials and Gen X said they spent more than Gen Z when it comes to using Buy Now, Pay Later (BNPL) for online shopping over the past 12 months according to the latest Q3 2023 Consumer Pulse survey from a global information and insights company TransUnion. Compared to 54% of Millennials and 39% of Gen…

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Third of adults don’t think BNPL will lead to debt

16 million people are still unaware you can get into debt using ‘Buy Now Pay Later’ (BNPL) services*, according to research from lender, Creditspring.  A third of people (31%) still don’t think that BNPL purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are 29% more likely…

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BNPL regulation could be delayed

17th July 2023 Arrears and Recoveries | #BNPL

A number of national news outlets are reporting that the Treasury is considering shelving plans to regulate the Buy Now Pay Later (BNPL) industry. Following news that there could be delays to regulation of the Buy Now, Pay Later sector, Richard Lane, Director of External Affairs at StepChange Debt Charity, said “We’re alarmed to read…

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One fifth of teachers reliant on BNPL

One fifth (18%) of teachers have been forced to rely on buy now, pay later (BNPL) payment options to afford their weekly shop, according to new research from responsible lender, Creditspring. More than a quarter of teachers (26%) say they wish they’d never used BNPL options, with 14% admitting they’d were unable to meet repayments…

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Two in five consumers will only stay loyal to brands offering BNPL

26th June 2023 Consumer Lending | #BNPL

New research from Vodeno/Aion Bank has revealed how embedded banking adoption is significantly boosting brand loyalty for companies, with consumers more likely to use embedded banking products from brands as a result of the cost-of-living crisis. The European Banking-as-a-Service (BaaS) provider’s study revealed that over a third (37%) are more likely to seek out brands…

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Regulation of Buy-Now Pay-Later consultation launches

15th February 2023 Alternative Consumer Lending | #BNPL

The government has announced its intention to regulate interest-free Buy-Now Pay-Later (BNPL) products. The government consulted on policy options to deliver a proportionate approach to regulation in October 2021, followed by a consultation response in June 2022. It is now consulting on the proposed draft legislation that will bring BNPL into Financial Conduct Authority regulation.…

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Shoppers spent £8bn in January whilst BNPL use increases

Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…

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Use of BNPL hit an all-time high over the festive season

12th January 2023 Alternative Consumer Lending | #BNPL

Over a third (34%) of UK shoppers have now used Buy Now Pay Later (BNPL) services to spread the cost of purchases1, and thousands chose to use BNPL for the first time over the 2022 festive season. That’s according to the latest BNPL Barometer from Equifax, one of the UK’s big three credit reference agencies.…

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Allianz Trade, Santander CIB and Two launch B2B BNPL solution

9th January 2023 Alternative Business Lending | #BNPL

Trade credit insurance specialist Allianz Trade, business-to-business (B2B) e-commerce payments platform, Two and Santander Corporate & Investment Banking (CIB), have partnered to provide the first global business-to-business (B2B) Buy Now Pay Later (BNPL) solution for large multinational corporates. This is the first partnership of its kind. The result is a game changer product for global online…

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FCA warns BNPL firms about misleading adverts

The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…

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BNPL predicted to reach over 900m users globally by 2027

A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027, increasing from 360 million in 2022. The research says that the substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost…

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Virgin Money to launch BNPL credit card

Virgin Money has announced plans to enter the new buy now, pay later (BNPL) market later this year with a credit card product called Slyce. Virgin Money says that the product gives customers the flexibility to buy now, pay better, as customers can use Slyce for all their buy now, pay later spending (consolidating it all…

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Consumers have racked up £5.6bn on BNPL debt already this year

5th July 2022 Arrears and Recoveries | #BNPL

New research from Credit Karma, consumers have spent over £5.6 billion using buy-now, pay-later (BNPL) services in 2022 so far, with an average spend of £396 per person. The research also found that BNPL has been a lifeline for 58% of the service users trying to manage the rising cost of living with the number of…

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