Making one BNPL purchase per week could require over 300 payments each year

New research by TotallyMoney has investigated the different payments structures for Buy Now Pay Later (BNPL) and has found a lack of consistency and regulation is leading to millions of people struggling to manage payments. The research found that. the average customer makes 4 BNPL transactions per month, resulting in 12 separate payments for the…

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BNPL users to exceed 670m globally by 2028

A new study from Juniper Research, found that by 2028, the  Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…

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Klarna launches credit card challenge

5th April 2024 Buy Now Pay Later | #BNPL

New data from Klarna has highlighted new data that suggests that interest-free Buy Now Pay Later (BNPL) offers consumers better outcomes when compared to traditional credit methods, with 95% of BNPL purchases being paid off early or on time. The research also found that in contrast, 50% of credit card users miss monthly payments and…

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Nearly a quarter of adults have used BNPL in the past year

Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…

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Nearly half of young people unaware of BNPL debt potential

New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…

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BNPL three times as popular as pay day loan lending

A new report by Lenvi has revealed the growing importance of brand and trust for borrowing decisions and AI innovation, a dip in the number of people factoring green credentials into their decision making and the growing popularity of Buy Now Pay Later (BNPL). The report reveals that borrowers are placing more emphasis on brand…

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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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