Quarter of Buy Now Pay Later users hit by late repayment fees

Nearly a quarter (22%) of Buy Now Pay Later (BNPL) users have missed one or more repayments in the six months to December 2023, leading to late payment fees and in a quarter of cases, a mark against their credit score too according to data from the nonprofit Centre for Financial Capability (CFC). More than a…

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One in four likely to use Buy Now Pay Later to pay for Christmas

New research by Citizens Advice finds more than one in four adults (28% – the equivalent of 15.1 million people) say they’re likely to use Buy Now Pay Later (BNPL) to help with festive spending. This rises to 56% of parents with primary school-aged children. The findings come as the charity reveals those unable to…

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Third of adults don’t think BNPL purchases can lead to debt

A third of people (31%) still don’t think that Buy Now Pay Later (BNPL) purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are a third more likely to use BNPL than the UK average according to research from lender, Creditspring. Almost one in three (29%) of people…

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Millions would struggle to pay for Christmas without Buy Now Pay Later

Almost half of adults (48%) have used Buy Now, Pay Later (BNPL) to spread the cost of purchases. In 2023, 7.4 million more people used BNPL compared to the year before. The increased usage of BNPL, isn’t expected to slow down as we enter the busy festive shopping period, in fact it has become essential…

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FCA take action over BNPL small print 

The Financial Conduct Authority (FCA) has taken action against PayPal and QVC after finding potentially unfair and unclear small print in their buy now, pay later (BNPL) contracts. The FCA expressed concern over the impact on customers and prompted the two companies to change their terms. PayPal and QVC voluntarily made their terms easier to…

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Consumers being pushed towards payday loans and BNPL

The Financial Conduct Authority (FCA) says the cost-of-living crunch is pushing people toward payday loans and buy-now pay-later (BNPL) products. In a speech, the regulator’s Chief Executive, Nikhil Rathi, warned that rising prices have pushed people into debt, with many still unable to access financial products. The regulators  analysis shows that the number of people…

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One in five using BNPL to fund essentials

New research by the Money and Pensions Services (MaPS) has found that one in five (almost two million) Buy Now Pay Later (BNPL) are using it for essential items such as groceries (11%), toiletries and hygiene (8%), household bills (5%) and fuel (4%). There are an estimated 10.1 million BNPL customers in the UK and…

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Lack of regulation causing consumer mistrust of BNPL

A survey of consumers by NewDay has highlighted concerns about the lack of regulation in Buy Now, Pay Later (BNPL) options, with only 16% of UK consumers deeming BNPL’ trustworthy’. Almost half (45%) worried that unregulated BNPL could get them into debt, and 58% of respondents had never used BNPL options and wouldn’t consider using…

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One in four use BNPL when buying online

New research from TransUnion has found that nearly four in 10 (38%)  adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…

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Cost of living crisis driving buy now pay later rise

New research by Yapily has indicated that cost of living rise has driven a move for consumers to use buy now, pay later (BNPL) schemes rather than dipping into overdrafts The research found more than a quarter of consumers turned to buy now, pay later services in the past year compared with 18% who had used…

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Buy Now Pay Later global transaction value reached $120bn in 2021

Buy Now Pay Later (BNPL) popularity as an alternative payment option, has been highlighted by GlobalData’s latest report, revealing that the global transaction value for BNPL payments reached $120 billion in 2021, and is set to reach $576 billion by 2026. BNPL made up 2.3% of the global ecommerce market, or, in other words, for every…

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60% of BNPL customers are worried about impact on their credit score

A new survey from UK fintech Pave shows the vast majority of Buy Now Pay Later (BNPL) customers are unclear about the impact of BNPL on their credit scores, leading to the majority of customers to say they were worried about its impact. The research found that 78% of respondents (18-44) who have used Buy…

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FCA announces contract changes for buy-now-pay-later customers

The Financial Conduct Authority (FCA) has announced that it has secured changes to potentially unfair and unclear terms in the contracts of buy now pay later (BNPL) providers Clearpay, Klarna, Laybuy and Openpay. The FCA says that it was concerned there was a potential risk of harm to consumers as a result of the way…

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