Insights on the Latest Usage Trends of Buy Now, Pay Later Apps
Important Trends in Buy Now, Pay Later App Usage
Buy now, pay later (BNPL) apps hook consumers with what seems like a fantastic offer. Can't afford to pay for something in full? Use a BNPL app, and you can pay it off over time, interest-free.
1. Financially fragile consumers are frequent users
- 59% of financially fragile BNPL users reported using it five times or more in the past year.
- Financially fragile users gravitate toward BNPL for the ease of access and overspend more often with it.
2. Financially stable consumers use it less often and for large purchases
- Only 23% of financially stable users reported using BNPL five times or more in the past year.
- Financially stable users prefer BNPL for big-ticket purchases and mention 0% interest as their reason for using it.
3. BNPL apps can be addictive
- Across levels of financial stability, it is rare for people to use BNPL just once.
- Avoid loan stacking by being cautious when using BNPL.
Be careful with BNPL as it can lead to adding to your bills and taking on debt. It's recommended to pay for purchases upfront if possible and avoid impulse buys.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.