The upsurge of "buy first and pay later" has caused controversy, and British consumers have incurred 4.7 billion euros in debt!


Author:Zeng Xuening
Source: ennews

"BNPL (Buy New Pay Last)" is what we mean by "buy first, pay later". Such payment methods are becoming more and more popular all over the world, especially in Europe.


provideBusinessmen using BNPL payment method can see that their orders have risen sharply during the peak season. A study shows that in 2021, 36% of Gen Z will use BNPL, a six fold increase over 2019.


Butter, one of the providers of BNPL, released a survey report, and nearly 5000 consumers were surveyed.Among them22% of British consumers said they planned to use BNPL to pay for Christmas shopping.


have54% of respondents said that sharing costs would enable them to better manage their finances. Butter's CEO believes that excessive financial strain will make consumers face a long January.So at present, many people will choose the form of installment payment to share the cost of consumption, rather thanSpend all the money in December.


Apart from the convenience this payment method brings to everyone, it has also attracted a lot of controversy.During the epidemic, British consumers usedAfter the BNPL transaction, the total outstanding debt now exceeds 4.7 billion euros.


In Europe asBNPL service "leader"KlarnaHe said that he has accepted the suggestions and criticisms of the society on this service. The company said that using banks and credit cards would generate high interest rates, whileBNPL service provides customers with the opportunity of interest free installment, which is still helping them reduce the burden. At present, in the UK, the Advertising Authority has even bannedKlarnaofSome advertisements.


Although aboutBNPL has been controversial, but it is now in the peak holiday shopping season. The temptation of interest free installment is really great for consumers.


And beforeCompared with 10 months ago, the number of people using BNPL services in the UK increased by 2.6 million.this yearIn October, 28% of adults used this payment method at least once. In December last year, the proportion was about 23%. At least 27% of consumers believe that without BNPL services, they will be unable to afford Christmas expenses.


According to the survey, consumers are most likely to passBNPL services purchase food, clothing, technology, household goods, entertainment and other categories.


The scope of BNPL services is still expanding. For sellers, the introduction of this payment method can attract more consumers to shop. But at the same time, it will also face a series of capital problems caused by consumers' over consumption and inability to repay debts. How to solve this problem in the future needs further waiting and observation.

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