Afterpay popular alternative payment method for Aussies, says Worldpay
Buy Now Pay Later (BNPL) provider Afterpay has been named one of the three most popular alternative payment methods in Australia, in a new report from Worldpay. In its report, the global payments processing platform looks at how 2020 and the Covid-19 pandemic have affected the way people all over the world exchange money for goods and services.
Aussies adopt Buy Now Pay Later
In 2020 around 10% of online payments in Australia were made using BNPL. That’s a pretty big number, especially considering this fairly new way of paying made up just 2.1% of ecommerce globally.
Worldpay details all of these figures in its report, including the fact that BNPL was the fourth most popular online payment method in Australia last year. Credit cards were the most popular, making up 32% of ecommerce payments, followed by digital/mobile wallet payments at 24% and debit cards at 17%.
Of all the countries Worldpay surveyed, Australia was the fifth biggest user of BNPL. The payment method was most popular in Sweden where it made up a hefty 23% of ecommerce transactions!
Afterpay popular alternative
Even if you don’t use BNPL, chances are you’ve heard of Afterpay. Not only is it one of the most popular BNPL platforms in the country, but according to Worldpay it’s also one of the most popular alternative payment methods in Australia, period.
Worldpay ranked the three most popular ‘alternative’ payment methods in Australia and Afterpay came in second only to PayPal and was closely followed by bank transfers. These stats come just as Afterpay released its own Next Gen Index report, showing that millennials and Gen Z shoppers are leading the way when it comes to buying now and paying later. According to Afterpay spending on BNPL has risen a huge 106% since 2020.
Are you one of the growing number of Buy Now Pay Later users? If you are, or even if you’re just keen to learn more about it, head over to Mozo’s Buy Now Pay Later hub for more information on these new payment services.