Guide to buy now pay laters

The buzz around buying now and paying later is loud right now: according to Mozo’s research, 5.8 million Australians had a Buy Now Pay Later (BNPL) account in 2020. 

Aussies aren’t just using Buy Now Pay Later (BNPL) to buy a fresh outfit - the majority of them are using these platforms to buy big necessities like fridges, heaters, new beds and more, according to Mozo’s 2021 Buy Now Pay Later Report.“Shoppers don’t just use Buy Now Pay Later for small purchases like clothing. Mozo research found that 65% of users purchase large necessary items on the platforms, like fridges or other household appliances,” says Mozo spokesperson, Claire Frawley. Just behind large necessary purchases, over half of BNPL users (57%) are spending on luxury items like designer clothing and jewellery, while more than a quarter (28%) are buying essentials like food.

Buy Now Pay Later (BNPL) has well and truly captured Aussie consumers’ attention and continues to solidify itself as a serious player in the digital payment game. For a number of years, shoppers have been turning to interest-free platforms like Afterpay, Zip and Humm to purchase items, whether online (42%) or in-store (16%), according to the latest Mozo research. This ongoing shift away from more traditional payment options has prompted our focus on this topic in our 2021 Buy Now Pay Later Report.

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.

Fans of the Microsoft Store will be pleased to hear that they can now purchase new tech and avoid being hit with a big bill straight away. If you don’t want to, or simply can’t offload $1,000 in one go, then the option to split the payment into installments could be a welcome relief.