Your personal finances may be out of balance if you choose a formula ‘Buy now and pay later’ ,BNPL, for its abbreviation in English). This is a strategy deployed in many physical or online store It provides flexibility when you need to buy a product or service quickly, but Liquidity not available Cash is required for face to face payment. Over 38% of online shoppers have deferred their payment with this system. In Target we tell you what Risks to Your Personal Finances,
likely to use deferment of payments is rapidly accessible to users thanks to digitization advance changes in the financial sector and behavior and consumption habits, Therefore, more and more people are encouraged to use it. Formula ‘Buy now and pay later’,
This system is also known for Abbreviation BNPLexpression in english buy now pay later And we can find it more and more often as another service for customers at points of sale Through banks, finance companies or fintech,
White while payingChoice is given to the customer both in physical stores and online Pay for purchases with deferred payment In various monthly installments. This mode includes grant credit Which is usually not applicable for fashion, home, sports or electronics purchases for a very high amount, hence the importance of Users are well aware of the terms before accepting.
The growing trend of contextual finance
growth of Emerging Payment Model BNPL Confirms an uptrend in what is technically called contingent financing, technology a service is permitted on the basis of traditional installment payments is assigned a value by a Innovative Customer-facing Experience who does the shopping.
According to XII Edition of the Report on Trends in Means of Payment On the part of Minsait Payments, this choice has grown significantly due to its commitment to offer Personalized and real-time financing services, at the time of payment only. He ‘Buy now and pay later’ It already accounts for over 2% of e-commerce transactions worldwide, projected to reach 4% in 2024. In Europe it is more than 7%.
spanish consumer They show an open attitude towards BNPL, but the leader is the UK. At the same time, two-thirds of the people have postponed the payment on some occasion. Deferred payment offered by direct installation, in spain, 38.3% of e-commerce buyers have ever used deferred payment: 29.1% have done this without paying interest and 9.2% are paying for them. 65% say they have never postponed an online purchase.
Facing risks for consumers using this payment trend, 48% of experts believe that BNPL Solutions will be subject to further regulation in the near future, mainly because of an event risk of excessive indebtedness The study says that this is already being observed among consumers.