The best Buy Now Pay Later companies in 2023

The best Buy Now Pay Later companies in 2023

Whether it’s the appeal of paying off purchases in interest-free instalments or the convenience of doing so via a handy mobile app, Buy Now Pay Later (BNPL) has cemented itself as a popular alternative to credit cards and other forms of credit.

“With more and more Aussies turning to Buy Now Pay Later for both everyday and one-off purchases, it was important for us to analyse which providers offered the best value to customers and give them Mozo Experts Choice Buy Now Pay Later Awards,” said Mozo banking expert Peter Marshall.

Whether you’re a longtime lover of Buy Now Pay Later or trying it out for the first time, our Mozo Experts are here to shed some light on some of the best services BNPL has to offer.

Let's dig into the details about the winners of our Mozo Experts Choice Buy Now Pay Later Awards.^

Mozo Experts Choice Award Winners

Our Mozo Expert judging panel searched high and low for the Buy Now Pay Later providers with the best value services worthy of a Mozo Experts Choice Award.

After conducting an extensive data collection process and comparing 32 Buy Now Pay Later services against a range of criteria, including product fees, flexibility and availability (which you can read about in our Buy Now Pay Later Awards Methodology Report), our Mozo Experts announced the 2023 Mozo Experts Choice Buy Now Pay Later Award-winners for the year to follow.

Small Purchases Award:

Many Buy Now Pay Later services allow users to make smaller-value purchases paid back over a shorter timeframe for free, making the Small Purchases Award quite a competitive category.

This year there were not one but two winners in the Small Purchases category – Citi’s Spot and NAB.

Citi’s Spot
  • Put the card in your digital wallet
  • Pay in 4 instalments or pay in 8 instalments (conditions apply)
  • No upfront, ongoing or late fees
Find out more

Why it won: Spot is Citibank’s buy now pay later product and was introduced to the Aussie market in 2019. To shop (either online or in-store) with Spot, you’ll need to download the Citi Mobile App and activate your Spot account. Then you can add the Spot digital card to your digital wallet to start shopping. The card can be used anywhere where Mastercard is accepted. Spot comes with no interest or late fees, or monthly fees, or international transaction fees. You can choose to pay in 4 fortnightly interest-free payments or 8 fortnightly interest-free instalments for purchases over $200. If you choose the 8 fortnightly repayment option you’ll be required to pay a $10 upfront fee. Spot offers fast approval with up to $1,000 to spend.

NAB Now Pay Later
  • Make a purchase in 4 interest-free payments
  • No upfront, ongoing, international or late fees
  • Shop anywhere where VISA is accepted
Find out more

Why it won: NAB Now Pay Later is the latest big bank entering the buy now pay later space. It allows you to make a purchase anywhere VISA is accepted and split your repayments into four fortnightly payments. This buy now pay later comes with no interest, international transaction fees, late fees or account fees. Once you sign up and confirm your age you can put the digital card in your digital wallet. NAB limits funds up to $1,000 and is subject to credit assessments for eligible customers.

Major Purchases Award:

For the third year in a row, Humm has won a 2023 Mozo Experts Choice Buy Now Pay Later Award in the Major Purchases category for its ‘Big Things’ option.

“When it came to finding the best Buy Now Pay Later service for making bigger purchases with longer repayment periods, last year's Major Purchases Award-winner Humm is still yet to meet its match,” said Mozo’s banking expert Peter Marshall. 

One of the perks of Humm Big Things is the long list of retailers available for customers to shop with.

“On top of this, the service offers longer repayment terms and larger purchase amounts than most BNPL providers – as well as reasonably priced late fees,” Marshall explained.

Humm Big Things - Buy Now Pay Later
  • Offers the ability to make both small & larger purchases
  • Accepted at a wide range of stores
  • Flexibility to choose which day you make your repayments
Find out more

With Humm, eligible customers can make purchases of $2,000 to $30,000 and pay them off gradually in either weekly or fortnightly interest-free payments. The number of ‘slices’ (instalments) you have will depend on the size of the purchase you make. Bigger spenders might go for a ‘Big Things’ account which allows purchases of up to $5,000 via online application or up to $30,000 when you apply in-store. Humm’s ‘Big Things’ option just won a Mozo Experts Choice Buy Now Pay Later Award in the Major Purchases category* for the second year in a row. Be aware that this account charges an $8 monthly fee, a $6 late payment fee, and an establishment fee that varies depending on how much you are purchasing. Purchases can be paid back over 6-60 instalments, depending on what suits you. There is also a $29 repeat purchase fee, so make sure to review the terms and conditions. If you plan on making smaller purchases, then you might consider opting for a ‘Little Things’ account which comes with a $2,000 limit.

Credit Card Payment Plan Award:

To determine the winners in the Credit Card Payment Plan awards category, our Mozo Expert judges searched for credit card providers offering top-tier value when it came to credit card purchases using a payment plan. 

In the 2023 Mozo Expert Choice Buy Now Pay Later Awards, we saw Bankwest take out the title in our newest category.

Bankwest - Easy Instalments

  • 0% interest on chosen purchases
  • Can be used on up to 5 eligible purchases at once
  • Split purchases into 4 instalments

Why it won: The experts were impressed with Bankwest and their Easy Instalments Payment Plan, which brings the flexibility of Buy Now Pay Later to your Bankwest credit card. You can nominate 5 purchases at once into 4 interest-free instalments each. You’ll still keep your interest free days as well, provided you make all the required repayments to your regular credit card balance and meet all of the minimum requirements. The Easy Instalments Payment Plan can be used on the full range of Bankwest credit cards and on eligible purchases between $100 to $10,000.

Go check out the full 2023 Mozo Experts Choice Buy Now Pay Later Awards winner list. Otherwise, head over to our Buy Now Pay Later hub to learn more about BNPL.

Mozo People’s Choice Award Winners

People's Choice

Awarded annually, the Mozo People’s Choice Awards recognise companies with the highest customer satisfaction levels, best service, and a range of other qualities, based on survey results from real Australians.

In the 2023 Mozo People’s Choice Awards for Buy Now Pay Later, Aussies were asked to rank providers on their range of retailers, value for money, customer satisfaction, and how highly they would recommend them. Here are the winners:

PayPal Pay in 4
  • Repay purchases in 4 equal interest-free instalments
  • No joining or establishment fee, late fees, monthly or ongoing fee
  • Available at millions of retailers
Find out more

Taking out awards for Outstanding Customer Satisfaction, Value for Money and Most Recommended, PayPal Pay in 4 was a standout in the 2023 Mozo People’s Choice Awards. The service can be used for purchases between $30 and $2,000. You’ll pay it back in 4 interest-free fortnightly instalments. There are no establishment, late, or ongoing fees. Available anywhere you can pay with PayPal - that’s millions of vendors worldwide - Pay in 4 is also backed by the same purchase security as PayPal. Missing one or multiple repayments may leave a mark on your credit history, and can result in the locking of your PayPal account.

  • Repay in 4 equal interest-free instalments over 6 weeks
  • No joining fee, monthly or establishment fees
  • Can be used in-store or online at thousands of retailers
Find out more

The Sydney-founded Buy Now, Pay Later giant Afterpay was featured in the 2023 Mozo People’s Choice Awards, winning an award for Best Range of Retailers. Widely accepted both in-store and online throughout Australia, Afterpay lets you pay back a purchase in 4 equal interest-free instalments. While there are no fees for signing up and no monthly or ongoing fees, you will be charged a late fee for missing repayments. The credit limit on an account starts at a lower amount of around $600, getting higher with responsible spending and on-time payments. The annual Afterpay Day sale is another attraction, sporting big deals for Afterpay users.

Check out the full methodology report to read more about how our 2022 Mozo People’s Choice Award winners were determined.

Keen to do a deep dive into the world of BNPL? Then go have a read of the results from Mozo’s 2022 Buy Now Pay Later Report. For more information, stay up-to-date with our BNPL hub.

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