Aussies most keen on Buy Now Pay Later services, new research finds
New research from Mambu has revealed that Australians have the highest uptake of Buy Now Pay Later (BNPL) services.
Twenty-four per cent of Aussies have used BNPL compared to just 11% of people globally, according to the SaaS cloud banking platform.
Mambu’s report surveyed more than 4,500 people all over the world, including around 500 Australians. Findings show that 22% of Aussies started using digital banking services for the first time, during the Covid-19 pandemic.
“The stats around Buy Now Pay Later are no surprise really, as Australia has been a leader in this space for many years thanks to the incredible success of homegrown global industry leader Afterpay,” said Mambu general manager for Australia and New Zealand, Paul Apolony.
Buy Now Pay Later services in Australia
Including Afterpay, there are currently around more than 10 BNPL service providers available in Australia! With so many to choose from, it’s not hard to see why so many Aussies are trying out this new way of paying.
A few BNPL providers operating in Australia at the moment include: Afterpay, Zip, Klarna, Payright and Brighte. Some BNPL providers even specialise in specific industries. For example, Coverpay is a new BNPL provider that aims to give insurance customers the option to get cover and pay later for it.
Deferit is another example - the platform allows customers to ‘bill now and pay later’. That is Deferit will pay a bill for a customer and then the customer will pay Deferit back in instalments.
A number of big banks have also jumped on the Buy Now Pay Later popularity. Commbank recently launched its own BNPL service: StepPay, while Citi has its own BNPL service: Spot. In October, ANZ also announced that it would be partnering with Visa to bring a BNPL service to its customers.
Want to read more about how BNPL works? Head to Mozo’s Buy Now Pay Later hub for more information on how services work and what providers operate in Australia right now.