Chances are, you've used a Buy Now Pay Later platform. Whether it was Afterpay, Zip Pay, Paypal Pay in 4, or another BNPL provider, Aussies love the ability to split their payments and pay back their purchases over time.
As more and more Australians reach for Buy Now Pay Later (BNPL) accounts to facilitate their spending, concern grows around the lack of regulation over the market.
Aussies are big Buy Now Pay Later (BNPL) users, leading the world in BNPL purchasing. But why? Sure, these services allow you to spread the cost of a purchase over a series of interest-free payments, but is that the real reason?
As international travel returns to normal, it has been announced that Qantas and Zip Co. have partnered, offering customers the option to pay for international and domestic Qantas flights through the Buy Now Pay Later (BNPL) platform.
Buy Now Pay Later (BNPL) services allow users to purchase a product or service at a shop or online and pay it back in interest free instalments. In addition to a form of payment, BNPL can also be used as a money management and budgeting tool.
Looking to spread the cost of your Christmas shopping this year? Buy Now Pay Later (BNPL) could be your answer. In fact, if used correctly, BNPL can be a way to reduce how much you spend upfront and allows you to budget as you pay off the rest of what you owe in regular instalments. And there are plenty of platforms to choose from. Whether it’s Afterpay, Zip, Klarna or Humm (to mention a few), there are a whole bunch of retailers that allow you to use these types of services to buy Christmas gifts now and pay for them later. It’s important to note though, these platforms aren’t completely cost-free. The truth is, some come with a monthly fee attached to them and often charge late payment costs if you miss or delay an instalment.
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