If you’re the type who wants to enjoy your purchases immediately, but like the flexibility of paying it off over time, then the winners of the 2022 Mozo Expert Choice Awards for Buy Now Pay Later could be right up your alley. Whether you use Buy Now Pay Later for small purchases, paying your bills or larger ticket items, our Experts have done the nitty gritty analysis and unveiled those services that stood out from the crowd.
Klarna and PayPal were the winners in this year’s small purchase category. For the second consecutive year, Klarna has taken out a win in this competitive category. While many BNPL services allow you to purchase goods for small amounts to be repaid over short periods interest free, the minimal late fees and the ability to use Klarna at every retailer that accepts Visa, made it a stand-out winner in this category. Paypal entered into the Buy Now Pay Later space with its ‘Pay in 4’ service. Suitable for customers who predominantly shop online, Pay in 4 is available through Paypal’s extensive network of retailers where using a Paypal login at checkout is an option. It has no upfront, ongoing or late fees which helped secure its place on the winners list for 2022.
Klarna and PayPal
A standout feature of Klarna is that customers can pay through the app at any store, via its ‘one-time cards’ feature, which has a maximum limit of $1000. Purchases split into 4 payments, paid every two weeks.
Pay in 4 is available at millions of online stores globally, with no upfront, ongoing or late fees.
This year our judges investigated which Buy Now Pay Later services were best for minimising bill shock. NAB’s StraightUp Card flexible credit limit and repayment terms struck the right balance between fees and features to take the crown.
$10/month - $1,000 Credit Limit
$15/month - $2,000 Credit Limit
$20/month - $3,000 Credit Limit
For larger purchases with longer repayment periods Humm won with Big Things for the second year in a row. Humm Big Things allows for purchases at a wide range of retailers, has longer repayment periods and can be used for larger purchases than most. And the icing on the cake; the late payment fees are reasonable too.
Humm Big Things has repayment periods from 6 - 60 months and can be used for large purchases - up to $30,000.
For the second year running, Brighte took the win for the Specialist Service in this year’s BNPL awards. Brighte focuses on improvements for the home with a particular emphasis on environmental improvements.The low weekly fee makes its offering a standout winner among Buy Now Pay Later services suited for large costs with repayments allowed over longer terms (up to 60 months).
Available for home improvements Brighte has no early repayment or payout fees. Included in the fortnightly repayments is a $1.50 per week account keeping fee.
Now in their ninth year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2022 Buy Now Pay Later awards, we analysed 23 different BNPL service providers.
“There are new Buy Now Pay Later services appearing all the time - so many that it can be hard to keep up with them,” said Mozo Experts Choice Awards Judge Peter Marshall. “This is the second year that we have run these awards and in 2021 there were 14 buy now pay later services compared while just a year later we identified and assessed 23 providers.”
“Buy Now Pay Later is now a popular payment method choice for many Australians and with so many services, each with different fees and conditions, it is difficult to figure out which are better ones than the others. While there's no one answer for everyone, with these awards we aim to assess their key features and costs to find those that are likely to be best for most people.”
For details on how we crunched the numbers and determined our winners, see the 2022 Mozo Experts Choice Buy Now Pay Later Awards methodology report.
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
When you sign up to a Buy Now Pay Later service and are approved, you can either link your debit or credit card to your account. From there, you will be allocated an account limit, a fixed repayment schedule for future purchases and have access to the app where you can manage and make your repayments.
To use it at the checkout, all you need to do is select Buy Now Pay Later as your payment method. If you are shopping online, you may be redirected to the service provider’s website to complete your purchase. And if you’re choosing to use it in-store, you may need to make your purchase via a purchase code on the company’s app.
Your repayments are then automatically deducted from your nominated bank account or card, though many providers also give you the option to make your repayments earlier.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Buy Now Pay Later Awards methodology report for detailed information on how we performed product comparisons and determined the final Buy Now Pay Later Award winners for 2022.
For the Mozo Experts Choice Buy Now Pay Later Awards, our judges analysed a list of 23 service providers operating in Australia. We don’t require companies to ‘enter’ our awards; instead we research the market to identify as wide a range of services as we can. But we may not have captured every BNPL provider in the market.
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Research Manager he leads the team of analysts that gather information and compare products every day, and perform all the calculations behind the Mozo Experts Choice Awards.
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