Over 17 million UK customers have now used Buy Now Pay Later services

Over 17 million UK customers have now used Buy Now Pay Later services
November 29, 2021, 4:24 am

Online purchase/Pixabay

The BBC reported that Buy Now Pay Later data shows, more than 17 million UK customers have now used the company to make an online purchase.

Experts says, the payment method is also set to have its biggest Christmas yet.

The BBC said that BNPL firms allow people to manage their shopping, either by postponing their bill for a short while, or splitting it into more manageable chunks over time, interest free.

UK-Liverpool-Port of Liverpool/Pixabay

But critics say users too easily end up in debt and tougher rules are needed.

The biggest provider in the UK, Klarna, has seen its customer base double to 15 million since double what it had in early 2020. The market's other main players, Clearpay and LayBuy, are also expanding fast.

Growth is fastest among users in their 40s and 50s, showing BNPL is no longer just a millennial and Gen Z trend.

Source: BBC

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