Power Retail: Is BNPL the End of Credit Card Use?

Power Retail: Is BNPL the End of Credit Card Use?

Originally published: Power Retail, 16 October 2019

Australia was once a country that relied heavily on the use of credit cards. But now, with the introduction of BNPL and other scheduled payment platforms, is this the end of the plastic craze?

In the last twelve months, BNPL platforms including Afterpay, Zip and Openpay have dominated the industry, but now, competing brands like humm and Payright have come into the equation.

“Over two-thirds of the sample (68 per cent) stated that they never miss their buy now pay later repayments, and therefore, did not incur any additional fees. Just over a quarter of the sample (28 per cent) responded that they rarely or sometimes missed their BNPL payments. Only four per cent of respondents stated that they usually or always miss their scheduled repayments,” says Uwana Evers, the data scientist at Pureprofile.

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