Good News For BNPL As Customer Satisfaction Increases

March 13, 2024

This week, we will take a break from reporting about fraud to focus on a positive in the payments’ landscape: the success of buy now, pay later (BNPL) services.

Since the advent of BNPL services, their reception has been lukewarm with experts expressing concern for the possibility of “runaway consumer debt”, however, today, there’s a growing  number of consumers who report they are very satisfied with their experience.  

According to “Buy Now, Pay Later Satisfaction Study”, BNPL earns top marks on security, easy account review and reasonableness of terms among other factors, and the customers who are most satisfied with the service are surprisingly financially healthy consumers, who comprise of 21% of all BNPL customers, compared to consumers in a financially vulnerable category at 32%, and who reported a lower overall satisfaction score.

Consumers are generally most satisfied with the BNPL plans offered by their credit card issuers, but experiences vary quite a bit by brand and some of the newest providers are receiving the greatest increases in satisfaction scores.

However, these findings reveal there is still much room for growth in terms of account management: ease of managing payments, choosing repayment options and ease of reviewing transactions are the top categories that contribute to customer satisfaction, however, according to consumers, these can still be improved on.

Now, after BNPL has been around for a good while, customer loyalty is starting to emerge and consumers consider BNPL brands to have a good reputation, with almost half of all users (48%) saying they will definitely reuse the same brand.

The success of BNPL is good news, especially when one considers the financial landscape we have been living in the past few years. Everyone deserves access to products and/or services, and providing consumers with a financially secure, and easy to manage platform, to do so is always good in any book. Note, however, that financially healthy customers gave better scores to BNPL services, and there is a reason for it, as with any service that offers to break a payment up in installments, paying the bill on time is imperative.

Want to learn more? Check out Payments Cards and Mobile’s full write-up here.

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