Buy Now Pay Later (BNPL) payments have surged in recent years, with Gen Z playing an instrumental role in driving the service.
In the past year, 42% of UK shoppers aged 16 to 24 used a BNPL service to help spread the cost of big-budget fashion items and expensive tech purchases, according to a new report by Student Beans.
“With services such as Klarna already dominating the after-pay sector and digital bank Monzo recently introducing its Pay Later scheme for purchases up to £3,000, BNPL services used by Gen Z Brits will continue to grow in popularity,” the student loyalty network said.
