In its First Quarter 2024 Consumer Pulse Survey conducted from Feb. 6 to 14 this year covering 977 Filipino consumers aged 18 years and older, TransUnion found that 82 percent of Filipinos have heard of BNPL.
BNPL is a type of short-term financing that allows consumers to purchase goods without having to pay the full amount at once.
Of those who are aware of BNPL, 63 percent said they had at least one BNPL transaction in the last 12 months, up from 61 percent in the first quarter of last year.
The study also found that 81 percent of those in Gen Z or aged 18 to 26 years old have heard of BNPL.
Of this age group, 65 percent said they made at least one BNPL transaction in the past 12 months, higher than the 57 percent in the first quarter of 2023.
TransUnion said this is the biggest increase among all generations.
Gen Z consumers who used BNPL cited it being easy to apply as the top reason for their use of the service.
Other top reported reasons include wanting to try the service (17 percent), spreading payments over time (11 percent) and having an alternative to afford a larger purchase (11 percent).
Esta historia es de la edición May 04, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 04, 2024 de The Philippine Star.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Leviste keeping stake in SPNEC
Businessman Leandro Leviste intends to continue playing a key role in SP New Energy Corp. (SPNEC) despite the recent takeover of the group of tycoon Manuel V. Pangilinan in the company.
NEFA in the spotlight anew
As gov’t moves forward with liberalized trade
Peso breaches 58:S1
Weakest level in nearly 19 months
Eala chalks up first Grand Slam win
Philippine ace Alex Eala took the first step on the road to the French Open women's singles main competition with an impressive 6-1, 6-1 victory over China's Ma Ye-Xin in the opening round of the qualifiers.
BEERMEN SEEK TO WIDEN GAP
San Miguel Beer is poised to put Rain or Shine in a choke hold before its youthful but tenacious opponents find an opening to strike back.
Israel, Hamas reject bid to arrest leaders for war crimes
RAFAH (AFP) - Israel and Hamas, engaged in heavy fighting in the Gaza Strip, both angrily rejected on Monday moves to arrest their leaders for war crimes made before an international court.
Biden: Israel’s Gaza war not genocide
WASHINGTON (AFP) - US President Joe Biden denied Monday that Israel's war in Gaza was genocide, as he slammed an \"outrageous\" request by the International Criminal Court's prosecutor for an arrest warrant for Israeli leaders.
EI Nino agri damage climbs to P9.5 B
Damage to agriculture due to the strong El Niño has ballooned to P9.5 billion, the Department of Agriculture reported yesterday.
MMDA Cup launched in San Juan
The Metropolitan Manila Development Authority yesterday launched the first MMDA Cup, a sports event featuring basketball and volleyball, at the FilOil EcoOil Center in San Juan.
35,371 Makati students receive grocery packs
The city government of Makati yesterday started the distribution of grocery packs to 35,371 public school students who have completed academic year 2023-2024.