fintech / news / / Sky News
14 million people, 27% of UK adults, used Buy Now Pay Later to purchase something.
BNPL use among UK adults rose from 17% to 27% within eight months, per FCA data.
KEY POINTS
- Frequent BNPL users are twice as likely to have high-cost credit compared to non-users.
- FCA found 27% of BNPL adopters missed bill payments in three of six months, versus 6% non-users.
- PayPal and QVC revised contract terms after FCA concerns about unclear conditions in their BNPL offerings.
- The FCA recommends unregulated BNPL products be brought under its regulatory authority.
COMPANIES
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