The growing popularity of Buy Now Pay Later (BNPL) services has long been attributed to high-ticket purchases, but a new survey shows that Filipino consumers are turning to grains. suggested to be retrograde.
Financial app survey results in the Philippines una cache We found that users in their home market prefer to use the service for purchases up to Php5,000 ($86).
The service is most commonly used by 39% for purchases of electronics and home appliances, followed by home and interior items at 21% and food orders at 15%.
As the data shows, BNPL is less popular in other areas, notably 7% for medical service purchases, 6% for cosmetics purchases, and 5% for travel ticket purchases.
Interestingly, only 4% of BNPL purchases in the Philippines are related to hobbies and entertainment. Though specific items are mentioned sparsely.
The average BNPL purchase of 26% of respondents to the company’s survey ranged from PHP5,001 to PHP10,000 ($172), and 19% said between PHP10,001 and PHP20,000 ($344).
Nearly half (48%) use BNPL at least once a month. Access to this service is mostly done via smartphones, with only 4% of all payments made in other ways.
Convenience continues to be a determining factor, and integrated BNPL services in online stores are seen as the most sought-after installment payment option.
61% of consumers choose to use it when they need extra money. Another 20% borrow from friends or relatives and 14% pay with credit cards.