UK Consumers Need Better Education on BNPL and Crypto Payments

The popularity of buy now, pay later (BNPL) as a payment method is skyrocketing, but research reveals that one in four UK consumers need to be further educated about the BNPL scheme. I was.

Three-quarters of UK consumers consider themselves financially literate when it comes to understanding the implications of using BNPL, while 24% still need a better understanding of the scheme. says there is. ecopaypayment service providers and direct bank card acquirers.

In that study whole census, More than half (54%) of business leaders feel they face various challenges in supporting the online financial literacy of their consumers and partners. Only 27% of businesses surveyed felt successful in their efforts to educate consumers about the financial tools available, and 26% found it difficult to implement policies to support financial literacy. said it is.

boost confidence

A survey by ECOMMPAY revealed that 64% of consumers feel financially literate when it comes to understanding the implications of open banking and its payment options. This compared to the previous year, when only 14% of consumers fully understood. open banking.

However, more than two-thirds are still unaware of opening a bank, suggesting that more help is needed.

When it comes to crypto, more than half of those surveyed felt financially savvy about using crypto assets for payments. However, 46% do not understand cryptography or do not know what it is.

What should I do then?

Nearly half of business leaders surveyed feel it is the responsibility of banks to educate consumers about online financial literacy, followed by governments (41%) and payment providers (40%).

YOU MAY ALSO LIKE

Hong Kong Pioneering Digital Currency: Project e-HKD+

January 24, 2025

FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

January 23, 2025

Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

October 8, 2024

U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

October 5, 2024

Paul Marcantonio ECOMPAY’s Executive Director of UK and Western Europe said:

The change in attitudes towards open banking over the past year is very encouraging. It’s an industry effort.

However, more education and support is needed to enable all new payment options to be used responsibly, leaving consumers in the dark about the implications of trading cryptocurrencies and consenting to BNPL schemes. As businesses grapple with the recovery and consumers navigate the cost of living crisis, financial education must continue to help realize the potential of these innovative payment options.