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Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective

Ruffin Relja Orcid Logo, Philippa Ward Orcid Logo, Anita Zhao Orcid Logo

International Journal of Bank Marketing, Volume: 42, Issue: 1, Pages: 7 - 37

Swansea University Author: Anita Zhao Orcid Logo

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DOI (Published version): 10.1108/ijbm-07-2022-0324

Abstract

Purpose: This study explores the psychological determinants of buy-now-pay-later (BNPL) use in the UK and reviews the efficacy of existing payment constructs.Design/methodology/approach: A total of 533 BNPL users engaged in story stem completion. Template analysis was used, supported by the identifi...

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Published in: International Journal of Bank Marketing
ISSN: 0265-2323 0265-2323
Published: Emerald Publishing Emerald 2024
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URI: https://cronfa.swan.ac.uk/Record/cronfa63007
first_indexed 2023-04-17T15:25:18Z
last_indexed 2025-06-07T04:48:27Z
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spelling 2025-06-06T13:33:25.8830271 v2 63007 2023-03-22 Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective ea60dfdee64a02b6d5536c75f2575a00 0000-0003-2957-8300 Anita Zhao Anita Zhao true false 2023-03-22 CBAE Purpose: This study explores the psychological determinants of buy-now-pay-later (BNPL) use in the UK and reviews the efficacy of existing payment constructs.Design/methodology/approach: A total of 533 BNPL users engaged in story stem completion. Template analysis was used, supported by the identification of four BNPL sentiment groups to enable comparison.Findings: Whilst positive attitudes towards BNPL dominate, other psychological determinants are apparent to a varied extent. Psychological distance and ownership of borrowed money are redolent, while transparency and transaction convenience are less appreciable. BNPL users understand temporality beyond its current conceptualizations. Some users construe BNPL as a ‘savings’ product, and hence payment format conceptualizations may be erroneous. Those with a positive sentiment foreground BNPL’s consumption and budget management benefits. However, the potential for unintended consequences is manifest across all users.Research implications: The potentially unwanted consequences, or dark side, of BNPL use in the UK are highlighted. The specified constructs, whilst helpful, do not particularize the complex interconnected nature of the psychological determinants of BNPL use. Improved conceptualization offering richness and clarity is needed – temporality specifically requires consideration.Practical implications: Users’ sophistication and misunderstanding are both evident, necessitating fuller conversations among various stakeholders, including, providers, policymakers, consumers, and advocacy groups.Originality: This research advances the scarce literature exploring consumers’ BNPL use determinants and challenges current conceptualizations surrounding payment format perceptions. Journal Article International Journal of Bank Marketing 42 1 7 37 Emerald Emerald Publishing 0265-2323 0265-2323 BNPL, attitudes, pain of payment, payment transparency, psychological ownership of borrowed money, transaction convenience, BNPL attitudes, story stem completion. 22 1 2024 2024-01-22 10.1108/ijbm-07-2022-0324 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2025-06-06T13:33:25.8830271 2023-03-22T12:41:50.8082547 Faculty of Humanities and Social Sciences School of Management - Marketing Ruffin Relja 0000-0001-9569-6247 1 Philippa Ward 0000-0002-4971-8908 2 Anita Zhao 0000-0003-2957-8300 3 63007__34413__785c24e131764a61a585fd148942573c.pdf 63007.AAM.pdf 2025-06-06T13:25:59.0233749 Output 830551 application/pdf Accepted Manuscript true Released under the terms of a Creative Commons Attribution-NonCommercial 4.0 International license. true eng https://creativecommons.org/licenses/by-nc/4.0/deed.en
title Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
spellingShingle Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
Anita Zhao
title_short Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
title_full Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
title_fullStr Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
title_full_unstemmed Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
title_sort Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: a user perspective
author_id_str_mv ea60dfdee64a02b6d5536c75f2575a00
author_id_fullname_str_mv ea60dfdee64a02b6d5536c75f2575a00_***_Anita Zhao
author Anita Zhao
author2 Ruffin Relja
Philippa Ward
Anita Zhao
format Journal article
container_title International Journal of Bank Marketing
container_volume 42
container_issue 1
container_start_page 7
publishDate 2024
institution Swansea University
issn 0265-2323
0265-2323
doi_str_mv 10.1108/ijbm-07-2022-0324
publisher Emerald
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Marketing{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Marketing
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description Purpose: This study explores the psychological determinants of buy-now-pay-later (BNPL) use in the UK and reviews the efficacy of existing payment constructs.Design/methodology/approach: A total of 533 BNPL users engaged in story stem completion. Template analysis was used, supported by the identification of four BNPL sentiment groups to enable comparison.Findings: Whilst positive attitudes towards BNPL dominate, other psychological determinants are apparent to a varied extent. Psychological distance and ownership of borrowed money are redolent, while transparency and transaction convenience are less appreciable. BNPL users understand temporality beyond its current conceptualizations. Some users construe BNPL as a ‘savings’ product, and hence payment format conceptualizations may be erroneous. Those with a positive sentiment foreground BNPL’s consumption and budget management benefits. However, the potential for unintended consequences is manifest across all users.Research implications: The potentially unwanted consequences, or dark side, of BNPL use in the UK are highlighted. The specified constructs, whilst helpful, do not particularize the complex interconnected nature of the psychological determinants of BNPL use. Improved conceptualization offering richness and clarity is needed – temporality specifically requires consideration.Practical implications: Users’ sophistication and misunderstanding are both evident, necessitating fuller conversations among various stakeholders, including, providers, policymakers, consumers, and advocacy groups.Originality: This research advances the scarce literature exploring consumers’ BNPL use determinants and challenges current conceptualizations surrounding payment format perceptions.
published_date 2024-01-22T05:11:39Z
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