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The Buy-Now-Pay-Later Ecosystem

Ruffin Relja, Philippa Ward, Anita Zhao Orcid Logo

Digital Project Practice for Banking and FinTech, Pages: 121 - 134

Swansea University Author: Anita Zhao Orcid Logo

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DOI (Published version): 10.1201/9781003395560-11

Abstract

Buy-now-pay-later (BNPL) is changing young consumers’ spending and relationship to credit through an integrated digital ecosystem predicated on algorithmic marketing. Whilst BNPL has the capacity to liberate young consumers by fostering a more entrepreneurial disposition to credit, this position is...

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Published in: Digital Project Practice for Banking and FinTech
ISBN: 9781032493657 9781003395560
Published: Boca Raton Auerbach Publications 2024
URI: https://cronfa.swan.ac.uk/Record/cronfa65843
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Abstract: Buy-now-pay-later (BNPL) is changing young consumers’ spending and relationship to credit through an integrated digital ecosystem predicated on algorithmic marketing. Whilst BNPL has the capacity to liberate young consumers by fostering a more entrepreneurial disposition to credit, this position is founded on the supposition that consumers have the necessary knowledge and capability to make informed financial decisions. However, the use of algorithms means that young consumers are, perhaps, more accurately framed as being constrained and any inherent patterns of damaging behavior maintained. Therefore, while the provision of BNPL appears to offer opportunities such as greater accessibility and flexibility, it inevitably evidences numerous disadvantages, such as impulsive borrowing and financial vulnerability, which are intensified by a lack of regulation. These complexities create a challenging operational space for consumers, service providers, retailers, and regulators alike – arguably changing the relationships between them and necessitating continued consideration of the evolving nature of digital consumer credit solutions.
College: Faculty of Humanities and Social Sciences
Start Page: 121
End Page: 134

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