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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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spelling 2024-04-28T17:07:22.3913278 v2 65843 2024-03-14 The Buy-Now-Pay-Later Ecosystem ea60dfdee64a02b6d5536c75f2575a00 0000-0003-2957-8300 Anita Zhao Anita Zhao true false 2024-03-14 CBAE 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. Book chapter Digital Project Practice for Banking and FinTech 121 134 Auerbach Publications Boca Raton 9781032493657 9781003395560 20 1 2024 2024-01-20 10.1201/9781003395560-11 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University Not Required 2024-04-28T17:07:22.3913278 2024-03-14T15:52:01.4289845 Faculty of Humanities and Social Sciences School of Management - Business Management Ruffin Relja 1 Philippa Ward 2 Anita Zhao 0000-0003-2957-8300 3 65843__30172__27cee8bb15584e4992176e3634642912.pdf 65843.AAM.pdf 2024-04-28T17:06:10.3372994 Output 353784 application/pdf Accepted Manuscript true Author accepted manuscript document released under the terms of a Creative Commons CC-BY licence using the Swansea University Research Publications Policy (rights retention). true eng https://creativecommons.org/licenses/by/4.0/deed.en
title The Buy-Now-Pay-Later Ecosystem
spellingShingle The Buy-Now-Pay-Later Ecosystem
Anita Zhao
title_short The Buy-Now-Pay-Later Ecosystem
title_full The Buy-Now-Pay-Later Ecosystem
title_fullStr The Buy-Now-Pay-Later Ecosystem
title_full_unstemmed The Buy-Now-Pay-Later Ecosystem
title_sort The Buy-Now-Pay-Later Ecosystem
author_id_str_mv ea60dfdee64a02b6d5536c75f2575a00
author_id_fullname_str_mv ea60dfdee64a02b6d5536c75f2575a00_***_Anita Zhao
author Anita Zhao
author2 Ruffin Relja
Philippa Ward
Anita Zhao
format Book chapter
container_title Digital Project Practice for Banking and FinTech
container_start_page 121
publishDate 2024
institution Swansea University
isbn 9781032493657
9781003395560
doi_str_mv 10.1201/9781003395560-11
publisher Auerbach Publications
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 - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
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description 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.
published_date 2024-01-20T08:28:51Z
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score 11.04748

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