The anomalous case of the Australian Buy Now Pay Later

Australia is the new Eldorado of BNPL (buy now pay later) systems. From a recent research conducted by Klarna, the Swedish fintech giant that exported its method of interest-free installments to the world, at least 30% of Australians routinely use a BNPL system. Leading the ranking are not millennials with low purchasing power as in the rest of the Western world, but rather families with young children. A shift from credit to debt that is changing the way Australians manage their expenses. In fact, if everywhere in the world BNPL systems are under observation, accused of pushing futile purchases without real coverage, encouraging you to fill the cart knowing that you can even pay very small payments in installments, in Australia their mass adoption could have positive implications. Families prefer it to protect themselves from excessive accumulations of debt, and they see it as a way to keep spending under control while avoiding paying the full amount right away. Interest-free installment payments are seen as a more transparent and unsurprising method than credit cards, whose use is in fact decreasing in parallel with the increase in the use of BNPL. The latest data from the Finder’s 2021 report “The future of credit cards” confirm this trend. The number of credit cards in circulation in Australia fell by nearly 1.5 million from January 2020 to May 2021, as did the average balance, from $ 3,274 in January 2020 to $ 2,933 in May this year. Furthermore, only 38% of the youngest (18-25) have a credit card in their own name, compared to 69% of those over 65. A universe in which fintechs thrive and are always experimenting with new payment methods to meet change trend by consumers. PayPal launched its version of buy now pay later (Pay PAL Pay in 4) in Australia in mid-July, trying to gain its share in an already very populated market by promising deferred payments in four installments to be paid every two weeks but without additional fee in case of delay – the real scourge, according to experts, of these systems, which end up costing Australian consumers 43 million dollars a year in penalties alone.The great rival to be faced is the hostess Afterpay, which will soon become part of the Square family. Jack Dorsey’s payments company just announced its purchase plan, a $ 29 billion deal, 30% more than Afterpay’s latest closing value. “Square and Afterpay have a common purpose,” Dorsey explained, “which is to make the financial system more equitable, accessible and inclusive.” Afterpay shares rose 19% following the announcement of the agreement, which is expected to take place in the first quarter of 2022. Square, which already contains installment methods, plans to integrate Afterpay’s BNPL system into its ecosystem, thus acquiring the Australian company’s over 16 million customers.

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