A new study by UnaCash challenges the stereotype of “buy now, pay later” (BNPL) services being used for impulsive purchases. Their findings reveal Filipinos are strategically integrating BNPL into their financial plans.
Nearly half or about 49.6 percent of Filipinos are familiar with BNPL, and 40 percent use the app for budgeting. The most common reasons for using BNPL are for urgent needs and for spreading out the cost of purchases over time, demonstrating a focus on responsible spending.
Interestingly, even among those who haven’t used BNPL yet, a significant portion, 86.7 percent, view it as a budgeting aid. This highlights a growing perception of BNPL as a financial tool, not just a payment method.
Data shows Filipinos use BNPL for planned purchases like smartphones, appliances, and furniture, while also using it for emergencies. This shows BNPL’s versatility as both a budgeting tool and a safety net for unforeseen needs.
The study also found a strong interest in BNPL among those who haven’t used it yet. Survey respondents who learned about BNPL through the study expressed a high interest in using it regularly.
UnaCash’s study suggests that BNPL is becoming a valuable financial tool for Filipinos. It promotes responsible spending habits by allowing users to budget and manage cash flow. Additionally, it functions as a safety net for unexpected expenses.
