Marqeta has released research about the popularity of BNPL products in Australia.
In Brief:
It's found three in four Australians have used BNPL more during the pandemic.
Australia currently has the highest global rate of BNPL adoption.
60% of those surveyed have used a BNPL product in the past 12 months, as opposed to 47% in the UK and US.
What does this mean?
Buy now, pay later adoption is clearly rising in the UK too, with companies like Curve and Monzo adding their own products to compete with growing challengers like Klarna.
Australian customers pointed to high interest rates charged by credit cards as a key reason to switch to BNPL solutions, and since the market is a bit further ahead in adoption it will be important for the UK to keep watching where this goes.
