One Out Of Five Australian Consumers Using Buy Now, Pay Later Forgo Payments: ASIC

  • November 16, 2020 02:40 PM AEDT
  • Team Kalkine
    Team Kalkine
    admin Team Kalkine
    16957 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

As per Australia’s corporate watchdog, one in every five users of buy now, pay later applications, has been missing out on payments and even has to cut back on essentials like meals because of debt incurred using buy now, pay later scheme.

The Australian Securities and Investments Commission (ASIC) released a report regarding the growing industry on 16 November 2020, according to which, some users were witnessing financial difficulty as 21% of buy now, pay later (BNPL) customers reported they missed a payment in last one year.

The report also informed that some consumers who use the BNPL scheme, are going through economic issues as they are cutting back on essentials like taking meals and even going for loans to make their BNPL payments.

The BNPL transactions have been nearly doubled in a couple of years with 32 million only in last year. In fact, the founders of sector’s biggest player, Afterpay (ASX:APT), have become billionaires in 2020.



The website is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK