Buy now pay later statistics 2026

Quick summary

• Buy now, pay later has gone from a fringe payment option to a financial fixture for millions of Australians – as of March 2026, 41% have used a BNPL service in the past six months, a figure that has mainly held above 40% for five years running.
• Younger Australians are driving adoption, with gen Y (59%) and gen Z (57%) using BNPL at rates far above gen X (30%) and baby boomers (15%).
• Fewer people are paying late fees than at the 2022-23 peak, but those who do are being hit harder than ever, with the average late fee bill reaching a record $119 in early 2024.
• With a third of users saying they couldn't manage their finances without BNPL (33%), the service has clearly moved beyond convenience for many Australians into something closer to necessity.

How many Australians use BNPL?

• From a base of 32-41% in 2020, BNPL adoption surged through 2021 and has largely stayed above 40% ever since, peaking at an all-time high of 50% in October 2024 before settling at 41% in March 2026.
• Gen Z and gen Y both peaked around July 2022 at 69% and 64% respectively, riding a post-pandemic spending wave. Since then both have eased back, but gen Y (59%) has now pulled slightly ahead of gen Z (57%).

How much are Australians paying in BNPL late fees?

• The share of Australians paying late fees more than doubled from around 5% in 2019 to nearly 10% by 2022, before easing back to 7-8% by mid-2023 – suggesting users got savvier, or providers got stricter.
• But the average dollar amount tells a different story. After sitting in the $47-$77 range through 2022 and 2023, the average late fee bill jumped to a record $119 in early 2024 – fewer people are being caught out, but those who are, are paying significantly more for it.

What is the average BNPL balance carried by Australians?

• Average BNPL balances peaked above $1,700 in early 2022, then fell sharply over the following two years, bottoming out around $820 in early 2024.
• Since then, balances have crept back up to around $1,110 in March 2026 – a trajectory that mirrors broader cost-of-living pressures, with Australians leaning more on BNPL as budgets tighten.

Could Australians manage without BNPL?

• Around a third of BNPL users say they couldn't manage their finances without it – and that share is growing. After fluctuating between 23-35% through 2024 and 2025, it climbed to 34% in January 2026 and held at 33% in March.
• For one in three users, BNPL is no longer a payment preference – it's a financial lifeline.

Why Australians do and don't use BNPL services

• Finder data from 2021 reveals that 2 in 5 Australians (40%) prefer to use cash, a debit card or credit card over BNPL services.
• The most common concern of using BNPL services is the effect on credit scores (6%) due to not meeting repayment terms, followed by late fees (4%) and the ability to take out a home loan (3%).
• A separate Finder survey found Afterpay is by far the most popular service, with 38% of respondents having used it. This was followed by Zip (24%), store lay-by (8%), Humm (8%) and Openpay (7%).
• The top reasons shoppers opt for BNPL over credit cards are ease of sign-up (51%) and not having to pay interest (51%).
• 1 in 3 (33%) say they prefer BNPL because they are worried they would get into debt by using a credit card.
• A further 23% say they use BNPL simply because they are used to it, while 21% say it's because they were rejected for a credit card.

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

Written by

Susannah Binsted

Head of Finder Awards

Susannah Binsted is the head of the Finder Awards program. Previously she was the head of public relations for the international division at Finder. Susannah has a Bachelor of Communication and a Bachelor of International Studies from the University of Technology Sydney. See full bio

Co-written by

Jamie Hersch

Consumer advocate

Jamie Hersch is a PR Specialist at Finder. She has previously represented companies in consumer and non-for-profit industries. Jamie has a Bachelor of Public Communication (Public Relations) from the University of Technology Sydney. See full bio