Finder makes money from featured partners, but editorial opinions are our own.

Buy now pay later statistics 2024

BNPL users carry an average balance of $867

Susannah Binsted's headshot
Jamie Wise's headshot

By

Susannah Binsted

&

Jamie Wise

Edited by

Jason Loewenthal

Updated

Fact checked

Quick summary

  • More than 2 in 5 Australians (43%) have used a buy now pay later (BNPL) service in the past 6 months (July 2024 data).
  • BNPL adoption hit an all-time high in July 2022 (49%) and has dropped back down to usual levels since then.
  • Gen Z and gen Y are most likely to use BNPL services, with 59% and 59% using BNPL respectively (July 2024 data).
  • The number of Australians paying BNPL late fees has increased significantly since January 2020 when just 5% had paid a late fee in the last 12 months compared to 16% in July 2024.

How many Australians use BNPL?

  • 43% of Australians said they’d used a BNPL service in the last 6 months (July 2024).
  • In 2020, close to a third (32–36%) of Australians had used a BNPL service in the last 6 months. However in 2021, adoption increased to 2 in 5 and has generally remained above 40%.
  • BNPL adoption hit an all-time high in July 2022, with nearly half of Australian adults (49%) saying they had used BNPL in the last 6 months. Since then, BNPL adoption has been trending down.
  • BNPL usage has grown most rapidly among gen Z. In January 2020, 37% of gen Z had used a BNPL service in a 6-month period, compared to 64% in January 2023. BNPL adoption among young Australian adults peaked in July 2022, with 4 in 5 (70%) of gen Z saying they had used BNPL at least once. The latest data shows it sits around 59% of gen Z users.
  • Adoption among gen Y peaked at the same time, with over two-thirds (69%) of the demographic having used a BNPL service in a 6-month time period. Although the figures began to trend below that of gen Z, the latest figures show more gen Y (59%) are using BNPL (July 2024).
  • Gen X usage of BNPL services peaked in May 2021 with 49% using a service. That has since trended downwards. The July 2024 figures show 38% of gen X use BNPL.
  • BNPL use among baby boomers is at a peak in the latest figures, with 13% using a BNPL service (July 2024).
  • The number of times the average Australian used a BNPL service in a 6-month trended up to a peak of an average of 3.2 times in May 2021. By August that had dropped to 1.6 times and it then evened out, ranging from 2.1 to 2.7 over the next few years. In July 2024 the number of times BNPL was used per person over the previous 6 months was an average of 2.4 times.

How much are Australians paying in BNPL late fees?

  • The number of Australians paying BNPL late fees has increased significantly since 2020. In 2020, around 5% of Aussies said they’d paid a BNPL late fee in the last 12 months. This increased to an average of 8% in 2021 and 9% in 2022. As of July 2024, this figure was at 16%.
  • However, while the number of Australians paying a BNPL late fee has increased, the good news is that the dollar amount paid has trended down year on year. In 2020, Aussies were forfeiting an average of $94 in BNPL late fees. This dropped to $89 in 2021 and $63 in 2022. In January 2023, the average amount paid in BNPL fees was $50.

What is the average BNPL balance carried by Australians?

  • The average debt carried by BNPL users has fallen drastically, even over the last 12 months. In July 2023 the average balance was $1,391. In July 2024 this had dropped to an average of $867.

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.
Jason Loewenthal's headshot
To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
Susannah Binsted's headshot
Consumer advocate

Susannah Binsted is the international PR manager at Finder. Susannah has a Bachelor of Communication and a Bachelor of International Studies from the University of Technology Sydney. See full bio

Jamie Wise's headshot
Co-written by

Consumer advocate

Jamie Wise 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

More resources on Finder

More guides on Finder

  • PayPal Pay in 4 review

    PayPal Pay in 4 is a buy now pay later service available across thousands of retailers globally. Split your repayments into 4 equal instalments paid over 6 weeks.
  • LatitudePay

    LatitudePay is a buy now pay later solution that allows customers to spend up to $1,000 with selected retailers and spread the cost over 10 weeks.

  • Klarna

    Klarna has no interest or fees, and you can break your payments into four equal parts across nearly any online store.
  • humm

    Make paying for purchases more manageable with humm’s interest-free payment service.
  • Retailer guide to zipMoney and zipPay

    Take advantage of three months’ interest-free repayments for your customers by integrating zipMoney into your business point of sales.
  • Zip Pay

    With Zip Pay, you can get instant approval for a line of credit helping you to buy now and pay later. It is 100% interest-free and gives you complete control over how you make repayments. Find out exactly how it works.
  • Zip Money

    Make large purchases by paying less with a Zip Money line of credit offering flexible repayment options, a long interest-free window and thousands of merchants to choose from. Find out if it's right for you.

  • Openpay interest-free payments

    Why get charged interest when you don't have to? Openpay lets you shop at a range of retailers and pay back your purchase in regular, interest-free instalments. Read this review to see if it's right for you.

  • Afterpay

    Thinking about signing up to Afterpay? This is everything you need to know about the interest-free payments provider, including whether it affects your credit score and all the fees you should expect to pay.

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site