Quick summary
- 2 in 5 Australians (40%) have used a buy now pay later (BNPL) service in the past 6 months (March 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 millennials are most likely to use BNPL services, with 52% and 59% using BNPL respectively (March 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 20% in January 2024.