Buy now, pay later use exploding among older Britons, data shows | Buy now, pay later

Young people fueled the rise, but now the use of purchases, then paying between old people, with more than twice the purchase of more than 55-64 years of age.

The transition to digital payments continues, now more than half of mobile wallets such as Apple Pay and Google Pay are becoming the main way to access the accounts of mobile banking people and for the first time falls below 10% of all payments.

In his last year’s report on the British Payment Market, the Banking Organ, the Banking Organ, said that almost one-third of adults lived in 2024 to a large extent without cash.

Researchers have found that such a loan was a “remarkable leap ında in the popularity of Buy (BNPL), with the use of such loans, which rose from 14% to 25% of the UK adults in just one year.

BNPL is located everywhere in online cases and more and more physical stores, and allows people to pay for everything from trainers and package service to white products and concert tickets. If the cost is usually divided into three -month installments and someone continues to reimburse, they usually do not pay interest or wages.

However, regulators and consumer organizations expressed concerns about the rapid growth of the sector because of concerns that some people could receive loans that they cannot pay back on time, so that they may be exposed to accusations and did not overthrow the debt.

This summer, the financial behavior authority summarized the details of the plans to edit the BNPL market of 13 billion pounds, which may require loans to make affordable price controls even in the smallest loans.

Young people, especially the 20s and 30s, continue to be the most common users who are fueled by BNPL providers who target them through social media advertisements.

However, the largest growth in the number of users occurred between 55-64 years.

In the report, the ratio of BNPL users in this age group has doubled from 10% to 21% in 2024 in 2023, ”he said.

Other surveys have increased demand between the elderly, some of them Those in tight budgets using BNPL Spread payments for the foundations. For those who are familiar with the old -style interest -free loan and recruitment recruitment, speculation has not necessarily carry a stigmatization.

Adrian Buckle, President of the Research in the UK Financial, said, “More and more people are called [BNPL] … People immerse their foot finger in water and see how they work and are more common in the point of sale. “

When we look at the 50s and 60s, he estimated that many of them would have puppies in their 20s, perhaps in their 20s, and that there may be “behaviors learned from their children”.

The average BNPL purchasing amount is £ 114, with reports and fashion – clothes, shoes and jewels – using this credit form last year almost half (46%). Meanwhile, consumers reported that three brands (or more) use one (or more) – Clearpay or Paypal – suggesting that these companies dominate the UK market.

The report also found that as digital options became more common, the use of cash in 2024 kur continued to a long -term decrease ”. For the first time, cash made up less than 10% of all payments. Meanwhile, 30% of adults – 16.9 million people – used a cash once or less per month.

The UK Finans also said that there was a “fluctuation ında in the use of mobile wallets for online and contactless payments, and more than half (57%) of England adults last year used more than 42% wallets than the previous year.