FOUR out of 10 Filipinos using “buy now, pay later” (BNPL) services use it for budget planning and management, according to a new study from in-app and in-store financial solutions provider UnaCash.
The study, based on an online survey of UnaCash clients, users of other services and non-users, showed 38 percent of those familiar with BNPL say they think about using it monthly; 29 percent say they plan to use it at least once every six months, while 26 percent plan to use it at least once a year.
Reasons for use included an urgent need for a specific product without the availability of funds (37 percent), an even distribution of expenses in the long term (23 percent) and the simplicity, convenience of using BNPL (20 percent), availability to purchase products without by relying on future funds (13 percent), and lastly, the instant gratification for a high-value product (7 percent).
The survey findings are also in line with separate, internal data from UnaCash, which suggests that customers belonging to a middle class income bracket are often in need of additional resources for purchases like smartphones (36 percent), appliances (30 percent), furniture (30 percent), and laptops (4 percent), highlighting the calculated approach Filipinos take to managing their finances and practicing good spending habits.
