The Appeal of BNPL Among Older People
According to the latest Payment Markets Report by UK Finance, the percentage of pensioners using ‘Buy Now, Pay Later’ (BNPL) services doubled in 2022 compared to the previous year. While BNPL providers typically target young shoppers with colourful and upbeat social media marketing strategies, the appeal of these services has expanded to include older generations. Myron Jobson, senior personal finance analyst at Interactive Investor, suggests that pensioners may be turning to BNPL services to cover the rising cost of living.
The Rise of Contactless Payments
UK Finance’s report also highlights the rapid increase in contactless payments in 2022, with a year-on-year rise of almost 30%. This surge in contactless payments demonstrates the enduring shift from cash to cashless transactions that was accelerated during the pandemic. Some businesses, which had transitioned to card-only payments for health and safety reasons, have not returned to accepting cash and have no intention of doing so in the future.
