Economy

Most Filipinos use BNPL for small purchases

MOST FILIPINO consumers use buy now, pay later (BNPL) services for making small purchases, a survey from financial app UnaCash showed.

UnaCash said in a statement that 36% of Filipino BNPL users buy products worth up to P5,000, while 26% said their average purchase amount ranges from P5,001 to P10,000, and 19% answered P10,001 to P20,000.

“An average BNPL purchase is about 42% of respondents’ average monthly income, 14% the most typical. The arithmetic mean size of a BNPL check is P13,500 (median – P7,700, mode – P3,900),” UnaCash said, adding that the declared mean monthly income of respondents is around P32,000.

Meanwhile, BNPL has seen the most demand in durable goods purchases. According to the survey, consumers mainly buy electronics and household appliances (39%).

Filipinos also buy household and interior items (21%), food (15%), medicines and medical services (7%), cosmetics and perfumes (6 %), travel vouchers (5%), and goods for hobbies and entertainment (4%).

“Convenience remains the determining factor, with integrated BNPL services in online stores seeing the most demand as a payment option with installments. 61% of consumers choose to use it in need of extra money. Another 20% borrow from friends/relatives, whilst 14% pay with a credit card,” UnaCash said.

“The amount borrowed in installments is offset by the frequency of purchases, with 48% of respondents using BNPL services at least once a month,” it added. — KBT

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:

TheProficientInvestor.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 TheProficientInvestor. All Rights Reserved.

To Top