FCA reports ‘significant’ rise in shoppers using BNPL

There has been a “significant” rise in shoppers using Buy Now Pay Later (BNPL) services to purchase products, according to the Financial Conduct Authority (FCA).
The financial services company found 27% of UK adults had used BNPL to buy something during the six months to January 2023.
By comparison, just 17% claimed to use the method during the previous 12 months to May 2022.
The FCA indicated shoppers who frequently used BNPL were more likely to be in financial difficulty, including