The use of flexible payment services like ‘Buy Now, Pay later’ on Black Friday have more than doubled this year.

Research by payment service provider Mollie found ‘Buy now, pay later’ services jumped from 1 per cent of all payments, to 2.5 per cent.

The data, which represents a year-on-year comparison to last year’s Black Friday sales, also found a 36 per cent increase in the overall number of transactions.

Even in the four days leading up to the shopping event there was 58 per cent year-on-year growth in transactions.

The Mollie study spans 101,000 merchants across Europe, primarily from Germany, U.K., France, the Netherlands and Belgium.

“There is a lot of pressure on consumers’ wallets at the moment, which is making people look to payment methods that offer them financial security,” said Ken Serdons, chief commercial officer at Mollie. “It makes sense that FinTechs like Klarna, who have performed phenomenally well this year, have been so popular this Black Friday. The increase is in-line with this growing trend towards more flexibility in how consumers pay for goods.”

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