UK BNPL spending to 'pass $55bn by 2028'

Buy Now, Pay Later (BNPL) payments in the UK are projected to grow by over 20 per cent on an annual basis to reach over $32 billion in 2023 and over $55 billion by 2028, according to new research.

ResearchAndMarkets.com estimates that due to the cost-of-living crisis, over 36 per cent of UK consumers have used BNPL more than once, with millennials and Gen Z consumers using the payment method most frequently.

The market research company found the most popular BNPL spending category was for consumer electronics products such as smartphones, TVs, and computers. This was followed by clothing, home improvement, and health and wellness products.

The research follows separate a separate report from education charity the Centre for Financial Capability (TCFC), which found that BNPL usage is surging across all UK age groups including pensioners.

Jane Goodland, chair of the Centre for Financial Capability, raised concerns that a lack of financial literacy around BNPL could lead to “further indebtedness which can have a snowballing effect over time”.

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.

Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.