The payment model is especially popular among consumers in Greece Buy Now, Pay Later – BNPL (buy now, pay later), although this has only been implemented in the country for a few months.
According to research carried out Klarna, a well-known Swedish fintech company that is implementing a BNPL service in Greece, three times as many Greek shoppers (63%) would prefer BNPL services to credit cards (22%). In fact, the percentage recorded in Greece is the highest among the 14 countries surveyed by Klarna.
Even more interesting is the finding that 61% of Greek shoppers are ditching credit cards in favor of Buy Now, Pay Later because credit cards carry additional fees and interest.
According to the survey, 61% of Greeks prefer the new payment model because the cards have additional fees.
Providing the BNPL service also makes the trading business more popular. 84% of shoppers are more positive about shopping at online stores that allow them to pay after delivery (BNPL option). This is why 59% of consumers expect merchants to invest in technology (like BNPL) that will enable them to make easy online payments. 64% of them say the same about physical stores. 95% find it useful to be able to split a payment into equal parts for an expensive product or service without additional fees or interest.
Paying at the checkout according to the BNPL model is mainly preferred by the youngest people, namely consumers belonging to the so-called generation Z, that is, consumers aged 18 to 24 years.
In the context of the study, online shopping trends in general were also considered. 70% of Gen Z and Millennial (25-40) consumers in Greece prefer to make at least half of their purchases online, even outperforming consumers in more developed markets such as Germany and the US. 39% use their mobile phone for online shopping and social media plays a very important role in making a purchase. According to the survey, 45% of those who made an online purchase last month first saw it on social media, the highest percentage among the countries surveyed.
The survey in Greece was conducted on a representative sample of 1,001 consumers in September 2022.
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.