The results of a recent poll on buy-now-pay-later (BNPL) conducted on behalf of the Financial Technology Association (FTA) indicate that BNPL products are viewed favorably by a strong majority of adults who have used BNPL.  The poll was conducted through online interviews of a sample of 2210 adults and the data were weighted to approximate a target sample of adults based on gender, age, race, educational attainment, and region.  

Key findings included the following:

•  Trust in BNPL is significantly driven by those who have used BNPL, with users not only having a high favorability but also trusting BNPL dramatically more than those who have never used it.  This is partly due to the finding that more than three quarters (75%) of those who used BNPL, across demographics, reported having a positive experience.
• BNPL has a positive force on the financial future of its users.  43% of those have used BNPL reported that they felt their finances would be better off in one year while only 26% of those who had not used BNPL reported the same.
• BNPL is seen as having clear and understandable terms and conditions of service among nearly all its users.  More than nine in ten (94%) users of BNPL, across demographics, found that they could easily understand the terms and services.
• Using multiple BNPL products has made it easier for consumers to pay for their purchases.  BNPL has helped consumers pay for items such as retail, technology, and household appliances.  To this extent, adults, specifically younger and non-white adults, feel that BNPL would be helpful to them in managing their finances and purchases.

In January 2022, after sending orders to five companies that offer BNPL products directing them to provide information to the Bureau, the CFPB published a notice in the Federal Register seeking public comment to inform its inquiry into BNPL products.  The examples given by the CFPB of the kinds of issues on which it sought comments included consumers’ experience with BNPL products and the benefits and risks to consumers from BNPL products.  The results of the FTA’s poll speak favorably to BNPL on both consumers’ experience and the benefits to consumers.

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