Waliszewski, Krzysztof; Solarz, Małgorzata; Kubiczek, Jakub

Article
Factors influencing the use of Buy Now Pay Later (BNPL)
payments

Contemporary Economics

Provided in Cooperation with:

VIZJA University, Warsaw

Suggested Citation: Waliszewski, Krzysztof; Solarz, Małgorzata; Kubiczek, Jakub (2024) : Factors
influencing the use of Buy Now Pay Later (BNPL) payments, Contemporary Economics, ISSN
2300-8814, University of Economics and Human Sciences in Warsaw, Warsaw, Vol. 18, Iss. 4, pp.
444-457,
https://doi.org/10.5709/ce.1897-9254.548

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 444

Primary submission: 17.02.2024 | Final acceptance: 24.05.2024

Factors Influencing the Use of Buy Now Pay Later

(BNPL) Payments
Krzysztof Waliszewski1 , Małgorzata Solarz2 , and Jakub Kubiczek3

ABSTRACT This article focuses on the fastest-growing consumer credit segment usually associated with e-commerce, but
increasingly offered for brick-and-mortar shopping too. The purpose of the study was to identify how, and the
extent to which, specific aspects of consumer behaviour – particularly in terms of attitudes towards money man-
agement, and socio-demographics – influence the use of BNPL. The reasons are socio-demographic, economic,
psychological and technological. The article incorporates a broad literature review of the motives behind con-
sumers' use of BNPL as well as an original empirical survey among a representative sample of Poles, conducted
using the CAWI technique. The impact and strength of individual factors for choosing BNPL were identified via
a logistic regression model. The statistical significance of the selected variables was then evaluated, followed by
the elimination of non-significant variables from the model. It helped select statistically significant factors for us-
ing BNPL. Among 7 statistically significant variables, 3 relate to socio-demographic features of the respondents
– level of education, income and gender. Personal innovativeness, inclination towards going into debt, as well as
a family history of taking various loans slightly increase the probability of opting for BNPL. It had been presumed
that propensity to save would have a negative effect, and that optimism would have a positive influence, on
choosing BNPL; however, this presumption was not demonstrated. Nor do consumerism and impulsiveness in
making purchases affect the likelihood of using BNPL. Of all the statistically significant factors underlying deci-
sions to choose BNPL, the consumer’s use of LendTech has the greatest impact, increasing the chance of using
BNPL. This suggests that similar consumers constitute these two segments. LendTech (lending technology) is
defined as part of the FinTech (financial technology) sector, which concerns the granting of digital loans by non-
bank lending institutions in remote channels (Waliszewski et al, 2024).
KEY WORDS: buy-now-pay-later (BNPL), FinTech, LendTech, consumer finance, retail payments.

JEL Classification: D1, D15, O33.

1
Poznań University of Economics, Poland
2
Wroclaw University of Economics and Business
3
University of Economics in Katowice

1. Introduction chase and the payment. Typically, this applies to

The growth of e-commerce and the development purchases on account, credit card payments as well
of the financial services market towards financial as credit financing. BNPL services (e.g., Afterpay)
technology (FinTech) offered by non-banks – not are increasingly included in e-commerce presences
as strictly regulated as banks – together with chang- to provide comprehensive coverage of customer
ing consumer expectations in terms of making and journeys. For the purposes of this article, BNPL is
deferring payments all explain the emergence and understood as deferral of payments when purchas-
rapid growth of buy-now-pay-later (BNPL). Alt ing goods and services offered by non-bank entities
and Huch (2022) defined BNPL as process variant in e-commerce, such as: Klarna, Allegro Pay, Pay-
in economic transactions that decouples the pur- Po. From 2019 through 2021, the number of BNPL
loans offered in the U.S. by five major lenders (Af-
Correspondence concerning this article should be addressed to:
Krzysztof Waliszewski, Poznań University of Economics and Busi-
ness al. Niepodległości 10, 61-875 Poznań, Poland.
E-mail: krzysztof.waliszewski@ue.poznan.pl

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445 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

firm, Afterpay, Klarna, PayPal, and Zip) grew more timism, mental accounting, propensity to replicate
than tenfold, from 16.8 million to 180 million. parents’ borrowing behaviour) and technological
Customers in Poland have been able to use BNPL (openness to technological innovation). Nine re-
since 2016. The fintech PayPo was the first to offer search hypotheses were formulated regarding what
its services in this area. In the following years, big may encourage the use of deferred payments. The
players joined: Twisto and Klarna, and recently also article uses the following methods: literature analy-
Allegro Pay and Revolut. Banks also offer their so- sis, an original empirical study, a logistic regression
lutions, such as Alior Bank (Alior Pay) and PKO BP model to analyse the findings of the primary study,
(PKO Pay later). In Poland majority of customers and significance testing of the variables qualified
repay the deferred payment within the interest-free for the model based on the literature review. Our
period, most often 30 days, and only 20-30% of cus- research contributes to expanding the frontiers of
tomers convert it into an interest-bearing consumer knowledge in the field of finance and the behaviour
loan repaid in installments. Most often, this loan is of entities in the consumer finance market, provid-
charged with a relatively high commission and an ing valuable research results that can be used by
interest rate equal to the maximum permitted inter- academics as well as business managers and policy
est rate. The leader of the Polish BNPL market with makers. Our research creates new theoretical per-
approximately 70 percent share is PayPo, which last spectives on the factors that influence consumer
year completed 13.4 million transactions worth adoption of BNPL. This is the first study concern-
PLN 3.6 billion for 1.8 million clients. AllegroPay ing the Polish market and one of the first in the
and Twisto are also becoming increasingly stron- world dedicated to this rapidly growing innovative
ger players. BNPL is an innovative credit product digital payment method. The article thus contrib-
that has experienced rapid growth in the past few utes to filling an existing research gap by providing
years. BNPL allows consumers to split up the cost new empirical data and interpretative perspectives
of a retail transaction, traditionally into interest- in the field of consumer finance. Furthermore, the
free instalments repaid over the span of some weeks findings and insights of the article may lead to the
(Chien 2023). BNPL, as a form of consumer credit, development of new or modifications of existing
has also been a subject of public discussion, espe- theories that describe contemporary consumption
cially with regard to the risk of that younger genera- patterns in the context of modern financial ser-
tions just entering the labour and financial markets vices. The authors experienced various limitations
might especially incur too much debt. The ‘free and during their research, which in turn provided a
easy’ nature of BNPL can pose unforeseen risks for starting point for identifying potential directions
consumers. Therefore, BNPL has also attracted in- for further research.
terest from regulators and supervisors, as recently
reflected in the enactment of Consumer Credit 2. Literature Review
Directive CCD2. The BNPL market has enormous While reviewing the literature in November 2023
research potential. Based on the literature review, using the resources of two leading international
the authors identified a research gap regarding the bibliographic databases – Scopus and Web of
factors of BNPL use. Therefore, the purpose of the Science – the authors noted that the limited number
study was to identify how, and the extent to which, of publications directly related to BNPL focus on a
specific aspects of consumer behaviour – particu- few research areas.
larly in terms of attitudes towards money manage- The first involves empirical analysis of BNPL
ment, and socio-demographics – influence the use transactions and their impact on the payment
of BNPL. The factors identified and analysed here, market from the point of view of both end users
based on an extensive literature review, are socio- and service providers. Iwańczuk-Kaliska (2022)
demographic (gender, age, education, net income examines new trends in payment intermediation,
per household member), economic (consumerism, including the role of banks and non-bank
tendency to save or go into debt), psychological (op- institutions, mentioning PayTech companies

CONTEMPORARY ECONOMICS DOI: 10.5709/ce.1897-9254.548

Factors Influencing the Use of Buy Now Pay Later (BNPL) Payments 446

offering BNPL. These firms, according to the influenced by the perceived benefits and negatively
researcher, will be the future of the retail payments by the perceived risks associated with this
market due to their ability to rapidly implement payment method. Additionally, Raj et al. (2023)
innovations and more effectively meet customer demonstrated that, in particular, privacy concerns
expectations. In contrast, Feng et al. (2023) and limit consumers' intention to use BNPLs, while
Liu et al. (2023) analyse how offering consumers trust in providers increases openness to these
the option to buy now and pay later affects payment innovations.
pricing decisions and, consequently, profits for the In an attempt to explain the purchasing
producer and/or seller of goods and services. behaviour of BNPL users, some researchers draw
Another research area identified from the on contributions from consumer psychology
literature review is the purchasing behaviour and behavioural finance, looking at, inter alia,
of BNPL users. Based on transactional data of the theory of gratification (immediate versus
customers in the U.S., Di Maggio et al. (2022) deferred), possession and loss aversion, and mental
demonstrate that access to BNPL significantly accounting or social leverage, manifested in the
increases consumer spending. Similar conclusions need to build social status. Relja et al. (2023)
were also reached by Ji et al. (2023) when studying conclude that consumers opt for BNPL for reasons
the Chinese population; moreover, these authors of psychological distance and a sense of ownership
point out that BNPL, as a FinTech product, can of borrowed money. Cost anxiety is alleviated by
reach consumers who previously had no access deferral of payment, and the separation of purchase
to credit or were credit-excluded. BNPL users from immediate benefit can make spending less
appreciate this payment method for its convenience, ‘real’, thereby exacerbating the tendency to make
easy access to credit and the option it gives them impulse purchases that are unplanned and based
to spread payments over time without accruing on desire or immediate emotion, which ultimately
interest (Relja et al., 2023). However, because it leads to the purchase of goods that are not strictly
tends to involve digital innovation, it requires users necessary (Juita, et al. 2023). The interplay
to be open to new technology. This trait, known as between impulsiveness and BNPL payments has
personal innovativeness, is a personality attribute been analysed by Keil and Burg (2023), Raj et al.
affecting attitude and behaviour (Chang et al., (2023), Wulandari and Damayanti (2022), Juita et
2005). Balcazar and Rivas (2021) state that this al. (2023) as well as Ah Fook and McNeill (2020),
variable describes individual inclination towards who prove that BNPL users are more likely to make
using a new technology, product or information impulse purchases than those who do not choose
system. According to Liéban-Cabanillas et al. this payment option. In addition, Schomburgk
(2018), it reduces personal resistance against and Hoffmann (2023) mention the need for
using IT products and fear of innovation. For consumers to develop mindfulness, meaning
example, Hu et al. (2019), Tun-Pin et al. (2019) greater awareness of the financial decisions they
or Solarz and Adamek (2023), who investigated make on an ongoing basis, because this – as they
the importance of personal innovativeness for the prove empirically – lessens the tendency to make
acceptance of FinTech financial services, mention impulse purchases and, when paired with an ability
its strong relationship with, and direct impact on, to exercise financial self-control, contributes to an
the respondents’ expressed intention to use such improvement in overall consumer well-being.
services. Individuals who attach excessive importance to
The identification and analysis of the ongoing consumption are subject to a phenomenon
determinants of BNPL adoption by consumers that is referred to in the literature as present
has been conducted by researchers from India time preference, which involves a reluctance to
(Raj et al., 2024; Raj et al., 2023) and Australia defer the pleasure that might be derived from
(Cook et al., 2023). They unanimously indicated immediate consumption. In the context of BNPL,
that users' intentions to use BNPL are positively Abdelbara (2023) interprets this as an opportunity

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447 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

for consumers to defer payments that affects borrowing habits (Abdelbary 2023). The perceived
their current and future wealth and well-being. attractiveness of this payment method increases the
Present time preference makes individuals seek propensity to borrow. This is due to an effect known
to increase ongoing consumption, financed – the as the psychological ownership of money, defined
the help of BNPL – by future income, therefore as the degree to which people treat borrowed
reducing potential opportunities to accumulate money as their own (Sharma et al., 2021). Zhou et
financial surpluses in the future. The results of al. (2023) argue that cash is perceived as wielding
a survey conducted by Khan and Haque (2020) greater purchasing power than digital money, given
in Bangladesh indicate that more than 65% of its greater psychological ownership and smaller
respondents perceive BNPL as a threat to personal distance. In contrast, Sharma et al. (2021) argue
savings. that the psychological ownership of borrowed
Di Maggio et al. (2022) explain the purchasing money positively influences consumers’ willingness
behaviour of BNPL users by the occurrence of a to go into debt with credit cards and loans, while
‘liquidity flypaper’ effect derived from the concept Relja et al. (2023) confirm the existence of the
of mental accounting, since the additional liquidity above relationship for BNPL users in the UK. The
provided by BNPL leads to increased spending, latter often treat these payments as ‘extensions of
mainly in the retail sector. Hahn et al. (2013) point their finances’ to offset shortfalls or to enable them
out that consumption and payment are closely to meet other obligations, while underestimating
linked in consumers’ minds. This relationship or ignoring the real costs and risks associated with
is explained by Thaler’s (1985, 1999) model of debt. This mindset even leads some to claim that
consumer behaviour, which draws on contributions by using BNPLs they are ‘saving money’ (Relja et
from cognitive psychology and microeconomics al., 2023).
to demonstrate the impact of mental accounting Raj et al. (2023) identify that materialism –
on consumer choices. The theory offers an related to the desire to acquire and possess material
understanding of how people perceive their goods as a means of self-expression, gaining social
money. While conducting a systematic review of acceptance and building personal identity – has
the literature on mental accounting, Silva et al. a significant impact on BNPL use (Lavuri et al.,
(2023) identified eight specific thematic areas for 2023). A shift in the general time preference
research, including a cluster devoted to financial throughout society – increasing value for present
decision-making regarding debt. Sussman and goods in relation to future goods – is responsible
O'Brien (2016) examine how mental accounting for behaviour referred to as consumerism, which
influences the process through which people incur leads to excessive consumption of material goods
high interest debt while at the same time keeping and services, resulting not from real but apparent
accumulated savings that earn low interest. A human needs (Sroczyński, 2013).
similar relationship is also presented by Swacha- Another theme that emerges in the literature is
Lech and Solarz (2019), who analyse the behaviour the impact of BNPL use on consumers’ financial
of Polish consumers, who prefer to incur debt to health – in particular, debt and liquidity issues.
raise cash for an unplanned expense rather than A study by Arisandy et al. (2023) indicates that
terminate a deposit for their children’s future the credit risk associated with BNPL is most
education (52% of respondents). Sharma et al. pronounced for Generation Z, and stems from
(2021) study the psychological concept of having income insecurity or lack of employment; on the
borrowed money, while Tully and Sharma (2018) other hand, young people constitute the main BNPL
take the concept of mental accounting to analyse group. The potential risk of over-indebtedness may
factors influencing inclination to borrow. be compounded by other forms of debt incurred
The findings of a study of BNPL users in Egypt the concurrently, such as credit cards (Guttman-
show that this instrument, due to its convenience, Kenney et al., 2023), or by the perception that
flexibility and ease of access, changes consumers’ BNPL is more a means of payment than a form

CONTEMPORARY ECONOMICS DOI: 10.5709/ce.1897-9254.548

 Factors Influencing the Use of Buy Now Pay Later (BNPL) Payments 448

of credit, as noted in a publication by Cook et al. takes place in the formative years of life with the
(2023). On the other hand, despite concerns about participation of parents, and is referred to as
overspending and debt, Ji et al. (2023) found no financial socialisation. Bakar and Bakar (2020)
evidence that BNPL leads to excessive household state that it refers to the process by which parents,
debt in China. intentionally or unintentionally, impart knowledge
Debt susceptibility is also influenced by and skills in financial matters that shape and develop
attitudes toward life, which may be optimistic or young people’s skills, knowledge, attitudes and
pessimistic. This, in turn, affects how financial financial practices. Financial socialisation covers
health is evaluated, as well as one’s subjective the main areas of personal financial management,
assessment of the ability to pay obligations on such as earning, spending, savings, borrowing, and
time (Świecka and Koziński, 2014). People who sharing (Danes, 1994). Of particular interest here
make purchases with deferred payment do not is the tendency to replicate patterns of financial
envisage the risk that in the future they might not attitude and behaviour manifested by parents or
be able to pay for the purchased goods or services. guardians. Budget management or parents’ positive
Brown et al. (2005) mention that overly optimistic inclination towards incurring debt often influence
financial expectations about the future influence the development of such an attitude in a child
growth in household debt, while Yang et al. (2007) (Koziński, 2012).
additionally point out that the greater consumers’ While reviewing the literature on the topic, the
unrealistic optimism regarding how they will use younger generation was noted to be the subject
their credit cards (in the sense of paying off the of many studies (Ah Fook and McNeill, 2020;
entire balance each month), the less sensitive they Arisandy et al., 2023; Coffey et al., 2023; Cook et
are to the cost of credit. al., 2023). This indicates that this age group are the
When considering the motives for using BNPL, main users of deferred payments. Nevertheless, one
it is worth noting the mechanism that underlies can also find analyses conducted in terms of socio-
the social learning of financial behaviour, which demographic factors describing BNPL users.

Figure 1
Graphical Presentation of Tested Hypotheses

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449 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

Based on the literature review, the following LendTech customers.

hypotheses were formulated: The dataset in question is up-to-date since
H1: BNPL is more likely to be used by people it contains the results of a survey conducted in
with a strong inclination towards impulse buying, September 2022 (CAWI method) on a sample
compared to those with a weak propensity for such of 1,200 Poles, 200 of whom are LendTech
purchases; customers. The study was conducted on behalf of
H2: BNPL is more likely to be used by those Biostat on a quota sample of Poles, which reflects
with a weak tendency to save, compared to those characteristics corresponding to the population
with a strong tendency; of customers of lending institutions registered in
H3: BNPL is more likely to be used by Credit Information Bureau databases. The basic
individuals with a strong inclination towards characteristics of the research sample and the
indebtedness, compared to those with a weak subsample of LendTech customers are presented in
tendency; (Waliszewski et al., 2023).
H4: BNPL is more likely to be used by From the perspective of the research objective,
those with a higher propensity for consumerism, BNPL users are the most relevant and defined as
compared to those with a lower propensity; anyone who has ‘bought now and paid later’ at least
H5: BNPL is more likely to be used by once. The sample included 473 BNPL users and 727
optimistic rather than pessimistic people; people who had never used this payment method.
H6: BNPL is more likely to be used by people This represents 39% and 61% of the respondents
who perform mental accountancy rather than those respectively, which constitutes an unbalanced
who do not; sample. Because the assumptions of the logistic
H7: BNPL is more likely to be used by those regression used to achieve the intended purpose,
who tend to replicate their parents’ borrowing the unbalanced sample may cause the algorithm to
behaviour, compared to those who tend not to; better fit a group with a larger size.
H8: BNPL is more likely to be used by those Therefore, to even out the numbers, 473 people
with strong personal innovativeness, compared to were chosen at random from the non-BNPL users,
those who lack personal innovation; giving a total sample size of 946 respondents.
H9: BNPL is more likely to be used by How, and the extent to which, specific aspects
LendTech customers, compared to non LendTech of consumer behaviour influence the use of BNPL
customers. was identified using a logistic regression model,
The above-mentioned hypotheses was presented with the following formula (Agresti, 2013):
on diagram 1.

3. Methodology
The purpose of the study was to identify how,
and the extent to which, specific aspects of where: P(Y=1) isrepresents the probability that
consumer behaviour – particularly in terms of the dependent variable Y equals 1; β0, β1,…,βk are
attitudes towards money management, and socio- the model’s parameters, where β0 is the inercept, and
demographics – influence the use of BNPL. To this β1,…,βk for the predictor variables x1,…,xk.
end, a dataset compiled by Waliszewski et al. (2023) This method was selected for its distinct
was used to characterise LendTech customers. advantages, particularly its ability to fully interpret
Meanwhile, according to the literature, the overlap the influence of individual variables. It allows
between the LendTech and BNPL sectors may for assessing both the strength and direction of
be verified. From a different perspective, the each variable's impact on the phenomenon under
specificity of BNPL means that it can be classified investigation. Unlike linear regression, this approach
as a LendTech segment. So, the use of this dataset does not rely on restrictive assumptions, such as the
is justified, as it also offers additional insight into normality of the distribution of model residuals.

CONTEMPORARY ECONOMICS DOI: 10.5709/ce.1897-9254.548

Factors Influencing the Use of Buy Now Pay Later (BNPL) Payments 450

The endogenous variable is the use of BNPL, in a stepwise manner, using α = 0.05 as the
which equals 1 when the respondent is a BNPL threshold for significance. This iterative process
user, or 0 otherwise. The exogenous variables, concluded once all remaining variables in the
along with their description, the value assigned to model were statistically significant.
them, and the phenomenon being measured, are
all shown in Table 1. 4. Results
The analysis began with a full model By including all variables in the full model, it was
incorporating all variables. Statistically possible to verify the significance of their impact on
insignificant variables were subsequently removed the use of BNPL. The parameters of the full, calcu-

Table 1
Variables Used to Model Being a BNPL User

Variable Name Description Scale - Values

Y BNPL user Used BNPL at least once 0 – No, 1 – Yes

x1 Tendency to make impulse I usually only buy what I have planned in
purchases (destimulant) advance
x2 Propensity to save There is no point in saving money; it is bet-
(stimulant) ter to spend it on current needs
x3 Propensity to go into debt I often go into debt to buy something more
(stimulant) expensive or pay in instalments 7-point Likert scale:
x4 Consumerism If I want to buy something, I go for the op- 1 - Strongly disagree,
(stimulant) portunity; I will always find the money for it 2 - Disagree,
x5 Optimism I am an optimist; I want to get the most out 3 - Somewhat disagree,
(stimulant) of life 4 - Neither agree nor
x6 Mental accounting I sometimes ended up taking out a loan disagree,
(stimulant) because I did not want to dip into savings 5 - Rather agree,
allocated for another, specific purpose 6 - Agree,
x7 Tendency to replicate parents' My family home would take out loans, 7 - Strongly agree
borrowing behaviour (stimulant) purchase on credit or run up a tab
x8 Personal innovativeness I like to use technological innovations
(stimulant)
x9 LendTech Client 0 - non-customer,
1 - customer
m1 Sex 0 - woman, 1 - man
1 - 18-24, 2 - 25-34,
m2 Age (ranges) 3 - 35-44, 4 - 45-54,
5 - 55-64, 6 - 65 or
over
m3 Education 1 - lower, 2 - medium,
3 - higher
1 - up to PLN 2,000,
m4 Net household income per person 2 - PLN 2,001-4,000,
3 - PLN 4,001-6,000,
4 - above PLN 6,000.

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451 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

lated model are shown in Table 2 credit. The inverse relationship between the prob-
From the initial model, only 6 of the 13 variables ability of using BNPL and the consumer’s age is also
proved to be statistically significant. During the confirmed by other studies that have demonstrated
next steps, 6 variables were removed: x1, x2, x4, x5, that deferred payments are most often made by
x6, m1. In the model with the remaining variables, Generations Y and Z, who also happen to be the
all are statistically significant. The estimation pa- main participants in the e-commerce market. The
rameters of this model are shown in Table 3. link between income and likelihood of using BNPL
Subsequent steps slightly improved the accuracy may be due to another statistically significant char-
of the classification from 69.6% to 70.4%, an in- acteristic: education. People with higher education
crease of only 0.8 pp. The model finally included 7 earn more on average.
variables, 3 of which relate to the socio-demograph- The underlying factors behind consumers’ use of
ic characteristics of the respondents. The higher the BNPL include personal innovativeness. This con-
level of education, and the higher the net household clusion, based on our own research, concurs with
income per person, the greater the likelihood of us- discoveries made by Hu et al. (2019), Tun-Pin et al.
ing BNPL services on average. The older people are, (2019) or Solarz and Adamek (2023). More than
the less likely they are to use BNPL, confirming the half of the surveyed BNPL users (67.51%) declared
generational approach to payment innovation. themselves technophiles, while 20.47 percentage
A tendency to go into debt and a family history of points fewer respondents (i.e. 47.04%), among the
taking various loans slightly increase the likelihood non-BNPL group described themselves as open
of using BNPL. However, the anticipated effects of and personally inclined to use new technologies.
a propensity to save (negative influence) and opti- According to the authors, the potential that lies in
mism (positive influence) on choosing BNPL were the high percentage of people with personal inno-
not confirmed. Interestingly, neither consumerism vativeness bodes well for the future development
nor impulsiveness in making purchases appears to of the BNPL market, because this trait reduces
significantly impact the likelihood of BNPL usage. resistance to, and fear of, using modern solutions
The model highlights that personal innovative- (Balcazar and Rivas, 2021). Therefore, consumers’
ness, particularly openness to technology, positive- perception of the benefits of BNPL services will in-
ly influences the likelihood of using BNPL. Greater crease the likelihood that they will join the ranks
openness corresponds to a higher probability of of users.
deferring payments. Consumers who use LendTech The findings of this research confirm observa-
are three times more likely to use BNPL compared tions made by other researchers on the positive
to those who do not, based on the model's findings. impact of debt propensity on the likelihood that
This may lead one to assume that both segments consumers will opt for deferred payment financial
consist of similar consumers. instruments, such as credit cards or BNPL (Sharma
et al., 2021; Relja et al., 2023). 24.15% of BNPL users
5. Discussion reported incurring frequent debt in order to pur-
Previously published findings from a survey chase a more expensive item or make instalment
of LendTech customers (Waliszewski et al., 2023) purchases, while only 8.57% in the non-BNPL
show that ¾ of digital loan customers make de- group behave in this way. The respondents’ inclina-
ferred payments. Therefore, using LendTech most tion towards indebtedness may also be evidenced
influences the likelihood of opting for BNPL. The by the number of loans or consumer loans they
relevance of education to using BNPL can be linked have to repay; it turns out that 49.0% of BNPL users
to knowledge of how the consumer finance mar- have this type of debt, with as many as one in five
ket works and the tendency of people with higher currently repaying two or more loans. In compari-
education to use credit cards, which operate in a son, only 25.6% of non-BNPL users have consumer
similar way to deferred payments by building in a debt, and only 10.18% have more than one debt.
grace period when the consumer may enjoy free Moreover, as many as 55% of BNPL users surveyed

CONTEMPORARY ECONOMICS DOI: 10.5709/ce.1897-9254.548

Factors Influencing the Use of Buy Now Pay Later (BNPL) Payments 452

Table 2
Results of Logistic Regression Analysis – Full Model
Variable name Variable B Exp(B) p-value

Tendency to make impulse purchases x1 -0.035 0.966 0.543

Propensity to save x2 -0.005 0.995 0.925
Propensity to go into debt x3 0.287 1.332 <0.001
Consumerism x4 -0.125 0.882 0.059
Optimism x5 0.009 1.009 0.88
Mental accounting x6 0.024 1.024 0.631
Tendency to replicate patterns of x7 0.147 1.158 0.002
lending behavior
Personal innovativeness x8 0.194 1.214 0.001
LendTech Client x9 1.112 3.040 <0.001
Sex m1 0.011 1.011 0.942
Age (ranges) m2 -0.094 0.910 0.056
Education m3 0.337 1.401 <0.001
Net household income per person m4 0.227 1.255 0.016
const -2.556 0.078 <0.001
Note: Classification accuracy: 69.6%; The formula of tested logistic regression model:

Table 3
Results of Logistic Regression Analysis – Model with Statistically Significant Variables

Variable name Variable B Exp(B) p-value

Propensity to go into debt x3 0.051 1.347 <0.001
Tendency to replicate patterns of x7 0.047 1.159 0.002
lending behavior
Personal innovativeness x8 0.053 1.172 0.003
LendTech Client x9 1.110 3.034 <0.001
Age (ranges) m2 -0.048 0.905 0.040
Education m3 0.347 1.414 <0.001
Net household income per person m4 0.094 1.264 0.012
const -3.042 0.048 <0.001
Note: Classification accuracy: 70.4%; The formula logistic regression model with statistically significant variables:

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453 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

perceive loan products as necessary and useful, sence of the ‘tendency to make impulse purchases’
while 11 percentage points fewer non-BNPL users variable among the factors underlying BNPL use.
hold the same view. For 43.7% of respondents from There is empirical evidence in the literature (see
the first group, loan products are a convenient tool Keil & Burg, 2023) indicating that customers with
for managing household finances, while only 23.8% a higher probability of impulsive behaviour are 13%
of respondents from the second group share this more likely to buy when the BNPL option is avail-
view. In conclusion, both the attitudes of BNPL us- able. Moreover, the possibility to use this instru-
ers toward loans or credit and their actual debt de- ment reduces the time to make a purchase decision,
cisions clearly indicate that a propensity to go into which also indicates that consumers are more im-
debt drives the selection of these payment methods. pulsive. No impact of this variable in our study may
Confirmation of this study’s findings is offered by be explained by the short history of this payment
a thesis formulated by Koziński (2012), who argues method on the Polish market. Among the BNPL us-
that budget management style and parents’ favour- ers, only 40.17% declared that they regularly defer
able approach to debt influence the development payment, compared to 15.83% throughout the en-
of a similar attitude in their children. More than tire research sample. While is true that the major-
40.5% of the surveyed BNPL users declared that ity of BNPL users do not make impulse purchases
their family home had a history of taking loans/ but plan them in advance (60.68%), when analysing
credit or ‘running up a tab’ at the local shop, while only the regular payment deferrers, the percentage
this was the case for only 16.2% of the non-BNPL of planned purchases drops to 14%. Moreover, one
respondents. With regard to the latter, they also fol- in five of them (21.6%) mention that the most com-
low financial behaviour patterns from home, but in mon reason for incurring debt is their reluctance to
this case it is a question of avoiding debt. wait until they have saved enough money to buy a
A literature review revealed that the inclination particular item. In comparison, this manifestation
towards making impulsive purchases and perform- of impatience applies to only 17.5% of non-BNPL
ing mental accounting are factors that should influ- users. According to the authors, because the BNPL
ence consumers’ decisions to use BNPL. However, market is still in its infancy, it would be worth re-
our own research did not confirm these relation- turning to this topic in a few years study the factors
ships. Nevertheless, it is worth considering the rea- behind choosing deferred payment in Poland, once
sons for this situation. According to Thaler (1985, this option has become more common, in order to
1999), people who perform mental accountancy verify how a tendency to make impulse purchases
make records in three separate mental accounts: impacts the use of BNPL services.
current income, assets and future income. People
easily allocate money in the current account to cur- 6. Theoretical and Practical Implications
rent expenses, while they are extremely reluctant The publication of this article contributes to ex-
to reallocate money from the asset account (e.g., panding the frontiers of knowledge in the field of fi-
money earmarked as savings) to the current ac- nance and the behaviour of entities in the consumer fi-
count, whenever they need to make a payment for nance market, providing valuable research results that
something they cannot cover. So, they prefer to take can be used by academics as well as business managers
out a loan or pay on credit (Swacha-Lech & Solarz, and policy makers.
2019; Sussman & O'Brien, 2016). According to the Our research creates new theoretical perspectives on
authors, the research shows that BNPL users do not the factors that influence consumer adoption of BNPL.
treat this instrument as a form of loan or consumer This is the first study concerning the Polish market and
credit at all, but rather as a means of paying and reg- one of the first in the world dedicated to this rapidly
istering the entire transaction in the mental current growing innovative digital payment method. The ar-
account. This perception of BNPL payments is in ticle thus contributes to filling an existing research gap
line with the findings of Cook et al. (2023). by providing new empirical data and interpretative
A surprising discovery of the study was the ab- perspectives in the field of consumer finance. Further-

CONTEMPORARY ECONOMICS DOI: 10.5709/ce.1897-9254.548

Factors Influencing the Use of Buy Now Pay Later (BNPL) Payments 454

more, the findings and insights of the article may lead psychological (optimism, mental accounting, propen-
to the development of new or modifications of existing sity to replicate parents’ borrowing behaviour) and
theories that describe contemporary consumption pat- technological (openness to technological innovation).
terns in the context of modern financial services. A logistic regression model was used to analyse gated
The results of the research also have a practical di- empirical data on 1,200 consumers and helped select
mension, as the recommendations formulated on their statistically significant factors for using BNPL (a satis-
basis can be used by managers to more effectively at- factory 70.4% of the variables qualified as significant).
tract and retain customers, as well as to develop the Of the 7 statistically significant variables, 3 relate to
BNPL offer to better meet the needs and expectations socio-demographic features of the respondents – level
of different market segments. Managers should focus of education, income and gender. The higher the level
their efforts on younger consumers, who are more of education, and the higher the per capita household
likely to use BNPL than older generations of the popu- net income, the greater, on average, are the chances
lation. Marketing strategies and products should be that someone will opt for BNPL. The older someone is,
adapted to their lifestyles and purchasing preferences, the less likely they are to go for BNPL, which confirms
taking into account their greater openness to new the generational approach to payment innovation. Per-
technologies and their tendency to use LendTech. Of- sonal innovativeness, inclination towards going into
fering simple, fast and mobile shopping solutions can debt, as well as a family history of taking various loans
attract this rapidly growing group of consumers. slightly increase the probability of opting for BNPL. It
It is also worth noting that three variables determin- had been presumed that propensity to save would have
ing the use of BNPL are related to indebtedness, these a negative effect, and that optimism would have a posi-
are: willingness to take on debt, replicating patterns of tive influence, on choosing BNPL; however, this pre-
lending behaviour or being a LendTech customer. This sumption was not demonstrated. Nor do consumerism
may indicate the openness of potential BNPL users to and impulsiveness in making purchases affect the like-
all forms of indebtedness, but may at the same time lihood of using BNPL. Of all the statistically signifi-
increase the risk of financial problems related to the cant factors underlying decisions to choose BNPL, the
management of this debt. Hence, it should be the task consumer’s use of lending technology (LendTech) has
of the state to introduce clear and understandable reg- the greatest impact, increasing the probability of us-
ulations on the activities of BNPL companies, which ing BNPL by a factor of 3. In conclusion, the adopted
would set the legal framework for the operation of this research method verified five of the nine research hy-
type of service. These regulations should include re- potheses (cf. H3, H4, H7, H8, H9) and negated the re-
quirements for contract transparency, settlement prac- maining four (cf. H1, H2, H5, H6). The article provides
tices, as well as credit liability. These recommendations conclusions that may be used by various stakeholders
aim to highlight the need to create a sustainable en- in the BNPL market – by the supervisory body to de-
vironment for the development of BNPL services that sign optimal regulations, and by the e-commerce sec-
simultaneously supports innovation and economic tor and BNPL service providers to better understand
growth, as well as providing adequate protection for customers’ motives for deferring payments, which can
consumers. result in better tailored services.

7. Conclusions 8. Limitations
The purpose of the study was to identify how, and The authors experienced various limitations dur-
the extent to which, specific aspects of consumer be- ing their research, which in turn provided a starting
haviour – particularly in terms of attitudes towards point for identifying potential directions for further
money management, and socio-demographics – influ- research. The first limitation is the study of a relatively
ence the use of BNPL. The factors identified and anal- new segment of the financial market, which is not
ysed here are socio-demographic (gender, age, educa- yet used by a large percentage of the general popula-
tion, net income per household member), economic tion. So, the challenge is to reach people using BNPL.
(consumerism, tendency to save or go into debt), Consequently, any inferences regarding inclinations

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455 Vol.18 Issue 4 2024 444-457 Krzysztof Waliszewski, Małgorzata Solarz, Jakub Kubiczek

Engineering Research, 32(87), 29-63. https://doi.

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tics of customers of lending institutions. These charac- 3-658-36056-6.
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mation methods based on the dataset used could also Bakar, M. Z. A., & Bakar, S. A. (2020). Parental finan-
be applied. Initial phase of BNPL market development cial socialisation: Pathways to positive financial
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sons for BNPL usage that were not fully measured in Pacífico (Lima, Peru), 13(2), 19–43. https://doi.
the survey. Consumers who are credit constrained or org/10.21678/jb.2021.1650
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Supported by funds granted by the Minister of Sci- im.2004.02.006
ence of the Republic of Poland under the „Regional Chien, J. (2023). Buy now, pay later. Policy measures
Initiative for Excellence” Programme for the imple- to mitigate consumer risks from evolving business
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