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Australia Leads Global Surge in Buy Now, Pay Later Adoption

Australia Leads Global Surge in Buy Now, Pay Later Adoption

A recent report by PYMNTS Intelligence highlights that Australia is at the forefront of the global Buy Now, Pay Later (BNPL) trend, with a significant 2.5% of consumers using BNPL for their most recent eCommerce purchase. This is nearly triple the 0.9% adoption rate in the United States, showcasing Australia's advanced integration of BNPL services like Afterpay and Sezzle. The report, surveying 67,000 consumers across 11 countries, reveals that while BNPL usage remains low globally, Australia's early adoption has led to higher consumer familiarity and usage. Additionally, Australia is implementing regulations requiring BNPL firms to check users' credit, aligning with the belief that BNPL should be regulated like traditional credit. This regulatory framework aims to protect consumers while supporting the continued growth of BNPL services. Meanwhile, companies like Klarna are expanding their offerings, indicating a robust future for BNPL both in Australia and globally.

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