MOST FILIPINO consumers use buy now, pay later (BNPL) services for making small purchases, a survey from financial app UnaCash showed.

UnaCash said in a statement that 36% of Filipino BNPL users buy products worth up to P5,000, while 26% said their average purchase amount ranges from P5,001 to P10,000, and 19% answered P10,001 to P20,000.

“An average BNPL purchase is about 42% of respondents’ average monthly income, 14% the most typical. The arithmetic mean size of a BNPL check is P13,500 (median – P7,700, mode – P3,900),” UnaCash said, adding that the declared mean monthly income of respondents is around P32,000.

Meanwhile, BNPL has seen the most demand in durable goods purchases. According to the survey, consumers mainly buy electronics and household appliances (39%).

Filipinos also buy household and interior items (21%), food (15%), medicines and medical services (7%), cosmetics and perfumes (6 %), travel vouchers (5%), and goods for hobbies and entertainment (4%).

“Convenience remains the determining factor, with integrated BNPL services in online stores seeing the most demand as a payment option with installments. 61% of consumers choose to use it in need of extra money. Another 20% borrow from friends/relatives, whilst 14% pay with a credit card,” UnaCash said.

“The amount borrowed in installments is offset by the frequency of purchases, with 48% of respondents using BNPL services at least once a month,” it added. — KBT